<p><strong>特斯拉</strong>(TSLA -3.24%) 的股票极为波动，但却极大地回报了投资者。仅在过去五年中，股价上涨了 530%（截至 5 月 30 日）。尽管面临疫情、供应链问题、通货膨胀压力以及自 2020 年中以来令投资者担忧的经济不确定性，特斯拉依然表现出色。</p>
<p>目前，这只电动车（EV）股票的交易价格比历史最高点低 27%。这个下跌是否意味着特斯拉值得购买？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxMTMvNC10ZXNsYXMtaW4tYS1wYXJraW5nLWxvdC1hdC1hLWNoYXJnZXItc3RhdGlvbi5wbmcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxMTMvNC10ZXNsYXMtaW4tYS1wYXJraW5nLWxvdC1hdC1hLWNoYXJnZXItc3RhdGlvbi5wbmcmdz03MDA"/></p>
<p>图片来源：特斯拉。</p>
<h2>特斯拉的持续挣扎</h2>
<p>在 2025 年第一季度（截至 3 月 31 日），特斯拉报告的电动车交付量略低于 337,000 辆，汽车销售额为 140 亿美元，营业收入为 3.99 亿美元。这些关键业绩指标均同比下降。更高的利率、疲软的消费者信心以及激烈的竞争环境让特斯拉面临重重困难。</p>
<p>如果持续的需求压力、销售下滑和盈利能力恶化还不足以让股东感到不安，那么特斯拉的品牌形象也受到了影响，这可能与创始人兼首席执行官埃隆·马斯克参与政府事务有关。许多人对他帮助裁员和削减某些经济领域的资金感到不满。</p>
<p>然而，值得一提的是，马斯克现在完全专注于特斯拉和他的其他事业。可以肯定地说，他的工作任务繁重，尤其是在让公司恢复盈利增长方面。</p>
<h2>自动驾驶与机器人技术</h2>
<p>特斯拉的投资者，至少那些希望长期持有公司股票的投资者，知道购买该股票是对未来的押注。从技术角度来看，确实有理由感到兴奋。</p>
<p>特斯拉将在 6 月 12 日在德克萨斯州奥斯汀正式推出其机器人出租车服务。并计划在今年年底之前进入更多城市。尽管这可能需要一些时间才能对财务表现产生实质性影响，但马斯克相信，Ark Invest 的凯西·伍德的预测是正确的，即机器人出租车可能是一个价值 10 万亿美元的巨大收入机会。</p>
<p>此外，特斯拉还在进行机器人技术的研发，特别是其 Optimus 人形机器人。马斯克不仅希望这些机器人在公司的工厂中更为普遍，还希望将其销售给客户。他认为这一事业也可能带来惊人的 10 万亿美元收入。</p>
<p>时间会证明这些项目是否能发展到大规模商业化的程度。可以肯定的是，技术进步、成本、法规和消费者接受度等方面仍然存在很多不确定性。我们现在能做的就是等待。</p>
<h2>将特斯拉的估值放在背景中看待</h2>
<p>根据特斯拉目前的估值，你可能会认为该公司已经推出了一个蓬勃发展的全球机器人出租车服务，或者其人形机器人已经在全球其他公司的工厂中投入使用。但显然事实并非如此。</p>
<p>如果你今天想购买这只股票，市场要求你支付高昂的费用。目前的市盈率（P/E）为 193。这显示了投资者对该业务的溢价，可能是因为他们认为埃隆·马斯克是一个天才和富有远见的讲故事者。</p>
<p>但根据公司目前的真实情况，你可以轻松地论证股票被高估了。看看其他的 “七大奇迹”，它们的财务表现都远好于特斯拉。其他六只股票的平均市盈率为 31，最高的是 <strong>英伟达</strong>，市盈率为 44。如果许多事情都能顺利进行，特斯拉可能会有显著的上涨空间，但它真的比一个在人工智能热潮中脱颖而出的企业更值得更高的估值倍数吗？我认为不值得。</p>
<p>特斯拉在过去成功地复合了股东资本。我不确定这种趋势在未来几年是否会继续。我会避免购买这只股票。</p>

