特斯拉财报分析202401

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Tesla $TSLA earnings today! Investors have failed to appreciate what this company really is, so I've decided to share what makes this company so compelling for those that do not yet understand1. Tesla's strategic advantage in the automotive industry has NOTHING to do with EVs, but its approach to technology and operations. What does this mean? Tesla controls its ENTIRE tech stack from hardware, software, battery technology, to data analytics. This contrasts sharply with traditional automakers, that have often relied on 3rd party vendors for key car components and software solutions.OEMs frequently outsource various aspects of vehicle production: powertrain technology, infotainment systems, telematics, etc. This reliance on 3rd party vendors often leads to fragmented systems that lack seamless integration and a dependence on external suppliers can slow down the pace of innovation, as changes must be coordinated across multiple stakeholders, each with their own priorities and timelines.2. From the beginning, Tesla has had a fundamentally different approach. By owning its entire value chain, the company has the agility to innovate rapidly + scale production at a record pace.Example: Tesla's in-house software development allows for over-the-air updates that can improve vehicle performance, add new features, or fix bugs, essentially making the car a 'living' product that evolves over time. This is virtually UNHEARD of in traditional automotive circles like Ford, BMW, GM, where even minor software changes often require a trip to the dealership.Tesla integrated its tech stack end to end to enable a more robust data analytics framework. By doing this, they can collect VAST amounts of data from their fleet, which it uses to improve its self-driving algorithms, optimize battery life, and even predict maintenance needs. This data-driven approach is deeply ingrained in their operations and would be far more challenging to implement if key technologies were outsourced.Let's briefly touch on #AI as it's imperative to this growth story. Tesla is the only company (imo) that possesses and has tangible use-cases for widespread application of AI-powered products and an insane TAM (e.g., FSD, microchip design w/Dojo, robotics w/Optimus). As @ChrisCamillo
put it "The future of labor is being reshaped before our eyes" and Tesla is poised to be a part of that, with a huge leap in the way they already integrate AI into their business. When we hear about the “productivity” gains generated by AI, in the short term, that is a translation that companies will be able to do “more with less”. This directly translates into stronger demand for such products and free cash flow for the companies that are 1) producing this technology and 2) experiencing it. Tesla's FSD V12 for example, is AI-driven technology that mimics human brain function and relies solely on cameras and neural nets. No Code. No Heuristics. Optimus has a potential to fill the labor shortage gap in manufacturing, in the millions....but I digress.How does its current competition, traditional auto manufacturers, solve for this or even compete? They LITERALLY can't (from both a price standpoint & everything else lol). They can't even build a profitable EV car.










Tesla remains the dominant player in the US market. In 2022, Tesla accounted for +60% of all fully electric cars sold in the US as a result of their wide range of models, competitive prices, and extensive charging network. In 3Q23





















