Tesla’s revenues are bouncing back, but profits are still weak
Tesla’s revenues are bouncing back, but profits are still weak
特斯拉营收回暖，但利润依然疲软
Tesla is in negative free cash flow territory, as it increases its expenditures on major projects like AI infrastructure and robotics. 由于在人工智能基础设施和机器人等重大项目上的支出增加，特斯拉目前处于自由现金流为负的状态。
After a dismal two years of weakening demand, falling sales, and damage to its brand by Elon Musk’s political activities, Tesla’s road to recovery continues apace. On the heels of an impressive delivery report, the company released its earnings for the second quarter of 2026 — giving us the latest glimpse at the EV company that Musk has said he wants to transform into a leader of AI and robotics. 在经历了需求疲软、销量下滑以及埃隆·马斯克（Elon Musk）的政治活动对品牌造成损害的惨淡两年后，特斯拉的复苏之路仍在继续。继一份令人印象深刻的交付报告之后，该公司发布了2026年第二季度财报，让我们得以一窥这家马斯克声称要将其转型为人工智能和机器人领域领导者的电动汽车公司。
Despite that mission, Tesla remains a car company. And in the second quarter, it sold an impressive 480,126 vehicles, about a 25 percent increase compared to the second quarter of 2025. (For a direct-to-consumer company like Tesla, deliveries are a proxy for sales.) 尽管有此使命，特斯拉本质上仍是一家汽车公司。在第二季度，它售出了480,126辆汽车，较2025年第二季度增长了约25%。（对于像特斯拉这样直接面向消费者的公司来说，交付量是衡量销售额的指标。）
Tesla said it earned $1.11 billion in net income on $28.2 billion in revenue in the quarter that ended June 30th. That’s a 26 percent increase in revenue but a 5 percent increase in profits over the second quarter of 2025, when the company earned $1.17 billion in net income on $22.5 billion in revenue. Tesla exceeded revenue expectations from Wall Street, which assumed approximately $26.4 billion in revenue. 特斯拉表示，在截至6月30日的季度中，其营收为282亿美元，净利润为11.1亿美元。与2025年第二季度（营收225亿美元，净利润11.7亿美元）相比，营收增长了26%，但利润仅增长了5%。特斯拉的营收超过了华尔街此前约264亿美元的预期。
But there were still signs of trouble. The company reported negative free cash flow of $1.1 billion, a sign that Tesla’s operating revenues are insufficient to cover its capital expenditures. Basically, Tesla is spending more — on AI infrastructure, robotics, and manufacturing — than it is earning on car sales and energy installations. Last year, some analysts predicted that negative free cash flow could trigger a steep drop in share price. (Tesla’s share price is down 14 percent so far this year.) The company said it had $43.5 billion in cash on hand, but its capital expenditures were up year over year 142 percent to $5.7 billion this quarter. 但仍有迹象表明存在问题。该公司报告自由现金流为负11亿美元，这表明特斯拉的运营收入不足以覆盖其资本支出。简而言之，特斯拉在人工智能基础设施、机器人和制造方面的支出，超过了其在汽车销售和能源设施安装方面的收入。去年，一些分析师曾预测，自由现金流为负可能会引发股价大幅下跌。（特斯拉股价今年迄今已下跌14%。）该公司表示手头有435亿美元现金，但本季度的资本支出同比增长了142%，达到57亿美元。
In a shareholder deck, Tesla said it “generated over $100B in revenue on a trailing twelve-month basis for the first time.” It also touted Cybercab production at its Gigafactory in Texas, and said Tesla Semi production “remains on track” at its Nevada facility later this year. And it said it began construction for its Optimus humanoid robot production at the factory in Fremont after decommissioning the assembly line for the Model S and X. 在股东报告中，特斯拉表示其“过去十二个月的营收首次超过1000亿美元”。公司还宣传了其德克萨斯州超级工厂的Cybercab生产情况，并表示内华达州工厂的Tesla Semi生产“按计划进行”，将于今年晚些时候投产。此外，公司还表示，在拆除Model S和Model X的装配线后，已开始在弗里蒙特工厂建设Optimus人形机器人生产线。
