摘要：this enormous robot army, can I just be ousted in the future?” he asked. “I don’t feel

Tesla Profit Plunges as Musk Turns Focus to ‘Robot Army’

特斯拉利润暴跌，马斯克将注意力转向“机器人军团”

尽管车辆销量增长，特斯拉 TSLA-0.82%的净收入在第三季度仍下降了 37%，这给公司

在创纪录的季度蒙上了阴影——该季度发生在 11 月就一项可能价值高达 1 万亿美元的新

薪酬方案对首席执行官埃隆·马斯克进行投票之前。

Speaking to investors Wednesday, Musk emphasized the importance of this pay

package—worth an additional 12% stake over 10 years—in securing his control of the

company as it expands into artificial intelligence and robotics projects like its

humanoid robot Optimus.

周三在对投资者的讲话中，马斯克强调了这一薪酬方案的重要性——在十年内额外获得

相当于 12%股份——以在公司向人工智能和机器人项目（如其人形机器人 Optimus）扩

展时，确保他对公司的控制权。

“My fundamental concern with how much voting control I have at Tesla is, if I build

this enormous robot army, can I just be ousted in the future?” he asked. “I don’t feel

comfortable building that robot army if I don’t have, at least, influence over it.”

“我对自己在特斯拉拥有多少投票控制权的根本担忧是，如果我建造了这支庞大的机器

人军队，未来我会不会被赶下台？”他问道。“如果我至少不能对它有影响力，我就不愿

意去建那支机器人军队。”

He emphasized Tesla’s progress on its full self-driving software, including plans to

take safety drivers out of its robotaxis in Austin by the end of the year. Tesla’s new

Cybercab, an autonomously driven two-seater that won’t have a steering wheel or

pedals, is scheduled for production in the second quarter of next year, he said.

他强调了特斯拉在全自动驾驶软件方面的进展，包括计划在年底前在奥斯汀的机器人出

租车中取消安全司机。他表示，特斯拉的新款 Cybercab 是一款无人驾驶的两座车，不

会有方向盘或踏板，计划在明年第二季度投产。

“This car will feel like it is a living creature. That’s how good the AI will get,” he said.

“I do wonder how much intelligence should you have in a car. It might get bored,

TSLA -0.82% actually.”

“这辆车会让人感觉像一只活着的生物。人工智能会变得这么强大，”他说。“我确实想

知道一辆车应该拥有多少智能。它可能会感到无聊，实际上。”

Little was said on the earnings call about Tesla’s electric-vehicle business, which

drove Tesla to record revenue of $28 billion in the third quarter, up 12% from a year

earlier. Tesla also reported a record $4 billion in free cash flow for the quarter.

财报电话会议上对特斯拉电动汽车业务的讨论很少，而该业务推动特斯拉第三季度创下

280 亿美元的营收纪录，同比增长 12%。特斯拉还报告该季度创下 40 亿美元的自由现

金流纪录。

The jump in revenue was aided by a record number of vehicle sales as American

shoppers rushed to take advantage of a $7,500 federal tax credit on EV purchases

before it expired on Sept. 30. Tesla’s energy generation and storage business

increased its revenue by 44% after deploying a record level of batterypower.

收入的跃升得益于创纪录的汽车销量，美国消费者争相在 9 月 30 日到期前抓住购买电

动汽车可享受的 7,500 美元联邦税收抵免。特斯拉的能源发电与储能业务在部署了创纪

录的电池容量后，收入增长了 44%。

Tesla reported $1.4 billion in net income, down from $2.2 billion. The company

attributed the steep decline in profitability to increased research and development

costs in areas like AI, as well as a drop in revenue from carbon credits, which fell 44%

to $417 million.

特斯拉报告净收入为 14 亿美元，低于此前的 22 亿美元。公司将利润大幅下降归因于在

人工智能等领域增加的研发费用，以及碳排放信用额收入的下滑，后者下降 44%至 4.17

亿美元。

Tesla shares slumped by more than 3% in after-hours trading.

特斯拉股价在盘后交易中下跌逾 3%。

Tesla’s ability to sustain sales momentum will be tested over the next few months as

Musk turns his attention to expanding Tesla’s AI capabilities while competing in an

increasingly crowded EV market with an aging vehicle lineup and fewer government

subsidies to incentivize buyers.

随着马斯克将注意力转向扩展特斯拉的人工智能能力，同时在产品线老化、政府补贴减

少以刺激买家的情况下，在日益拥挤的电动车市场中竞争，未来几个月将考验特斯拉维

持销售势头的能力。

Musk warned at the end of July that Tesla “probably could have a few rough

quarters.”马斯克在七月底警告称，特斯拉“可能会有几个艰难的季度。”

In a call with investors late Wednesday, Musk said Tesla was at a critical inflection

point when it comes to AI. He said many people don’t appreciate the degree to which

autonomous vehicles will take over.