3. Traditional automakers face an existential challenge: adapt or risk obsolescence. And for those that are trying to adapt it's not merely about integrating new technologies but about a fundamental cultural shift that needs to permeate these old legacy businesses.Traditional automakers have long operated in a culture of incrementalism, focusing on marginal improvements in existing technologies. This approach has been reinforced by a complex web of supplier relationships, legacy systems, and a risk-averse mindset. While this model was successful in the past, it is increasingly untenable in an era where rapid, disruptive innovation is the norm. This reminds me of what's happening to TradFi institutions. The introduction of fintech / web3 / deFi / tokenization / #Bitcoin  is disrupting the traditional finance business model that's historically been slow to adapt to new innovation.4. Tesla's success is not just a result of superior technology but of a culture that ENCOURAGES radical innovation. This is where it has to come from and what @elonmusk
established Day 1. From its flat organizational structure to its willingness to challenge industry norms (e.g., direct-to-consumer sales, ZERO advertising, over-the-air updates, self-driving tech), Tesla's culture is fundamentally geared towards rapid iteration and disruption.If I was a CEO and had to take a piece of the playbook that has led to Tesla's success this is what I'd do Traditional automakers (and other slow to adapt industries) often suffer from bureaucratic inertia. Decisions are made at the top and trickle down, which slow the pace of innovation. A shift towards a more decentralized decision-making process can empower employees to act quickly and innovate.1. A culture that punishes failure stifles innovation. Cultivate an environment where calculated risks are encouraged, and failures are seen as learning opportunities.2. Adopt an agile methodology that can facilitate rapid iteration, allowing your business to adapt to changing technologies and consumer demands more efficiently.3. While many businesses have (like automakers) have sizable R&D budgets, the focus often remains on incremental improvements. A reallocation of resources towards more disruptive technologies is imperative.4. Given the pace of change in today's age, no company can innovate in a vacuum. Forming strategic partnerships with tech companies, startups, and even competitors can accelerate innovation.Doing none of those things will make you 1) go extinct in the next 5-10 years and 2) lose investors alot of moneyOther observations that I think are worth mentioning:1)  Institutional ownership of Tesla is LOW (sub 60%) compared to the other MEGA caps $MSFT $AAPL $GOOGL $AMZN $META $NVDA. 2) While other companies are more focused on experimental AI, #Tesla already has REAL WORLD AI applications, with FSD (its self-driving technology), AI in its manufacturing facilities, energy storage, etc. It's growth levers (e.g., data from its fleet + network effects) are SO underappreciated by the market. There will come a time where this dissonance is eliminated. Stay the course my friends and be in disruption early, be where the puck is going.










Please like/retweet if you found this insightfulThe that everyone should follow :@fundstrat
@Micro2Macr0
@invest_answers
@ray4tesla
@ICannot_Enough
  @SawyerMerritt
@heydave7
@hikingskiing
  @TheSonOfWalkley

