【惠誉：特斯拉AI巨额投资恐将压低利润率】惠誉评级首次授予特斯拉“BBB”长期发行人违约评级，前景展望为稳定。该机构指出，这一评级反映了特斯拉作为全球纯电动汽车领导者的强劲市场地位，以及其向实体人工智能公司转型的战略重心。惠誉预计，其纯电动汽车业务将继续保持强劲的盈利能力，但随着公司迅速加大对人工智能的重大投资，未来几年利润率可能会下降。这些投资也将需要大幅增加资本支出，可能推动中期的自由现金流转为负值。这一重投资周期可能会增加公司的债务。惠誉预计，特斯拉2026年资本支出将超过250亿美元，是2025年水平的三倍多，研发支出也将增加。其中大部分支出将用于支持Cortex 2人工智能超级计算机的建设和训练，该超级计算机是特斯拉未来FSD、Robotaxi和Optimus人形机器人计划的基础。
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