在周三晚与投资者的电话会议上，马斯克表示，特斯拉在人工智能方面处于一个关键的

拐点。他说很多人没有意识到自动驾驶车辆将会接管到何种程度。

“Honestly, it will be like a shockwave,” he said. “说实话，这将像一股冲击波，”他说。

Shareholders will vote on Musk’s new pay package at the company’s Nov. 6 annual

meeting. Tesla’s board has argued that the expensive package is necessary to keep

Musk engaged at the company as it pivots away from selling electric vehicles.

股东将在公司 11 月 6 日的年度股东大会上对马斯克的新薪酬方案进行投票。特斯拉董

事会认为，这项昂贵的薪酬方案对于在公司从销售电动汽车转型的过程中让马斯克持续

投入是必要的。

Musk, who owns about 15% of the company, has said in the past that without 25%

voting power at Tesla, he would prefer to pursue his AI projects outside the

company. In an X post on Sunday, he threatened to leave Tesla if the package doesn’t

pass.

马斯克持有公司约 15%的股份，过去曾表示如果在特斯拉没有 25%的表决权，他更愿意

在公司之外推进自己的人工智能项目。他在周日的 X 帖子中威胁称，如果该方案未通

过，他将离开特斯拉。

“Tesla is worth more than all other automotive companies combined. Which of

those CEOs would you like to run Tesla? It won’t be me,” he said in response to a

shareholder who questioned the package.

“特斯拉的市值超过所有其他汽车公司总和。你想让那些公司的哪位首席执行官来管理

特斯拉？那不会是我，”他在回复质疑该方案的一位股东时说。

It is unclear whether Tesla can keep expanding its car business without the aid of

the U.S. tax credits, which expired last month as a result of President Trump’s sweeping budget bill.

目前尚不清楚在美国税收抵免上个月因特朗普总统的大规模预算法案而失效后，特斯拉

能否在没有该税收援助的情况下继续扩大其汽车业务。

The company’s finances had been in a free fall since Musk’s embrace of partisan

politics last year, which brought protests and worsened the company’s reputation in

regions where Tesla was once popular such as California and Europe. Tesla’s

automotive sales fell more than 13% in the first half of the year. Its net income fell

71% in the first quarter and 16% in the second quarter.

自从马斯克去年涉入党派政治以来，公司财务一直急剧下滑，这引发了抗议并在特斯拉

曾经受欢迎的地区（如加利福尼亚和欧洲）恶化了公司的声誉。特斯拉上半年汽车销量

下降了超过 13%。其净收入在第一季度下降了 71%，第二季度下降了 16%。

Tesla has lost market share as it faces growing competition from carmakers both

domestically and in China.

特斯拉在国内及中国市场面临来自汽车制造商日益激烈的竞争，市场份额因此下降。

Its aging vehicle lineup has frustrated some investors. After years of hyping new

low-cost “models,” Tesla earlier this month released pared-down versions of its

popular Model Y SUV and Model 3 sedan. Despite removing features like a back-row

screen and an FM radio, the stripped-down cars cost $5,000 less than other models,

which means they still cost more than the higher-amenity cars did when purchased

with the federal tax subsidy.

其日益老化的车型系列令一些投资者感到失望。在多年炒作低价“新车型”之后，特斯拉

本月早些时候发布了其畅销的 Model Y SUV 和 Model 3 轿车的简化版。尽管取消了后

排屏幕和调频广播等功能，这些精简版车型的售价比其他车型低了 5,000 美元，但这仍

意味着它们的价格高于在享受联邦税收补贴时购买的配备更多设施的车型。

On Wednesday, the National Highway Traffic Safety Administration said that Tesla

recalled around 13,000 vehicles because of battery issues that could cause the cars

to stall. The recall affects Tesla’s 2025 Model 3 and 2026 Model Y vehicles.

周三，美国国家公路交通安全管理局表示，特斯拉因电池问题召回约 1.3 万辆车辆，该

问题可能导致车辆熄火。此次召回涉及特斯拉的 2025 年款 Model 3 和 2026 年款

Model Y。

Appeared in the October 23, 2025, print edition as 'Tesla Hits Revenue Record, But Profit Falls

37%'.发表于 2025 年 10 月 23 日印刷版，标题为《特斯拉创下收入纪录，但利润下降 37%》。

This summer, Tesla launched its Robotaxi ride-hailing app in Austin, Texas, where it

uses a safety driver in the passenger seat, and the San Francisco Bay Area, where it

has a person in the driver seat. In both cities, rides are limited by a wait list.

今年夏天，特斯拉在德克萨斯州奥斯汀推出了其 Robotaxi 叫车应用，在那里该服务在

副驾驶座配备了一名安全驾驶员；在旧金山湾区则是在驾驶座由一人进行监督。在这两

个城市，叫车服务都受到候补名单的限制。

Musk said the company is intentionally moving slowly in its expansion of the

service. “Even one accident will be front-page news worldwide,” he said.

马斯克表示，公司在扩展该服务时刻意放慢脚步。“即便发生一起事故，也会成为全球

头条新闻，”他说。

来源：降维投机