<p>没有人会否认，<strong>特斯拉</strong>（TSLA -0.13%）是一项极具吸引力的投资。在过去的五年和十年中，其股价分别上涨了 396% 和 1640%（截至 4 月 15 日）。投资者对创始人兼首席执行官埃隆·马斯克的愿景进行了大规模押注。</p>
<p>但市场情绪正在转向下行。由于从历史高点下跌了令人不安的 50%，这只顶级电动车（EV）股票现在的交易价格低于每股 250 美元。这是否意味着这是一个明智的买入机会？</p>
<p>投资者应该明白，关于特斯拉是否值得在你的投资组合中占有一席之地，双方都有合理的论点。</p>
<h2>颠覆汽车行业</h2>
<p>特斯拉目前是全球第 11 大最有价值的企业，市值达到 7570 亿美元。你不会看到汽车公司在投资界引发如此大的关注。首先要归功于特斯拉专注于创新和颠覆，以在汽车行业中产生影响。将设计精良的汽车与专有软件相结合，取得了良好的效果。</p>
<p>在美国，特斯拉占据了 44% 的主导市场份额。全球范围内，这一数字仍然很高，低于 20%。这一领先地位支持了其品牌认知度。此外，拥有重要的规模和采用率帮助特斯拉在关键领域建立了实力，比如其充电网络和制造能力。</p>
<p>公司的长期目标也带来了上行空间。马斯克毫不避讳地表示，他的目标是有一天推出全球机器人出租车服务，他相信这将会有 “准无限” 的需求。这依赖于全自动驾驶（FSD）技术的进步，但投资者仍然对前景感到兴奋。</p>
<p>同样值得一提的是特斯拉的能源生成和存储部门。该部门的收入在第四季度翻了一番，增速远快于整体业务。随着世界逐渐向可持续未来迈进，这有望成为特斯拉财务表现的重要组成部分。</p>
<h2>清晰地看待业务</h2>
<p>特斯拉无疑有大量论据支持看涨的观点。但也有显著因素为看跌者提供了足够的反击理由。</p>
<p>特斯拉的财务表现已经不再处于快车道。巨大的增长时代已经过去。2024 年，汽车收入下降了 6%，这是由于汽车交付量首次出现年度下降。2025 年第一季度，交付量再次下降了两位数。</p>
<p>利润率也面临压力。更高的利率、经济不确定性和激烈的竞争都在发挥作用。特斯拉的市场份额受到攻击，而曾经的定价权可能已经成为过去。</p>
<p>创新是特斯拉的核心所在。该公司试图推动进步，创造一个更安全、更可持续的世界，尤其是在交通运输方面，这一点令人羡慕。然而，推出成功的机器人出租车服务远非保证。</p>
<p>特斯拉的 FSD 技术仍然需要人类驾驶员的监督。我们何时能看到广泛商业化的无人监督版本，仍然是个未知数。还有许多障碍需要克服。技术需要发展到比今天的人类驾驶员更安全。法规需要支持。而也许最难以解决的是，人们必须感到安全。</p>
<p>不过值得称赞的是，特斯拉确实拥有继续训练其人工智能（AI）超级计算机 Dojo 的数据。这使其成为该领域的领导者之一。</p>
<p>这引出了估值问题。特斯拉的股票一直以来都很昂贵。目前的市盈率为 118。投资界相信马斯克关于公司未来极其光明的叙述。</p>
<p>不幸的是，现阶段的公司根本无法证明其估值的合理性。特斯拉可能有一位富有远见的首席执行官、无与伦比的技术能力和顶尖人才的获取，但投资者应该避免购买该股票。即使它的交易价格低于 250 美元，这一点依然成立。</p>

特斯拉

2 倍做多特斯拉 ETF - Direxion

<p>特斯拉的股票在过去五年和十年中经历了显著增长，但最近从高峰下跌了 50%，交易价格低于 250 美元。尽管特斯拉凭借强大的品牌和创新技术在电动车市场中处于领先地位，但其财务表现正在下滑，汽车收入和交付量均有所下降。公司的雄心勃勃的目标，包括机器人出租车服务，面临着诸多挑战。尽管其估值较高且潜力巨大，分析师建议目前应避免投资特斯拉股票，因为其当前的市盈率为 118，无法合理支撑其价格</p>

