以下是特斯拉2025年第三季度财报电话会议的摘要，重点关注关键公告和埃隆·马斯克的见解： **总体业务表现：** 特斯拉报告了强劲的第三季度业绩，包括创纪录的交付量、能源部署量、营收、能源毛利润、利润率和自由现金流。 所有地区的交付量均表现强劲，其中大中华区和亚太地区领涨。 Model Y仍然是需求的关键驱动因素，并发布了多个新版本。 **Robotaxi 和 FSD（完全自动驾驶）：** 特斯拉正在奥斯汀和旧金山湾区运营robotaxi服务。 在奥斯汀，他们已经扩大了覆盖范围，并在没有驾驶员的情况下行驶了超过25万英里。 他们预计在几个月内完全移除奥斯汀部分地区的安全驾驶员。 目标是在年底前在八到十个大都市区运营robotaxi，这取决于监管部门的批准。 客户已经使用辅助驾驶版的FSD行驶了60亿英里。 **能源部门：** 特斯拉继续凭借Powerwall和MegaPack等电池储能解决方案在能源领域取得重大进展。 马斯克强调了特斯拉电池显著提高电网能源输出的潜力，可以在不需要建造新发电厂的情况下有效地使美国能源输出翻倍。 他推出了MegaBlock，并且正在开发MegaPack 4，它将整合变电站元素，从而提高部署能力。 **Optimus（擎天柱）：** 马斯克认为，特斯拉的人形机器人Optimus有可能成为特斯拉最大的产品。 他强调了制造灵巧的手和扩大生产规模的挑战。 然而，他表示特斯拉拥有其他公司所缺乏的要素（真实世界的AI、电气和机械工程以及扩大生产规模的能力）。 Optimus V3预计将在第一季度亮相。 特斯拉的目标是实现一个“可持续的富足”的世界，在这个世界里，Optimus和自动驾驶汽车消除贫困并提供获得高质量医疗保健的机会。 **FSD 和 AI（人工智能）：** 埃隆表示，他们基本上“100%确信”他们可以解决在安全性远高于人类水平的无人监督的完全自动驾驶。 Release 14.1已经发布，该公司正在努力在汽车中实现推理，以便将其提升到下一个级别。 他认为特斯拉AI具有最高的智能密度，而这种高水平的智能是FSD所必需的。 他澄清说，特斯拉的AI工作与XAI不同，XAI专注于通用AI。 特斯拉的重点是汽车和机器人中的真实世界AI应用。 **生产扩张：** 随着对无人监督的完全自动驾驶的清晰认识，马斯克表示他打算尽可能快地扩大特斯拉的生产，这受到对完全自动驾驶需求的驱动。 为完全自动驾驶优化的Cybertruck将成为这次扩张的关键驱动力。 **AI-5 芯片：** 马斯克讨论了内部设计的AI-5芯片，在某些指标上，它将比AI-4芯片好40倍。 该公司将使用台积电（TSMC）和三星在美国制造AI-5，旨在拥有芯片的过剩供应。 多余的芯片可用于数据中心，以补充英伟达（Nvidia）的硬件。 **股东投票：** 两名高管都敦促股东通过批准薪酬提案和重新选举董事来支持马斯克的领导。 他们还指出，ISS（机构股东服务公司）和Glass Lewis（一家机构投资者的咨询服务公司）并不了解情况，他们正试图通过ISS和Glass Lewis来影响股东投票。 **未来产品和技术：** 许多关于未来产品的问题被跳过了，因为这不是合适的场合。 然而，马斯克提到正在开发用于Hardware 3的V14轻量版，预计明年第二季度推出。 这表明他们持续支持Hardware 3。

Here's a summary of the Tesla Q3 2025 earnings call, focusing on key announcements and Elon Musk's insights: **Overall Business Performance:** Tesla reported strong Q3 results, including record deliveries, energy deployments, revenue, energy gross profit, margins, and free cash flow. Deliveries were strong across all regions, with Greater China and APEC leading the growth. The Model Y continues to be a key driver of demand, with various new versions released. **Robotaxi and FSD:** Tesla is operating a robotaxi service in Austin and the Bay Area. In Austin, they have already expanded the coverage area and have driven over a quarter million miles without a driver. They anticipate removing the safety driver entirely in parts of Austin within a few months. The goal is to operate robotaxi in eight to ten metro areas by year-end, pending regulatory approvals. Customers have driven six billion miles using supervised FSD. **Energy Sector:** Tesla continues to make significant inroads into the energy sector with battery storage solutions like Powerwall and MegaPack. Musk emphasized the potential for Tesla batteries to significantly improve energy output from the grid, effectively doubling US energy output without needing to build new power plants. He introduced MegaBlock, and is developing MegaPack 4, which will incorporate substation elements, improving deployment capabilities. **Optimus:** Musk believes Optimus, the Tesla humanoid robot, has the potential to be Tesla's biggest product. He highlighted the challenges of creating a dexterous hand and scaling production. However, he stated Tesla has the ingredients (real-world AI, electrical and mechanical engineering, and scaling production) that others lack. Optimus V3 is expected to be unveiled in Q1. Tesla is aiming for a world of "sustainable abundance," where Optimus and self-driving vehicles eliminate poverty and provide access to quality medical care. **FSD and AI:** Elon said they are essentially "100% confident" that they can solve unsupervised full self-driving at a safety level much greater than human. Release 14.1 is already out, and the company is working on implementing reasoning in the car to take it to the next level. He feels that Tesla AI has the highest intelligence density and this high level of intelligence is needed to be on FSD. He clarified that Tesla's AI efforts are distinct from XAI, with XAI focusing on general AI. Tesla's focus is on real-world AI applications in cars and robots. **Production Expansion:** With clarity on unsupervised full self-driving, Musk expressed his intent to expand Tesla's production as quickly as possible, driven by the demand for full self-driving. The Cybertruck, optimized for full autonomy, will be a key driver of this expansion. **AI-5 Chip:** Musk discussed the AI-5 chip, designed in-house, which will be 40 times better than the AI-4 chip in some metrics. The company will use both TSMC and Samsung to manufacture AI-5 in the US, aiming to have an oversupply of chips. Excess chips can be used in data centers, supplementing Nvidia hardware. **Shareholder Vote:** Both executives urged shareholders to support Musk's leadership by approving the compensation proposals and re-electing the directors. They also noted that ISS and Glass Lewis who do not know what they are doing are actively trying to affect shareholder voting through ISS and Glass Lewis. **Future Products and Technology:** Several questions regarding future products were skipped, as it's not the appropriate venue. However, Musk mentioned working on a V14 light version for Hardware 3, expected in Q2 next year. This shows their continuing support to hardware 3.