特斯拉:汽车业务持续承压,坚持投入AI等长期业务

浦银国际研究
Jul 28, 2025

浦银国际研究●与上个季度判断类似,特斯拉的汽车业务基本面持续承受压力。这主要受到低成本车型量产的推迟、美国电动车补贴以及欧洲电动车需求波动的影响。我们预期这些影响或将持续到今年年底。与此同时,公司坚持投入AI、机器人、能源等新兴业务领域,费用增长将为特斯拉提供长期成长空间。●短期的汽车销售压力或将持续到年底:今年二季度,特斯拉收入同比下滑12%,环比增长16%,同比降幅较一季度略微扩大。其中,...

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