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Robots: Tesla and Unitree

Assembly is thin. A full-stack maker is the exception

Difficulty layers, margin pyramid, hard≠rich, profit migration, Tesla compare—memo spine expanded.

Read robots through three questions

  1. Where the money sits: actuators and hands eat most of the BOM.
  2. Why Tesla is hard: almost no mature supply chain.
  3. Can Unitree keep 60% gross: full-stack vs price war and R&D shift.

Updated 2026-08-17 · Research notes, not investment advice.

  1. 1. The machine itself is a thin businessBar
  2. 2. Tesla: the missing supply chainThesis cards
  3. 3. Unitree: high margin, then a profit dropBar
  4. 4. Where the money in one robot goesPie
  5. 5. Hardest steps: four layersThesis cards
  6. 6. Gross-margin pyramidBar
  7. 7. Hard ≠ richTable
  8. 8. Profit migration: 2026 / 2028 / 2030Timeline
  9. 9. Tesla vs UnitreeSide-by-side
  10. 10. Robots: risk listThesis cards