<p>No one will argue with the simple fact that <strong>Tesla</strong>(TSLA -0.13%) has been a spectacular investment. In the past five- and 10-year periods, its shares have accelerated 396% and 1,640% higher, respectively (as of April 15). Investors have bet big on founder and CEO Elon Musk's vision.</p>
<div class="lb-trans"><p>没有人会否认，<strong>特斯拉</strong>（TSLA -0.13%）是一项极具吸引力的投资。在过去的五年和十年中，其股价分别上涨了 396% 和 1640%（截至 4 月 15 日）。投资者对创始人兼首席执行官埃隆·马斯克的愿景进行了大规模押注。</p>
</div><p>But sentiment is shifting to the downside. Propelled by a stomach-churning 50% drop from its record high, this top electric vehicle (EV) stock now trades below $250 per share. Does this make it a smart buying opportunity?</p>
<div class="lb-trans"><p>但市场情绪正在转向下行。由于从历史高点下跌了令人不安的 50%，这只顶级电动车（EV）股票现在的交易价格低于每股 250 美元。这是否意味着这是一个明智的买入机会？</p>
</div><p>Investors should understand that there are valid arguments on both sides of the aisle when it comes to Tesla deserving a place in your portfolio.</p>
<div class="lb-trans"><p>投资者应该明白，关于特斯拉是否值得在你的投资组合中占有一席之地，双方都有合理的论点。</p>
</div><h2>Disrupting the auto industry</h2>
<div class="lb-trans"><h2>颠覆汽车行业</h2>
</div><p>Tesla is currently the world's 11th most valuable enterprise, thanks to a market cap of $757 billion. You don't see car companies generate this type of buzz from the investment community. Credit goes first and foremost to Tesla's focus on innovation and disruption to make a dent in the auto industry. Combining well-designed cars with proprietary software has worked well.</p>
<div class="lb-trans"><p>特斯拉目前是全球第 11 大最有价值的企业，市值达到 7570 亿美元。你不会看到汽车公司在投资界引发如此大的关注。首先要归功于特斯拉专注于创新和颠覆，以在汽车行业中产生影响。将设计精良的汽车与专有软件相结合，取得了良好的效果。</p>
</div><p>In the U.S., Tesla commands a dominant market share of 44%. Globally, that figure is still high, at less than 20%. This leading position supports its brand recognition. Furthermore, having meaningful scale and adoption has helped Tesla build strength in critical other areas, like its charging network and its manufacturing capabilities.</p>
<div class="lb-trans"><p>在美国，特斯拉占据了 44% 的主导市场份额。全球范围内，这一数字仍然很高，低于 20%。这一领先地位支持了其品牌认知度。此外，拥有重要的规模和采用率帮助特斯拉在关键领域建立了实力，比如其充电网络和制造能力。</p>
</div><p>The company's long-term goals also introduce upside. Musk hasn't shied away from stating his objective to one day launch a worldwide robotaxi service that he believes will see &#34;quasi-infinite&#34; demand. This depends on advancements with full self-driving (FSD) technology, but investors continue to be excited about the prospects.</p>
<div class="lb-trans"><p>公司的长期目标也带来了上行空间。马斯克毫不避讳地表示，他的目标是有一天推出全球机器人出租车服务，他相信这将会有 “准无限” 的需求。这依赖于全自动驾驶（FSD）技术的进步，但投资者仍然对前景感到兴奋。</p>
</div><p>It's also worth mentioning Tesla's energy generation and storage segment. Revenue here more than doubled in Q4, much faster than the overall business. Over time, this is poised to become a vital part of Tesla's financial performance, particularly as the world slowly moves toward a sustainable future.</p>
<div class="lb-trans"><p>同样值得一提的是特斯拉的能源生成和存储部门。该部门的收入在第四季度翻了一番，增速远快于整体业务。随着世界逐渐向可持续未来迈进，这有望成为特斯拉财务表现的重要组成部分。</p>
</div><h2>View the business with clear eyes</h2>
<div class="lb-trans"><h2>清晰地看待业务</h2>
