Tesla dropped a "shock bomb" at its Q4 2025 earnings call: to fully accelerate its pursuit of the artificial intelligence track, Tesla will stop the production of its milestone Model S and Model X lines, officially starting its ultimate transformation from an "automotive company" to a "physical AI company."

"Honoring the past, betting on the future":停产 S/X 转型机器人工厂

Tesla CEO Elon Musk announced that the company plans to gradually cease production of its premium models, Model S and Model X, in the next quarter. The Fremont factory in California will be transformed into a dedicated mass production base for Optimus humanoid robots.

  • Third-generation Optimus unveiled: Tesla will launch Optimus Gen3 this quarter, the first version designed specifically for large-scale mass production.

  • Application vision: The robot will not only perform heavy labor in factories but also, in the future, enter homes to handle delicate household tasks such as taking care of children.

  • Production ambitions: The renovated factory aims to achieve a long-term goal of producing 1 million units per year.

Financial Perspective: AI and Energy Business Offset Automotive Decline

Although Tesla's total revenue for 2025 showed its first annual decline (about $94.8 billion, down 3% year-on-year), the structured data of the fourth quarter revealed the pain and opportunities of the transformation:

  • Core revenue: Q4 total revenue was $24.901 billion, slightly down 3%, but gross margin rebounded to 20.1%.

  • Energy sector: Revenue increased by 25% to $3.84 billion, becoming a highlight of the earnings report.

  • AI ecosystem investment: Tesla officially confirmed a $2 billion investment in xAI, Elon Musk's company, aiming to accelerate the integration of the Grok large model with robot hardware. It is also expected that capital expenditures in 2026 will be "very large" due to AI investments.

Strategic Analysis: Implementation of Master Plan 4