<p><strong>特斯拉</strong>(TSLA -5.40%) 投资者面临一个决定。去年，随着电动车（EV）专家开始大规模生产，车辆销售首次下降。值得注意的是，2024 年的净收入较 2023 年暴跌了 53%。</p>
<p>这两件事当然是相关的。随着电动车需求放缓和竞争加剧，销售下降。这导致了一场价格战以吸引客户，从而削减了利润率和收益。</p>
<p>在周四的下跌之后，股票在 2025 年迄今已下跌约 30%。投资者需要决定这种下跌是否提供了买入机会，或者销售和收益的下滑趋势是否会继续。在公司于 4 月 22 日星期二公布第一季度财务结果时，有一个数字值得关注。</p>
<h2>特斯拉电动车销售暴跌</h2>
<p>特斯拉刚刚发布了一个备受期待的数字。由于竞争加剧，第一季度交付的预估一直在下降，而首席执行官埃隆·马斯克在特朗普政府中的角色引发的争议也延续到了对特斯拉品牌的抗议。</p>
<p>第一季度的电动车出货量甚至比预期的还要糟糕。交付量同比下降了 13%，而生产量下降了 16.3%。这导致投资者在特斯拉本月晚些时候公布完整财务结果时应该关注的重点。</p>
<p>回顾几个月前，特斯拉第四季度的交付量同比增长了 2%，但汽车收入下降了 8%，运营收入暴跌了 23%。换个角度看，运营利润率下降了 204 个基点，约 2 个百分点。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1381aa31ddb185621f713db70532b68c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1381aa31ddb185621f713db70532b68c.png"/></p>
<p>TSLA 运营利润率（TTM）数据来自 YCharts</p>
<p>运营收入是评估特斯拉核心业务的最佳方式。特斯拉从监管信用中获得了相当可观的收入。然而，这些并不算在运营利润率中，在评估基础业务时不应考虑。</p>
<p>特斯拉的运营利润率近年来一直在下降。投资者现在知道第一季度电动车销售暴跌。如果运营利润率也继续下降，股票可能还有更多下行空间。在公司几周后公布时，请关注这个数字。</p>

特斯拉

<p>特斯拉（TSLA）投资者面临一个关键决策，因为自大规模生产开始以来，车辆销售首次出现下滑，2024 年的净收入与 2023 年相比下降了 53%。为了吸引客户的价格战导致利润率大幅削减，导致股票在 2025 年下跌约 30%。第一季度交付量同比下降 13%，引发了对销售和收益持续下滑的担忧。投资者应关注即将发布的财务报告中的运营利润率，因为进一步的下降可能意味着股票将面临更多下行风险</p>

<p><strong>Tesla</strong>(TSLA -5.40%) investors have a decision to make. Vehicle sales dropped last year for the first time since the electric vehicle (EV) specialist began mass production. Notably, 2024 net income plunged by 53% versus 2023.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA -5.40%) 投资者面临一个决定。去年，随着电动车（EV）专家开始大规模生产，车辆销售首次下降。值得注意的是，2024 年的净收入较 2023 年暴跌了 53%。</p>
</div><p>Those two things were related, of course. Sales dropped as demand for EVs slowed and competition grew. That led to a price war to attract customers, which slashed profit margins and earnings.</p>
<div class="lb-trans"><p>这两件事当然是相关的。随着电动车需求放缓和竞争加剧，销售下降。这导致了一场价格战以吸引客户，从而削减了利润率和收益。</p>
</div><p>After Thursday's decline, the stock has now dropped by about 30% so far in 2025. Investors need to decide if that decline provides a buying opportunity, or if the downward trend in sales and earnings could continue. There's one number to keep an eye out for when the company reports its first-quarter financial results on Tuesday, April 22.</p>
<div class="lb-trans"><p>在周四的下跌之后，股票在 2025 年迄今已下跌约 30%。投资者需要决定这种下跌是否提供了买入机会，或者销售和收益的下滑趋势是否会继续。在公司于 4 月 22 日星期二公布第一季度财务结果时，有一个数字值得关注。</p>
</div><h2>Tesla EV sales plunge</h2>
<div class="lb-trans"><h2>特斯拉电动车销售暴跌</h2>
</div><p>Tesla just released one highly anticipated number. Estimates for first-quarter deliveries had been dropping as competition has ramped up, and controversy over CEO Elon Musk's role in the Trump administration has carried over to protests against the Tesla brand.</p>
<div class="lb-trans"><p>特斯拉刚刚发布了一个备受期待的数字。由于竞争加剧，第一季度交付的预估一直在下降，而首席执行官埃隆·马斯克在特朗普政府中的角色引发的争议也延续到了对特斯拉品牌的抗议。</p>
</div><p>EV shipments were even worse than feared in the first quarter. Deliveries declined 13% year over year, while production was lower by 16.3%. That leads to where investors should focus when Tesla does report its full financial results later this month.</p>
<div class="lb-trans"><p>第一季度的电动车出货量甚至比预期的还要糟糕。交付量同比下降了 13%，而生产量下降了 16.3%。这导致投资者在特斯拉本月晚些时候公布完整财务结果时应该关注的重点。</p>
</div><p>Looking back a few months, Tesla's fourth-quarter deliveries increased by 2% year over year, but automotive revenue declined by 8% and income from operations plunged 23%. Looked at another way, operating margin declined by 204 basis points, or about 2 full percentage points.</p>
<div class="lb-trans"><p>回顾几个月前，特斯拉第四季度的交付量同比增长了 2%，但汽车收入下降了 8%，运营收入暴跌了 23%。换个角度看，运营利润率下降了 204 个基点，约 2 个百分点。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1381aa31ddb185621f713db70532b68c.png" alt="" original-src="https://media.ycharts.com/charts/1381aa31ddb185621f713db70532b68c.png"/></p>
<p>TSLA Operating Margin (TTM) data by YCharts</p>
<div class="lb-trans"><p>TSLA 运营利润率（TTM）数据来自 YCharts</p>
</div><p>Operating income is the best way to judge Tesla's core business. Tesla's receives a meaningful amount of revenue from regulatory credits. They are not part of operating margin, though, and shouldn't be considered when evaluating the underlying business.</p>
<div class="lb-trans"><p>运营收入是评估特斯拉核心业务的最佳方式。特斯拉从监管信用中获得了相当可观的收入。然而，这些并不算在运营利润率中，在评估基础业务时不应考虑。</p>
</div><p>Tesla's operating margin has been on the decline in recent years. Investors now know that EV sales plunged in the first quarter. If operating margin also continued to decline, the stock may have more room on the downside. Watch for that number when the company reports in a few weeks.</p>
<div class="lb-trans"><p>特斯拉的运营利润率近年来一直在下降。投资者现在知道第一季度电动车销售暴跌。如果运营利润率也继续下降，股票可能还有更多下行空间。在公司几周后公布时，请关注这个数字。</p>
</div>

Every Tesla Investor Should Keep an Eye on This Number

- 特斯拉 2024 年净收入同比下降 53%，销量首次下滑。  
- 第一季度交付量同比下降 13%，生产量下降 16.3%。  
- 投资者需关注运营利润是否继续下滑。  

每位特斯拉投资者都应密切关注这个数字