Tesla spending skyrockets as Cybercab, Semi, Megapack production timeline slips
Tesla spending skyrockets as Cybercab, Semi, Megapack production timeline slips
特斯拉支出激增，Cybercab、Semi 及 Megapack 量产时间表推迟
Tesla is no longer planning to reach “volume production” of three of its newest products — the Cybercab, the Tesla Semi, and its Megapack 3 commercial energy-storage solution — in 2026, according to a second-quarter shareholder letter published Wednesday. The company also removed language from its first-quarter letter about its Optimus robot reaching “volume production.” 根据周三发布的第二季度股东信，特斯拉不再计划在 2026 年实现其三款最新产品——Cybercab、Tesla Semi 以及 Megapack 3 商用储能解决方案的“量产”。该公司还从第一季度的信件中删除了关于其 Optimus 机器人实现“量产”的表述。
The company said Wednesday that it’s trying to increase battery production, specifically around the company’s 4680 cell, in order to start building the Cybercab and Tesla Semi at scale. It did not offer a reason for pushing back volume production of the new Megapack, but Tesla CEO Elon Musk cautioned about the challenges of Optimus. “This is going to be the hardest product to scale manufacturing that we’ve ever made at Tesla, because everything on the robot is new,” Musk said about Optimus on a conference call Wednesday. 特斯拉周三表示，公司正努力提高电池产量，特别是围绕 4680 电芯，以便开始大规模制造 Cybercab 和 Tesla Semi。公司并未说明推迟新款 Megapack 量产的原因，但特斯拉首席执行官埃隆·马斯克对 Optimus 的挑战提出了警告。马斯克在周三的电话会议上谈到 Optimus 时表示：“这将是特斯拉有史以来制造的最难实现规模化生产的产品，因为机器人上的一切都是全新的。”
Tesla started making the first production Cybercabs at its factory in Austin, Texas, earlier this year but said in the letter that it’s still building out the manufacturing lines for the Semi and Optimus. The company had said as recently as January that the Cybercab, Semi, and Megapack 3 would reach “volume production” this year. The pullback comes as the company plows money into its next generation of products while attempting to shift from an EV maker to an AI and robotics company. 特斯拉今年早些时候已在其得克萨斯州奥斯汀的工厂开始生产首批 Cybercab，但在信中表示，目前仍在为 Semi 和 Optimus 建设生产线。就在今年 1 月，该公司还曾表示 Cybercab、Semi 和 Megapack 3 将于今年实现“量产”。此次推迟正值公司投入巨资研发下一代产品，并试图从电动汽车制造商转型为人工智能和机器人公司之际。
Tesla’s results, which showed net income falling 5% year-over-year to $1.1 billion, capital expenditures more than doubling, and negative free cash flow, were slightly buoyed by an uptick in revenue. Still, that revenue boost wasn’t enough to offset the cost of business and Tesla’s push to develop and launch new products, which Tesla CFO Vaibhav Taneja previously said would lead to negative cash flow for the remainder of the year. 特斯拉的财报显示，其净利润同比下降 5% 至 11 亿美元，资本支出翻了一番以上，且自由现金流为负，但营收的增长在一定程度上缓解了这些压力。尽管如此，营收的增长仍不足以抵消业务成本以及特斯拉为开发和推出新产品所投入的开支，特斯拉首席财务官 Vaibhav Taneja 此前曾表示，这将导致今年剩余时间内的现金流为负。
The company reported revenue of $28.2 billion, a 26% increase from the $22.5 billion it generated in the second quarter of 2025. Tesla’s second-quarter revenue also grew from the previous quarter’s haul of $22.38 billion. The bulk of its revenue came from selling and leasing its EVs — and those results improved significantly this quarter. The company reported automotive revenue of $20.5 billion in the second quarter, compared to $16.6 billion in the same-year ago period. 该公司报告营收为 282 亿美元，较 2025 年第二季度的 225 亿美元增长了 26%。特斯拉第二季度的营收也高于上一季度的 223.8 亿美元。其大部分收入来自电动汽车的销售和租赁，且本季度这些业务表现显著改善。公司报告第二季度汽车业务营收为 205 亿美元，而去年同期为 166 亿美元。
