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Industry Moves行业动向

Tesla Set to Post First Negative Free Cash Flow in Two Years as Robotaxi Push Expands to Orlando, Tampa特斯拉两年来首现季度自由现金流为负，机器人出租车服务扩至奥兰多、坦帕

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Ahead of Q2 earnings, analysts forecast Tesla will report its first negative quarterly free cash flow in over two years, with cash burn of roughly $3.3 billion as annual capital expenditures rise to $25 billion to fund robotaxis, the Optimus humanoid robot, and Full Self-Driving.
Tesla expanded robotaxi service to Orlando and Tampa and delivered a near two-year high of 480,126 vehicles (up 25% year-over-year), but margins are being squeezed by low-rate financing offers and the removal of upfront FSD purchase fees.
With shares down 18% year-to-date, investors are questioning whether Tesla's heavy AI-driven capex builds durable advantage in autonomy and robotics or is simply outpacing the cash generated by its core vehicle business—a tension directly relevant to how the auto industry weighs robotaxi/AV investment against near-term profitability.

在第二季度财报发布前，分析师预计特斯拉将两年多来首次报告季度自由现金流为负，现金烧损约33亿美元，年度资本支出升至250亿美元，用于支持机器人出租车、Optimus人形机器人及完全自动驾驶（FSD）业务。
特斯拉已将机器人出租车服务扩展至奥兰多和坦帕，交付量达近两年新高的48.0126万辆（同比增长25%），但低利率融资优惠及取消FSD预付购买费用正挤压利润率。
特斯拉股价年初至今下跌18%，投资者正质疑其巨额AI相关资本支出究竟能否在自动驾驶与机器人领域建立持久优势，还是仅仅消耗现金的速度快于核心整车业务的造血能力——这一矛盾也折射出汽车行业在权衡Robotaxi/自动驾驶投入与短期盈利之间的普遍张力。

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