特斯拉正面临一个战略转折点，在电动汽车（EV）市场面临挑战的同时，大力推进人工智能（AI）发展。尽管公司推出了新款经济型电动汽车，但市场反应不一，且面临中国竞争对手的压力。与此同时，AI领域估值持续走高，为特斯拉提供了转型机会。然而，目前AI业务仍处于规划阶段，盈利能力远不及成熟的电动汽车业务。在即将到来的财报电话会议上，特斯拉需要平衡对当前EV业务的答问，并描绘AI领域的未来蓝图，以赢得投资者信心，尤其是在埃隆·马斯克的巨额薪酬方案面临投票之际。

🚗 **电动汽车业务面临挑战与转型压力**：特斯拉近期推出了经济型电动汽车，但市场反响平淡，同时面临中国竞争对手的崛起和联邦税收抵免的结束，使得纯粹依赖电动汽车业务的增长变得更加困难。

🤖 **人工智能成为新的战略焦点**：面对电动汽车市场的压力，特斯拉正将重心转向人工智能领域，包括机器人出租车和人形机器人等项目。AI领域的高估值吸引了特斯拉的战略转移，这有助于提振公司股价和投资者情绪。

💰 **盈利模式的现实与愿景的差距**：尽管AI前景广阔，但目前为特斯拉带来实际收入和利润的仍是电动汽车业务。公司需要在维持现有盈利能力的同时，向投资者展示AI业务的长期价值和发展潜力，这对其CEO马斯克的巨额薪酬方案的批准至关重要。

📈 **投资者关系与战略叙事**：特斯拉的股价在过去六个月内大幅上涨，部分得益于其AI叙事。在财报电话会议上，公司需要巧妙地平衡对当前EV业务的解释，以及对AI未来发展的描绘，以维持投资者的乐观情绪和对公司战略方向的信任。

A portion of this post originally appeared in the Business Insider Today newsletter.You can sign up for Business Insider's daily newsletter here.

It's Tesla's earnings day, which means another chance for Elon Musk's company to trade in its EV label for AI.

From robotaxis to humanoid robots, Tesla has moved well beyond its initial core of just building electric vehicles.

BI's William Edwards has a breakdown on all the big projects Wall Street analysts are keen to hear more about on this afternoon's earnings call.

Tesla has been subtly pivoting its strategy for years, but it's now reaching a tipping point. The end of the federal EV tax credit last month and the undeniable rise of Chinese rivals have made selling EVs difficult, to say the least.

Sure, Tesla just launched an affordable version of some of its models. But the rollout for those long-awaited cars was somewhat subdued, and reactions were mixed.

Meanwhile, despite concerns about a bubble, AI valuations show no signs of slowing down. So swapping "EV" for "AI" makes a lot of sense these days.

There's just one problem: The EV side of Tesla is the one bringing in the real money. As big and promising as many of Tesla's AI plans are, they're just that … plans.

That puts Musk and Co. in a tricky spot. They need to answer tough questions about the portion of the business that keeps the lights on while trying to keep investors' eyes on the big wins they say are just around the corner.

Tesla's AI narrative has been a good pitch so far.

After a brutal start to the year, Tesla's stock is up nearly 100% over the past six months. A big part of that run has been recent, with shares rising roughly 34% since September. Although Musk definitely helped things along when he disclosed the almost $1 billion worth of Tesla stock he bought.

Musk obviously plays a key role in all of this, but he's been noticeably quiet. After a high-profile run at the White House, followed by a spectacular breakup with President Donald Trump, he hasn't made too much noise. True, he did just take a shot at Secretary of Transportation Sean Duffy, but by Musk's standards, it was pretty mild.

He has good reason to keep his head down. In fact, he's got 1 trillion of them. That's what his new proposed pay package could be worth if he hits certain milestones.

There's no guarantee it'll be approved when it goes to a vote at Tesla's annual meeting on November 6. Some major proxy-advisory firms are coming out against it, warning it's too generous and could shrink shareholder stakes.

But another quarter successfully transitioning Tesla from EV to AI could go a long way in winning him some votes.