Tesla delivered more than 480,000 vehicles in the second quarter, an increase of more than 120,000 from the first quarter. It was Tesla’s best result for overall sales since the third quarter of last year, when it delivered nearly 500,000 vehicles. The increase was driven by record sales in several markets outside of the U.S., including South Korea, Australia, Colombia, Japan, Taiwan, Thailand, Portugal, the Philippines, Chile, Slovenia, and Lithuania, the company said in its shareholder letter. 特斯拉在第二季度交付了超过 48 万辆汽车，较第一季度增加了超过 12 万辆。这是特斯拉自去年第三季度交付近 50 万辆汽车以来的最佳销售业绩。公司在股东信中表示，这一增长得益于美国以外多个市场的创纪录销售，包括韩国、澳大利亚、哥伦比亚、日本、中国台湾、泰国、葡萄牙、菲律宾、智利、斯洛文尼亚和立陶宛。
Tesla’s second-quarter revenue results improved from a year ago when the company suffered from a combination of falling EV sales, lower average selling prices, less cash from regulatory credits, and a drop in solar and energy revenue. Sales of energy storage and solar also proved to be a standout, improving 13% to $3.1 billion. And subscriptions to Tesla’s advanced driver-assistance system, known as Full Self-Driving (Supervised) continue to rise. The company reported 1.48 million subscriptions, a 56% increase from the same period last year. 特斯拉第二季度的营收表现较一年前有所改善，当时公司受到电动汽车销量下滑、平均售价降低、监管积分带来的现金减少以及太阳能和能源收入下降等多重因素的影响。储能和太阳能业务表现突出，增长了 13%，达到 31 亿美元。此外，特斯拉的高级驾驶辅助系统——全自动驾驶（监督版）的订阅量持续上升。公司报告订阅量为 148 万，较去年同期增长了 56%。
Tesla’s bottom line, however, slipped as it poured money into new products and saw its gross margins squeezed. Tesla reported net income of $1.1 billion, a 5% decrease from the same period a year ago. At the same time, its operating expenses ballooned by 47% to $4.3 billion. Meanwhile, Tesla had negative free cash flow of $1 billion in the second quarter, a stark change from the $1.44 billion in positive free cash flow it reported last quarter and the $146 million it had in the same period last year. The company’s operating income was $398 million, a 57% drop from the $932 million it reported in the same period last year. 然而，由于特斯拉投入巨资研发新产品且毛利率受到挤压，其利润出现下滑。特斯拉报告净利润为 11 亿美元，较去年同期下降 5%。与此同时，其运营费用激增 47%，达到 43 亿美元。此外，特斯拉第二季度的自由现金流为负 10 亿美元，与上一季度 14.4 亿美元的正向自由现金流以及去年同期 1.46 亿美元的水平相比，发生了巨大变化。公司营业利润为 3.98 亿美元，较去年同期的 9.32 亿美元下降了 57%。
A year ago, Tesla called the second quarter of 2025 a “seminal point” in the company’s history and the beginning of its transition from a company that sells electric vehicles, solar, and energy storage to one that leads in “AI, robotics and related services.” That transition is still underway and Musk has said the company would boost spending to achieve its goal. Tesla said its capital expenditure will be $25 billion in 2026, about three times more than it historically has spent. 一年前，特斯拉将 2025 年第二季度称为公司历史上的一个“开创性节点”，标志着其从一家销售电动汽车、太阳能和储能产品的公司，向在“人工智能、机器人及相关服务”领域领先的公司转型。这一转型仍在进行中，马斯克表示公司将增加支出以实现目标。特斯拉称，2026 年的资本支出将达到 250 亿美元，约为其历史支出水平的三倍。
This spring, the company ended production of its flagship Model S sedan and Model X SUV vehicles at its Fremont, California, factory to make way for its Optimus humanoid robot. It is also bringing its Tesla Robotaxi service to new cities, albeit with a limited number of vehicles. And it’s still pushing to sell owners on Full Self-Driving (Supervised), and eventually make that product capable enough to handle all driving without the need of a human. 今年春天，该公司停止了在加州弗里蒙特工厂生产旗舰车型 Model S 轿车和 Model X SUV，以便为 Optimus 人形机器人腾出空间。公司也正在将 Tesla Robotaxi 服务引入新城市，尽管车辆数量有限。此外，公司仍在努力向车主推广全自动驾驶（监督版），并最终使该产品具备无需人类干预即可处理所有驾驶任务的能力。