以下是内容的中文翻译： 特斯拉2025年第四季度问答网络直播突出展示了向“自动驾驶未来”的战略性转变，以重大资本支出承诺和显著产品变革为标志。埃隆·马斯克宣布了特斯拉更新的使命：在人工智能和机器人技术的驱动下，实现“惊人的富足”和“普遍高收入”。 一项关键公告是，特斯拉将于**下个季度停止Model S和Model X的生产**，弗里蒙特工厂的空间将被改造为Optimus机器人工厂，目标是实现每年生产100万台。尽管这一决定“略感悲伤”，但它反映了特斯拉向以自动驾驶为核心的未来转型。 首席财务官Vaibhav Taneja公布了强劲的第四季度财务业绩，汽车业务利润率（不含碳积分收入）环比改善至17.9%，总毛利率超过20.1%，为两年来首次。尽管受到关税影响和固定成本分摊减少的影响，这一改善依然实现。FSD的采用持续推进，付费客户达到110万，但特斯拉正**向纯订阅模式的FSD转型**，这将在短期内影响汽车业务利润率。储能业务创下纪录的部署量，营收同比增长26.6%，并拥有强劲的订单积压。 最重要的财务指引是，预计**2026年的资本支出将超过200亿美元**，较2025年的90亿美元大幅增长。这笔投资将用于资助六家新工厂（包括精炼厂、磷酸铁锂电池工厂、Cybercab生产线、Semi电动卡车工厂、Mega Pack电池工厂和Optimus机器人工厂）、AI计算基础设施以及现有工厂的扩建。Vaibhav指出，特斯拉440亿美元的现金储备将足以覆盖初期开支，而未来的自动驾驶出租车收入和潜在的债务融资将用于芯片和太阳能电池工厂等长期“基础设施项目”。 关于**完全自动驾驶（FSD）和自动驾驶出租车**方面，埃隆证实，**奥斯汀目前正在进行无人监督的付费自动驾驶出租车服务，且不设安全员或伴随车辆**，这是一个重要的里程碑。他预计，在获得监管批准后，FSD将在年底前覆盖美国“四分之一到一半”的地区。Cybercab是一款专用的双座自动驾驶出租车，不设方向盘或踏板，经过优化以实现每英里低成本和高运行周期（每周50-60小时）。埃隆预计，随着交通出行模式转向“服务”模式，Cybercab的销量最终将远超所有其他特斯拉车辆的总和。自动驾驶出租车车队（目前在湾区和奥斯汀有超过500辆）预计每月翻倍。 关于**Optimus**，特斯拉计划在未来几个月内发布**Optimus 3代**，并将其描述为“能力超凡的机器人”，能够通过观察学习。埃隆将中国确定为人形机器人的主要竞争对手，强调特斯拉在真实世界AI、机电灵巧性（尤其是手部设计）以及生产规模化能力方面的优势。 一场重要的战略讨论集中在**AI芯片和潜在的“特斯拉Terra工厂”**上。深入参与AI芯片设计（AI5和AI6）的埃隆表示，尽管特斯拉在未来三年内拥有AI逻辑和内存的解决方案，但此后的长期增长将受限于供应商。为了缓解这一问题，特别是考虑到地缘政治风险以及美国缺乏先进内存晶圆厂的现状，埃隆建议特斯拉可能需要**建设自己的“Terra工厂”**——一座集逻辑、内存和封装于一体的大型国内工厂。他将此描述为一种“存亡攸关”的需求，特别是对于Optimus而言。 这些重大投资反映了特斯拉解决“难题”、确保一个“史诗般的富足未来”以及对冲潜在地缘政治供应链中断风险的雄心。对DXAI的投资也被指出对优化大型自动驾驶车队具有战略意义。

Tesla's Q4 2025 Q&A webcast featured a strategic pivot towards an "autonomous future," marked by major CapEx commitments and significant product changes. Elon Musk announced an updated Tesla mission to "Amazing Abundance" and "universal high income," driven by AI and robotics. A pivotal announcement was the **discontinuation of Model S and X production next quarter**, with the Fremont factory space being repurposed into an Optimus robot factory aiming for 1 million units per year. This decision, though "slightly sad," reflects Tesla's shift to an autonomous-centric future. CFO Vaibhav Taneja presented strong Q4 financial results, with automotive margins (excluding credits) improving sequentially to 17.9% and total gross margin exceeding 20.1% – the first time in two years. This improvement came despite tariff impacts and lower fixed cost absorption. FSD adoption continued, reaching 1.1 million paid customers, but Tesla is **transitioning to a subscription-only FSD model**, which will impact automotive margins in the short term. Energy storage saw record deployments and 26.6% year-over-year revenue growth, with a strong backlog. The most significant financial guidance was a projected **CapEx spend exceeding $20 billion in 2026**, a substantial increase from 2025's $9 billion. This investment will fund six new factories (refinery, LFP, Cybercab, Semi, Mega, Optimus), AI compute infrastructure, and existing factory expansions. Vaibhav noted Tesla's $44 billion cash balance would cover initial outlays, with future robotaxi revenues and potential debt financing for long-term "infrastructure plays" like chip and solar fabs. On **Full Self-Driving (FSD) and Robotaxi**, Elon confirmed that **unsupervised paid robotaxi rides are now occurring in Austin with no safety monitor or chase car**, a significant milestone. He expects FSD to cover "a quarter to half" of the US by year-end, pending regulatory approval. The Cybercab, a dedicated two-seater robotaxi without a steering wheel or pedals, is optimized for low cost per mile and high duty cycle (50-60 hours/week). Elon anticipates Cybercab volumes will eventually far exceed all other Tesla vehicles combined, as transportation shifts to a "service" model. The robotaxi fleet (currently over 500 vehicles in the Bay Area and Austin) is expected to double monthly. Regarding **Optimus**, Tesla plans to unveil **Optimus 3 in the coming months**, describing it as an "incredibly capable robot" that can learn by observation. Elon identified China as the primary competitor in humanoid robots, highlighting Tesla's advantage in real-world AI, electromechanical dexterity (especially hand design), and production scaling. A crucial strategic discussion centered on **AI Chips and a potential "Tesla Terra Fab."** Elon, deeply involved in AI chip design (AI5 and AI6), stated that while Tesla has a solution for AI logic and memory for the next three years, long-term growth beyond that point would be supplier-limited. To mitigate this, particularly given geopolitical risks and the lack of advanced memory fabs in the US, Elon suggested Tesla may need to **build its own "Terra Fab"** – a massive domestic factory integrating logic, memory, and packaging. He described this as an "existential" need, especially for Optimus. The significant investments reflect Tesla's ambition to solve "hard problems," ensure an "epic future" of abundance, and hedge against potential geopolitical supply chain disruptions. The investment in DXAI was also noted as strategic for optimizing large autonomous fleets.