由翻译自 英语

特斯拉$TSLA今天公布财报！投资者未能理解这家公司到底是什么，所以我决定分享一下是什么让这家公司对那些还不了解的人如此有吸引力1. 特斯拉在汽车行业的战略优势与电动汽车无关，而是其技术和运营方式。这是什么意思？特斯拉控制着从硬件、软件、电池技术到数据分析的整个技术堆栈。这与传统汽车制造商形成鲜明对比，传统汽车制造商通常依赖第三方供应商提供关键汽车零部件和软件解决方案。OEM 经常外包汽车生产的各个方面：动力总成技术、信息娱乐系统、远程信息处理等。这种对第三方供应商的依赖往往会导致系统分散，缺乏无缝集成，并且对外部供应商的依赖可能会减慢创新的步伐，因为变化必须在多个利益相关者之间进行协调，每个利益相关者都有自己的优先事项和时间表。2.从一开始，特斯拉就采取了根本不同的方法。通过拥有整个价值链，该公司能够敏捷地快速创新+以创纪录的速度扩大生产。示例：特斯拉的内部软件开发允许进行无线更新，从而提高车辆性能、添加新功能或修复错误，从本质上使汽车成为随着时间的推移而发展的“活”产品。这在福特、宝马、通用汽车等传统汽车圈子里几乎是闻所未闻的，即使是很小的软件更改也通常需要前往经销商处。特斯拉端到端地集成了其技术堆栈，以实现更强大的数据分析框架。通过这样做，他们可以从车队收集大量数据，用于改进自动驾驶算法、优化电池寿命，甚至预测维护需求。这种数据驱动的方法在他们的运营中根深蒂固，如果关键技术外包，实施起来将更具挑战性。让我们简单地谈谈#AI因为它对于这个增长故事至关重要。 Tesla 是唯一一家拥有广泛应用 AI 产品和疯狂 TAM（例如，FSD、带有 Dojo 的微芯片设计、带有 Optimus 的机器人）的具体用例的公司（imo）。正如@ChrisCamillo
所说，“劳动力的未来正在我们眼前重塑”，而特斯拉已经准备好成为其中的一部分，他们已经将人工智能融入业务的方式取得了巨大飞跃。当我们听到人工智能在短期内带来“生产力”收益时，这意味着企业将能够“用更少的资源做更多的事情”。这直接转化为对此类产品的更强劲需求，以及 1) 生产该技术和2)体验该技术的公司的自由现金流。例如，特斯拉的 FSD V12 是人工智能驱动的技术，模仿人脑功能，仅依赖摄像头和神经网络。没有代码。没有启发式。擎天柱有潜力填补制造业数以百万计的劳动力短缺缺口……但我离题了。其目前的竞争，传统汽车制造商如何解决这个问题甚至竞争？他们确实不能（从价格角度和其他方面来看，哈哈）。他们甚至无法制造出盈利的电动汽车。特斯拉仍然是美国市场的主导者。到 2022 年，特斯拉凭借其广泛的车型、具有竞争力的价格和广泛的充电网络，占美国销售的所有纯电动汽车的 60% 以上。 23年第三季度3. 传统汽车制造商面临生存挑战：要么适应，要么面临被淘汰的风险。对于那些试图适应的人来说，这不仅仅是整合新技术，而是需要渗透到这些旧的传统业务中的根本性文化转变。传统汽车制造商长期以来一直在渐进主义文化中运营，专注于现有技术的边际改进。复杂的供应商关系网络、遗留系统和规避风险的心态强化了这种方法。虽然这种模式在过去很成功，但在快速、颠覆性创新成为常态的时代，它越来越站不住脚。这让我想起了 TradFi 机构正在发生的事情。金融科技/web3/deFi/代币化/ #Bitcoin的引入正在颠覆传统的金融业务模式，这种模式历来适应新创新的速度很慢。4. 特斯拉的成功不仅是卓越技术的结果，也是鼓励激进创新的文化的结果。这就是它的来源，也是@elonmusk
在第一天建立的东西。从其扁平的组织结构到挑战行业规范的意愿（例如，直接面向消费者的销售、零广告、无线更新、自我管理） -驾驶技术），特斯拉的文化从根本上来说是面向快速迭代和颠覆的。如果我是一名首席执行官并且必须借鉴导致特斯拉成功的剧本，这就是我会做的传统汽车制造商（以及其他适应缓慢的行业）经常遭受官僚惯性的困扰。决策由高层制定并向下渗透，这会减慢创新的步伐。转向更加分散的决策流程可以使员工能够快速采取行动并进行创新。1. 惩罚失败的文化会扼杀创新。营造一种鼓励计算风险、将失败视为学习机会的环境。2. 采用能够促进快速迭代的敏捷方法，使您的企业能够更有效地适应不断变化的技术和消费者需求。3. 虽然许多企业（如汽车制造商）拥有大量研发预算，但重点往往仍然放在渐进式改进上。必须将资源重新分配给更具颠覆性的技术。4. 鉴于当今时代的变革步伐，任何公司都无法在真空中进行创新。与科技公司、初创公司甚至竞争对手建立战略合作伙伴关系可以加速创新。做这些事情都不会让你 1) 在未来 5-10 年内灭绝并且2)使投资者损失很多钱我认为值得一提的其他观察结果：1) 与其他巨型上限$MSFT $AAPL $GOOGL $AMZN $META $NVDA相比，特斯拉的机构所有权较低（低于 60 %) 。2) 虽然其他公司更专注于实验性人工智能， #Tesla已经拥有现实世界的人工智能应用，其中包括 FSD（其自动驾驶技术）、制造设施、能源存储等中的人工智能。它的增长杠杆（例如，数据（来自其机队+网络效应）被市场低估。总有一天，这种不和谐会被消除。朋友们，保持路线，尽早干扰，站在冰球要去的地方。如果您觉得这篇文章很有见地，请点赞/转发

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Tesla $TSLA earnings today! Investors have failed to appreciate what this company really is, so I've decided to share what makes this company so compelling for those that do not yet understand👇📕

1. Tesla's strategic advantage in the automotive industry has NOTHING to do with EVs, but its approach to technology and operations. What does this mean? Tesla controls its ENTIRE tech stack from hardware, software, battery technology, to data analytics. This contrasts sharply with traditional automakers, that have often relied on 3rd party vendors for key car components and software solutions.

