🔹 Key summary (focus on investment points)
📉 Performance summary (based on YoY)
Total sales: $19.3B (-9%)
Automotive sales: $13.97B (-20%) → Lower vehicle deliveries and lower average vehicle selling price (ASP)
Energy Sales: $2.73B (+67%) → Energy Business Defends Earnings

Operating income: $399M (-66%),
Operating margin: 2.1% (down 343 basis points from the same period last year)

Net income (GAAP): $409M (-71%), EPS: $0.12

Adjusted Net Income (Non-GAAP): $934M (-39%), Adjusted EPS: $0.27

💵 Cash flow

Operating cash flow: $2.2B

Free cash flow (FCF): $0.7B
Cash and investment assets: $37B (QoQ +$0.4B)

🚗 Production and delivery volume

Total Production: 362,615 units (-16%)

Total Delivery: 336,681 units (-13%)
Impact of production disruption due to Model Y full redesign

⚙️ Operation Highlights

Model Y Full Update in Progress (4 Factory Simultaneous Switching)

Cybertruck Produces Full-scale, Expands FSD (Autonomous Driving) Beta Testing in U.S
China Market: Highest Daily Order Ever After New Model Y Launched

First FSD supervised launch in China

Robotaxi Pilot: Test Run Set To Be In Austin, Texas, In 2025

🧠 AI & Robotics

FSD Data Learning Advanced + Robotaxi-based Data Collection Starts

Optimus Robots (2nd Generation) Experiment to Build Pilot Production Line in 2025
Tesla Cars Travel To Logistics In Self-Driving Before They’re Shipped

🔹 Interpretation of investment perspective

⚠️ Risk Factors

Automotive ASP falls → Margin deteriorates
Supply disruption during Model Y production transition → volume reduction
Concerns over future demand volatility due to political/trade uncertainty

✅ Positive signal

Energy business’s rapid growth: Revenue +67% and gross profit growth → Future corporate value defense assets

Visualization of expansion of new business based on AI/autonomous driving
→ Long-term Growth Momentum, including Robotaxi, Optimus
Large cash reserves (37B) to help counter recession