“Tesla is in its largest and most exciting period of investment,” the company states. “From here, there remains much hard work as we aim to revolutionize transportation, energy and productivity through our leading real-world AI. Scaling will be non-linear, and we are focused on long-term value creation. We’ve never been more optimistic about the future.” “特斯拉正处于规模最大、最令人兴奋的投资期，”公司声明称。“从现在起，我们仍有许多艰苦的工作要做，因为我们的目标是通过领先的现实世界人工智能彻底改变交通、能源和生产力。规模化将是非线性的，我们专注于长期价值创造。我们对未来从未如此乐观。”
Automotive gross margins, which measures revenue minus the direct cost of manufacturing the vehicle, remains an important number for Tesla. They fund the company’s multi-billion dollar investments in AI, autonomous driving, and robotics, while also providing a buffer for Tesla to slash vehicle prices when demand slumps. 汽车毛利率（即营收减去车辆制造成本）对特斯拉来说仍然是一个重要指标。这些利润为公司在人工智能、自动驾驶和机器人领域的数十亿美元投资提供了资金，同时也为特斯拉在需求下滑时削减汽车价格提供了缓冲。
In the second quarter, Tesla said its automotive gross margins were 16.3 percent, minus revenue from the sale of regulatory credits (a revenue stream that will soon cease to exist, after the Trump administration’s elimination of penalties for automakers who exceed emission standards). That’s up over the 15 percent margins in Q2 2025, but down from 19.2 percent in Q1 of this year. 特斯拉表示，第二季度其汽车毛利率为16.3%（扣除出售监管积分的收入，这一收入来源在特朗普政府取消对超标排放汽车制造商的处罚后即将不复存在）。这一数字高于2025年第二季度的15%，但低于今年第一季度的19.2%。
Tesla’s energy business remained a bright spot for the company. It reported $3.1 billion in energy generation and storage revenue, a 13 percent increase over the same period in 2025. 特斯拉的能源业务仍然是公司的一大亮点。该业务报告营收为31亿美元，较2025年同期增长了13%。
The earnings report is the latest evidence that Tesla was starting to turn the corner on a dismal two years of declining sales and falling profits. It also comes as the company faces tough questions about its slow progress in expanding its robotaxi operations. Tesla’s autonomous vehicle project has fallen far short of Musk’s prediction of covering 50 percent of the US population by the end of 2025. The company recently launched robotaxi operations in two Florida cities, Orlando and Tampa, but a crowdsourced tracker shows only a handful of cars were available. 这份财报是特斯拉开始走出过去两年销量和利润下滑阴霾的最新证据。与此同时，该公司在扩大其自动驾驶出租车（robotaxi）业务方面进展缓慢，也面临着严峻的质疑。特斯拉的自动驾驶项目远未达到马斯克此前预测的“到2025年底覆盖美国50%人口”的目标。该公司最近在佛罗里达州的奥兰多和坦帕两个城市推出了自动驾驶出租车服务，但众包追踪数据显示，可用的车辆寥寥无几。
Tesla rolled out a new update to Full Self-Driving (v14 Lite) for its vehicle owners, bringing personalized driving preference learning to individual Teslas. But the number of crashes involving Tesla drivers using Autopilot and FSD continues to grow at an alarming rate, with Electrek reporting 207 crashes in May 2026 alone. 特斯拉为其车主推出了全自动驾驶（FSD v14 Lite）的新更新，为每辆特斯拉带来了个性化的驾驶偏好学习功能。然而，涉及使用Autopilot和FSD的特斯拉驾驶员的事故数量仍在以惊人的速度增长，据Electrek报道，仅在2026年5月就发生了207起事故。