OEMs frequently outsource various aspects of vehicle production: powertrain technology, infotainment systems, telematics, etc. This reliance on 3rd party vendors often leads to fragmented systems that lack seamless integration and a dependence on external suppliers can slow down the pace of innovation, as changes must be coordinated across multiple stakeholders, each with their own priorities and timelines.

2. From the beginning, Tesla has had a fundamentally different approach. By owning its entire value chain, the company has the agility to innovate rapidly + scale production at a record pace.

Example: Tesla's in-house software development allows for over-the-air updates that can improve vehicle performance, add new features, or fix bugs, essentially making the car a 'living' product that evolves over time. This is virtually UNHEARD of in traditional automotive circles like Ford, BMW, GM, where even minor software changes often require a trip to the dealership.

Tesla integrated its tech stack end to end to enable a more robust data analytics framework. By doing this, they can collect VAST amounts of data from their fleet, which it uses to improve its self-driving algorithms, optimize battery life, and even predict maintenance needs. This data-driven approach is deeply ingrained in their operations and would be far more challenging to implement if key technologies were outsourced.

Let's briefly touch on #AI as it's imperative to this growth story. Tesla is the only company (imo) that possesses and has tangible use-cases for widespread application of AI-powered products and an insane TAM (e.g., FSD, microchip design w/Dojo, robotics w/Optimus). As
@ChrisCamillo
put it "The future of labor is being reshaped before our eyes" and Tesla is poised to be a part of that, with a huge leap in the way they already integrate AI into their business. When we hear about the “productivity” gains generated by AI, in the short term, that is a translation that companies will be able to do “more with less”. This directly translates into stronger demand for such products and free cash flow for the companies that are 1) producing this technology and 2) experiencing it. Tesla's FSD V12 for example, is AI-driven technology that mimics human brain function and relies solely on cameras and neural nets. No Code. No Heuristics. Optimus has a potential to fill the labor shortage gap in manufacturing, in the millions....but I digress.

How does its current competition, traditional auto manufacturers, solve for this or even compete? They LITERALLY can't (from both a price standpoint & everything else lol). They can't even build a profitable EV car.

Tesla remains the dominant player in the US market. In 2022, Tesla accounted for +60% of all fully electric cars sold in the US as a result of their wide range of models, competitive prices, and extensive charging network. In 3Q23



3. Traditional automakers face an existential challenge: adapt or risk obsolescence. And for those that are trying to adapt it's not merely about integrating new technologies but about a fundamental cultural shift that needs to permeate these old legacy businesses.

Traditional automakers have long operated in a culture of incrementalism, focusing on marginal improvements in existing technologies. This approach has been reinforced by a complex web of supplier relationships, legacy systems, and a risk-averse mindset. While this model was successful in the past, it is increasingly untenable in an era where rapid, disruptive innovation is the norm. This reminds me of what's happening to TradFi institutions. The introduction of fintech / web3 / deFi / tokenization / #Bitcoin  is disrupting the traditional finance business model that's historically been slow to adapt to new innovation.

4. Tesla's success is not just a result of superior technology but of a culture that ENCOURAGES radical innovation. This is where it has to come from and what
@elonmusk
established Day 1. From its flat organizational structure to its willingness to challenge industry norms (e.g., direct-to-consumer sales, ZERO advertising, over-the-air updates, self-driving tech), Tesla's culture is fundamentally geared towards rapid iteration and disruption.