特斯拉

<p>特斯拉的股票经历了显著的波动，在过去五年中上涨了 530%，尽管面临疫情和供应链问题等挑战。目前，股价比历史最高点低 27%。在 2025 年第一季度，特斯拉报告了关键指标的下降，包括电动车交付量和汽车销售。首席执行官埃隆·马斯克在政府事务中的参与影响了品牌的认知。尽管特斯拉正在推出机器人出租车服务并开发类人机器人，但其当前的市盈率为 193，相较于同行显示出被高估的迹象。建议潜在投资者保持谨慎</p>

<p><strong>Tesla</strong>(TSLA -3.24%) shares are extremely volatile, but they have remarkably rewarded investors. Just in the past five years, they have climbed 530% (as of May 30). This is despite the pandemic, supply chain issues, inflationary pressures, and general economic uncertainty that have concerned investors since mid-2020.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA -3.24%) 的股票极为波动，但却极大地回报了投资者。仅在过去五年中，股价上涨了 530%（截至 5 月 30 日）。尽管面临疫情、供应链问题、通货膨胀压力以及自 2020 年中以来令投资者担忧的经济不确定性，特斯拉依然表现出色。</p>
</div><p>Currently, this electric vehicle (EV) stock trades 27% below its all-time record. Does this dip make Tesla a buy?</p>
<div class="lb-trans"><p>目前，这只电动车（EV）股票的交易价格比历史最高点低 27%。这个下跌是否意味着特斯拉值得购买？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxMTMvNC10ZXNsYXMtaW4tYS1wYXJraW5nLWxvdC1hdC1hLWNoYXJnZXItc3RhdGlvbi5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820113%2F4-teslas-in-a-parking-lot-at-a-charger-station.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Tesla.</p>
<div class="lb-trans"><p>图片来源：特斯拉。</p>
</div><h2>Tesla's ongoing struggles</h2>
<div class="lb-trans"><h2>特斯拉的持续挣扎</h2>
</div><p>In the first quarter of 2025 (ended March 31), Tesla reported EV deliveries of just under 337,000 units, automotive sales of $14 billion, and operating income of $399 million. All of these key performance metrics were down year over year. Higher interest rates, weak consumer sentiment, and an intensely competitive industry aren't making things easy for Tesla.</p>
<div class="lb-trans"><p>在 2025 年第一季度（截至 3 月 31 日），特斯拉报告的电动车交付量略低于 337,000 辆，汽车销售额为 140 亿美元，营业收入为 3.99 亿美元。这些关键业绩指标均同比下降。更高的利率、疲软的消费者信心以及激烈的竞争环境让特斯拉面临重重困难。</p>
</div><p>As if the ongoing trend of pressured demand, falling sales, and worsening profitability wasn't enough to make shareholders jittery, Tesla's brand has been taking a hit, likely due to founder and CEO Elon Musk's involvement in government affairs. Many people aren't pleased with him helping cut jobs and funding to certain parts of the economy.</p>
<div class="lb-trans"><p>如果持续的需求压力、销售下滑和盈利能力恶化还不足以让股东感到不安，那么特斯拉的品牌形象也受到了影响，这可能与创始人兼首席执行官埃隆·马斯克参与政府事务有关。许多人对他帮助裁员和削减某些经济领域的资金感到不满。</p>
</div><p>However, it's worth mentioning that Musk is now fully focused on Tesla and his other ventures. It's safe to say he has his work cut out for him, particularly when it comes to getting the business back to profitable growth.</p>
<div class="lb-trans"><p>然而，值得一提的是，马斯克现在完全专注于特斯拉和他的其他事业。可以肯定地说，他的工作任务繁重，尤其是在让公司恢复盈利增长方面。</p>
</div><h2>Autonomous driving and robotics</h2>
<div class="lb-trans"><h2>自动驾驶与机器人技术</h2>
</div><p>Tesla investors, at least those who want to own the company for the long term, know that buying the stock is a bet on the future. There is certainly reason to be excited, at least from a technology perspective.</p>
<div class="lb-trans"><p>特斯拉的投资者，至少那些希望长期持有公司股票的投资者，知道购买该股票是对未来的押注。从技术角度来看，确实有理由感到兴奋。</p>
