数据AI 网络检索发布 2026/10/31 06:28· 入库 2026/11/6 00:01:39
特斯拉FSD订阅达174万，仅完成千万目标17%
原标题：Tesla FSD Referral: 1.74M Subs, Only 17% of 10M Goal [2026]
精华摘要
特斯拉FSD订阅用户已达174万，但距离1000万目标仅完成17%。增长在2025年第四季度低迷后明显提速：净增用户从2025年第四季度的6万增至2026年第三季度的26万，增长逾四倍。其中分销渠道贡献显著，Electrek报道称第三季度北美新增交付中超过75%包含FSD订阅，较上一季度提升近20个百分点。此外，克罗地亚、斯洛文尼亚、捷克和斯洛伐克四个欧洲国家新批准FSD，使获批国家总数增至9个。
对投资者而言，订阅渗透率从约55%跃升至75%以上，说明FSD正从选配变为交付标配，这既提升了单车软件收入，也扩大了高毛利经常性收入的基数。欧洲审批扩围则打开了此前受限的市场空间，是FSD全球化落地的关键信号。但净增26万对应千万目标仍显缓慢，若按当前速度推算，达标时间将大幅延后，市场对FSD变现节奏的预期可能需要重新校准。后续两份财报的净增数据将是验证增长可持续性的核心观察点。
原文摘要
Growth accelerated after the sluggish Q4 2025. Net adds more than quadrupled from 60,000 in Q4 2025 to 260,000 in Q3 2026. Part of that jump came from distribution. Electrek reports that more than 75% of new North American deliveries in Q3 included FSD subscriptions, a rise of nearly 20 percentage points from the previous quarter. Coverage of Tesla’s Q3 update also says four more European countries approved FSD (Croatia, Slovenia, the Czech Republic and Slovakia), which brings the total to nine [...] Three measurable effects could show up in the next two reports. The first is the net-add count