If I was a CEO and had to take a piece of the playbook that has led to Tesla's success this is what I'd do 👇

Traditional automakers (and other slow to adapt industries) often suffer from bureaucratic inertia. Decisions are made at the top and trickle down, which slow the pace of innovation. A shift towards a more decentralized decision-making process can empower employees to act quickly and innovate.

1. A culture that punishes failure stifles innovation. Cultivate an environment where calculated risks are encouraged, and failures are seen as learning opportunities.

2. Adopt an agile methodology that can facilitate rapid iteration, allowing your business to adapt to changing technologies and consumer demands more efficiently.

3. While many businesses have (like automakers) have sizable R&D budgets, the focus often remains on incremental improvements. A reallocation of resources towards more disruptive technologies is imperative.

4. Given the pace of change in today's age, no company can innovate in a vacuum. Forming strategic partnerships with tech companies, startups, and even competitors can accelerate innovation.

Doing none of those things will make you 1) go extinct in the next 5-10 years and 2) lose investors alot of money

Other observations that I think are worth mentioning:
1)  Institutional ownership of Tesla is LOW (sub 60%) compared to the other MEGA caps $MSFT $AAPL $GOOGL $AMZN $META $NVDA.

2) While other companies are more focused on experimental AI, #Tesla already has REAL WORLD AI applications, with FSD (its self-driving technology), AI in its manufacturing facilities, energy storage, etc. It's growth levers (e.g., data from its fleet + network effects) are SO underappreciated by the market. There will come a time where this dissonance is eliminated. Stay the course my friends and be in disruption early, be where the puck is going.


Please like/retweet if you found this insightful

The 🐐that everyone should follow 👇:
@fundstrat

@Micro2Macr0

@invest_answers

@ray4tesla

@ICannot_Enough
  
@SawyerMerritt

@heydave7

@hikingskiing
  
@TheSonOfWalkley
由
翻译自 英语
特斯拉$TSLA今天公布财报！投资者未能理解这家公司到底是什么，所以我决定分享一下是什么让这家公司对那些还不了解的人如此有吸引力👇📕

1. 特斯拉在汽车行业的战略优势与电动汽车无关，而是其技术和运营方式。这是什么意思？特斯拉控制着从硬件、软件、电池技术到数据分析的整个技术堆栈。这与传统汽车制造商形成鲜明对比，传统汽车制造商通常依赖第三方供应商提供关键汽车零部件和软件解决方案。

OEM 经常外包汽车生产的各个方面：动力总成技术、信息娱乐系统、远程信息处理等。这种对第三方供应商的依赖往往会导致系统分散，缺乏无缝集成，并且对外部供应商的依赖可能会减慢创新的步伐，因为变化必须在多个利益相关者之间进行协调，每个利益相关者都有自己的优先事项和时间表。

2.从一开始，特斯拉就采取了根本不同的方法。通过拥有整个价值链，该公司能够敏捷地快速创新+以创纪录的速度扩大生产。

示例：特斯拉的内部软件开发允许进行无线更新，从而提高车辆性能、添加新功能或修复错误，从本质上使汽车成为随着时间的推移而发展的“活”产品。这在福特、宝马、通用汽车等传统汽车圈子里几乎是闻所未闻的，即使是很小的软件更改也通常需要前往经销商处。

特斯拉端到端地集成了其技术堆栈，以实现更强大的数据分析框架。通过这样做，他们可以从车队收集大量数据，用于改进自动驾驶算法、优化电池寿命，甚至预测维护需求。这种数据驱动的方法在他们的运营中根深蒂固，如果关键技术外包，实施起来将更具挑战性。