</div><p>Tesla will finally launch its robotaxi service on June 12 in Austin, Texas. And there are plans to enter additional cities before the end of this year. It will probably take some time for this to have any meaningful effect on financial performance. Nonetheless, Musk believes that Ark Invest's Cathie Wood is correct in the forecast that robotaxis could be a monster $10 trillion revenue opportunity.</p>
<div class="lb-trans"><p>特斯拉将在 6 月 12 日在德克萨斯州奥斯汀正式推出其机器人出租车服务。并计划在今年年底之前进入更多城市。尽管这可能需要一些时间才能对财务表现产生实质性影响，但马斯克相信，Ark Invest 的凯西·伍德的预测是正确的，即机器人出租车可能是一个价值 10 万亿美元的巨大收入机会。</p>
</div><p>Then there's Tesla's work with robotics, namely its Optimus humanoid robot. Musk not only wants these to be more prevalent in the company's factories, he wants them to be sold to customers as well. He thinks this endeavor could also bring in an unbelievable $10 trillion in revenue.</p>
<div class="lb-trans"><p>此外，特斯拉还在进行机器人技术的研发，特别是其 Optimus 人形机器人。马斯克不仅希望这些机器人在公司的工厂中更为普遍，还希望将其销售给客户。他认为这一事业也可能带来惊人的 10 万亿美元收入。</p>
</div><p>Time will tell if these projects develop to the point of mass commercialization. To be sure, there remains lots of uncertainty as to tech advancements, costs, regulations, and consumer comfort. All we can do now is wait.</p>
<div class="lb-trans"><p>时间会证明这些项目是否能发展到大规模商业化的程度。可以肯定的是，技术进步、成本、法规和消费者接受度等方面仍然存在很多不确定性。我们现在能做的就是等待。</p>
</div><h2>Putting Tesla's valuation in perspective</h2>
<div class="lb-trans"><h2>将特斯拉的估值放在背景中看待</h2>
</div><p>Based on Tesla's current valuation, you would think the business had already launched a thriving global robotaxi service, or that its humanoid robots were on other companies' factory floors across the world. This obviously isn't the case.</p>
<div class="lb-trans"><p>根据特斯拉目前的估值，你可能会认为该公司已经推出了一个蓬勃发展的全球机器人出租车服务，或者其人形机器人已经在全球其他公司的工厂中投入使用。但显然事实并非如此。</p>
</div><p>If you want to buy the stock today, the market is asking you to pay a steep fee. The current price-to-earnings (P/E) ratio sits at 193. This showcases the premium investors place on the business, likely due to the view that Elon Musk is a genius and a visionary who's a great storyteller.</p>
<div class="lb-trans"><p>如果你今天想购买这只股票，市场要求你支付高昂的费用。目前的市盈率（P/E）为 193。这显示了投资者对该业务的溢价，可能是因为他们认为埃隆·马斯克是一个天才和富有远见的讲故事者。</p>
</div><p>But based on what the company truly looks like right now, you can make an easy argument that shares are overvalued. Just look at the rest of the &#34;Magnificent Seven,&#34; all of which are performing much better financially than Tesla. The average P/E ratio of the other six stocks is 31, with the highest being <strong>Nvidia</strong> at 44. Tesla might have meaningful upside should a lot of things fall into place, but does it really command a higher valuation multiple than a business that's the poster child of the AI boom? I don't think so.</p>
<div class="lb-trans"><p>但根据公司目前的真实情况，你可以轻松地论证股票被高估了。看看其他的 “七大奇迹”，它们的财务表现都远好于特斯拉。其他六只股票的平均市盈率为 31，最高的是 <strong>英伟达</strong>，市盈率为 44。如果许多事情都能顺利进行，特斯拉可能会有显著的上涨空间，但它真的比一个在人工智能热潮中脱颖而出的企业更值得更高的估值倍数吗？我认为不值得。</p>
</div><p>Tesla has done an amazing job at compounding shareholder capital in the past. I'm unsure if this trend will continue in the years ahead. I'd avoid buying the stock.</p>
<div class="lb-trans"><p>特斯拉在过去成功地复合了股东资本。我不确定这种趋势在未来几年是否会继续。我会避免购买这只股票。</p>
</div>

Is Tesla Stock a Buy Now?

- 特斯拉股价在过去五年上涨 530%，但当前面临多重挑战。  
- 2025 年第一季度，特斯拉电动车交付量下降，营收和运营收入均下滑。  
- 尽管未来有机器人出租车和人形机器人计划，但当前估值显得过高。  

特斯拉的股票现在是否值得购买？