[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio813709f0":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio813709f0","小摩：特斯拉(TSLA)Robotaxi-2035年营收或达3200亿美元，近98%来自自有车队","\u002Fdoc\u002Fdcio813709f0","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>摩根大通分析师 Rajat Gupta上周发布研报，预计到2035年特斯拉 Robotaxi 收入约为3200亿美元，其中近3140亿美元来自特斯拉自有并运营的车队，而非车主拥有的“Tesla Network”。这一框架实际上让长期以来的卖点退场个人车主将车辆接入共享出行网络以赚取被动收入。对于特斯拉(TSLA)长期股东而言，该报告将 Robotaxi 机会重新定义为资本密集型的出行运营商业务，而非轻资产软件平台，更接近扩大版 Waymo。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>相关模型测算显示，到2035年，车主网络贡献仅约50亿美元，而公司自有车辆贡献约3140亿美元。按此测算，特斯拉几乎保留全部乘车收入，不再与车主分成，从而提高收入捕获率，但也推高资本密集度。这一乐观预期取决于Cybercab 快速量产、运营成本下降，以及无监督自动驾驶获得广泛批准。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>特斯拉管理层在2026年第二季度财报电话会上强化了垂直整合叙事。CEO马斯克表示“我们预计 Robotaxi 将像其他业务一样实现垂直整合”，并称“需求将超过我们的服务能力”。公司公布2026财年第二季度营收282.4亿美元，同比增长25.5%;非GAAP每股收益为0.33美元，低于市场普遍预期的0.54美元。Robotaxi 服务目前覆盖美国七个大都市区，活跃 FSD 订阅量为148万，同比增长56%。Cybercab 已在得州超级工厂投产，首席财务官Vaibhav Taneja 指引2026年资本支出超过250亿美元，以支持车队扩张。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>摩根大通修订后的观点提高了特斯拉股票的长期上限，但也提高了执行门槛。如果Cybercab 产量顺利爬坡且无监督自动驾驶获批范围扩大，自有车队的收入捕获在2025财年948.3亿美元营收基数上将是变革性的。如果生产或监管进展不及预期，3200亿美元的数字将明显压缩。就研究视角而言，Robotaxi 的贡献更像一种情景假设，而非已入账项目;相比2035年远景，近期利润率和现金流现实仍是更可衡量的信号。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]