</div><p>Tesla certainly has no shortage of arguments that will support the bull case. But there are also notable factors that give the bears enough fuel to fight back.</p>
<div class="lb-trans"><p>特斯拉无疑有大量论据支持看涨的观点。但也有显著因素为看跌者提供了足够的反击理由。</p>
</div><p>Tesla's financial performance has transitioned away from the fast lane. Gone are the days of monster growth. Automotive revenue declined 6% in 2024, driven by the first yearly drop in car deliveries. Deliveries then fell double digits in the first quarter of 2025.</p>
<div class="lb-trans"><p>特斯拉的财务表现已经不再处于快车道。巨大的增长时代已经过去。2024 年，汽车收入下降了 6%，这是由于汽车交付量首次出现年度下降。2025 年第一季度，交付量再次下降了两位数。</p>
</div><p>Margins have also been under pressure. Higher interest rates, economic uncertainty, and intense competition all play a role here. Tesla's market share is under attack, and the pricing power it once flexed might be a thing of the past.</p>
<div class="lb-trans"><p>利润率也面临压力。更高的利率、经济不确定性和激烈的竞争都在发挥作用。特斯拉的市场份额受到攻击，而曾经的定价权可能已经成为过去。</p>
</div><p>Innovation is at the heart of what Tesla does. And the fact that the business is trying to push the needle and create a safer and more sustainable world, particularly as it relates to transportation, is enviable. However, introducing a successful robotaxi service is far from a guarantee.</p>
<div class="lb-trans"><p>创新是特斯拉的核心所在。该公司试图推动进步，创造一个更安全、更可持续的世界，尤其是在交通运输方面，这一点令人羡慕。然而，推出成功的机器人出租车服务远非保证。</p>
</div><p>Tesla's FSD tech still requires the supervision of a human behind the wheel. It's anyone's guess when we'll see an unsupervised version that is widely commercialized. There are many barriers that still need to be cleared. The technology needs to evolve to be safer than human drivers are today. Regulations need to be supportive. And perhaps the hardest nut to crack, human beings must feel safe.</p>
<div class="lb-trans"><p>特斯拉的 FSD 技术仍然需要人类驾驶员的监督。我们何时能看到广泛商业化的无人监督版本，仍然是个未知数。还有许多障碍需要克服。技术需要发展到比今天的人类驾驶员更安全。法规需要支持。而也许最难以解决的是，人们必须感到安全。</p>
</div><p>To its credit, though, Tesla definitely has the data to continue training Dojo, its artificial intelligence (AI) supercomputer. This makes it one of the leaders in the space.</p>
<div class="lb-trans"><p>不过值得称赞的是，特斯拉确实拥有继续训练其人工智能（AI）超级计算机 Dojo 的数据。这使其成为该领域的领导者之一。</p>
</div><p>This brings us to the valuation. Tesla's stock has always been expensive. It currently trades at a price-to-earnings ratio of 118. The investment community bought into Musk's narrative about an extremely bright future for the business.</p>
<div class="lb-trans"><p>这引出了估值问题。特斯拉的股票一直以来都很昂贵。目前的市盈率为 118。投资界相信马斯克关于公司未来极其光明的叙述。</p>
</div><p>Unfortunately, the company as it looks today does not even come close to justifying the valuation. Tesla might have a visionary CEO at the helm, unmatched technological capabilities, and access to top talent, but investors should avoid buying the stock. This is true even though it trades below $250.</p>
<div class="lb-trans"><p>不幸的是，现阶段的公司根本无法证明其估值的合理性。特斯拉可能有一位富有远见的首席执行官、无与伦比的技术能力和顶尖人才的获取，但投资者应该避免购买该股票。即使它的交易价格低于 250 美元，这一点依然成立。</p>
</div>

Should You Buy Tesla While It's Below $250?

- 特斯拉股价在过去五年和十年分别上涨 396% 和 1,640%。  
- 目前股价低于$250，面临市场份额和利润压力。  
- 投资者需谨慎，当前估值未能合理反映公司前景。  

特斯拉股价低于 250 美元时，是否值得购买？