让我们简单地谈谈#AI因为它对于这个增长故事至关重要。 Tesla 是唯一一家拥有广泛应用 AI 产品和疯狂 TAM（例如，FSD、带有 Dojo 的微芯片设计、带有 Optimus 的机器人）的具体用例的公司（imo）。正如
@ChrisCamillo
所说，“劳动力的未来正在我们眼前重塑”，而特斯拉已经准备好成为其中的一部分，他们已经将人工智能融入业务的方式取得了巨大飞跃。当我们听到人工智能在短期内带来“生产力”收益时，这意味着企业将能够“用更少的资源做更多的事情”。这直接转化为对此类产品的更强劲需求，以及 1) 生产该技术和2)体验该技术的公司的自由现金流。例如，特斯拉的 FSD V12 是人工智能驱动的技术，模仿人脑功能，仅依赖摄像头和神经网络。没有代码。没有启发式。擎天柱有潜力填补制造业数以百万计的劳动力短缺缺口……但我离题了。

其目前的竞争，传统汽车制造商如何解决这个问题甚至竞争？他们确实不能（从价格角度和其他方面来看，哈哈）。他们甚至无法制造出盈利的电动汽车。
特斯拉仍然是美国市场的主导者。到 2022 年，特斯拉凭借其广泛的车型、具有竞争力的价格和广泛的充电网络，占美国销售的所有纯电动汽车的 60% 以上。 23年第三季度

3. 传统汽车制造商面临生存挑战：要么适应，要么面临被淘汰的风险。对于那些试图适应的人来说，这不仅仅是整合新技术，而是需要渗透到这些旧的传统业务中的根本性文化转变。

传统汽车制造商长期以来一直在渐进主义文化中运营，专注于现有技术的边际改进。复杂的供应商关系网络、遗留系统和规避风险的心态强化了这种方法。虽然这种模式在过去很成功，但在快速、颠覆性创新成为常态的时代，它越来越站不住脚。这让我想起了 TradFi 机构正在发生的事情。金融科技/web3/deFi/代币化/ #Bitcoin的引入正在颠覆传统的金融业务模式，这种模式历来适应新创新的速度很慢。

4. 特斯拉的成功不仅是卓越技术的结果，也是鼓励激进创新的文化的结果。这就是它的来源，也是
@elonmusk
在第一天建立的东西。从其扁平的组织结构到挑战行业规范的意愿（例如，直接面向消费者的销售、零广告、无线更新、自我管理） -驾驶技术），特斯拉的文化从根本上来说是面向快速迭代和颠覆的。

如果我是一名首席执行官并且必须借鉴导致特斯拉成功的剧本，这就是我会做的👇

传统汽车制造商（以及其他适应缓慢的行业）经常遭受官僚惯性的困扰。决策由高层制定并向下渗透，这会减慢创新的步伐。转向更加分散的决策流程可以使员工能够快速采取行动并进行创新。

1. 惩罚失败的文化会扼杀创新。营造一种鼓励计算风险、将失败视为学习机会的环境。

2. 采用能够促进快速迭代的敏捷方法，使您的企业能够更有效地适应不断变化的技术和消费者需求。

3. 虽然许多企业（如汽车制造商）拥有大量研发预算，但重点往往仍然放在渐进式改进上。必须将资源重新分配给更具颠覆性的技术。

4. 鉴于当今时代的变革步伐，任何公司都无法在真空中进行创新。与科技公司、初创公司甚至竞争对手建立战略合作伙伴关系可以加速创新。

做这些事情都不会让你 1) 在未来 5-10 年内灭绝并且2)使投资者损失很多钱

我认为值得一提的其他观察结果：
1) 与其他巨型上限$MSFT $AAPL $GOOGL $AMZN $META $NVDA相比，特斯拉的机构所有权较低（低于 60 %) 。

2) 虽然其他公司更专注于实验性人工智能， #Tesla已经拥有现实世界的人工智能应用，其中包括 FSD（其自动驾驶技术）、制造设施、能源存储等中的人工智能。它的增长杠杆（例如，数据（来自其机队+网络效应）被市场低估。总有一天，这种不和谐会被消除。朋友们，保持路线，尽早干扰，站在冰球要去的地方。

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