<p>在过去几周，股市显示出强劲的迹象，因为新的贸易协议正在形成，以响应特朗普总统的关税政策。</p>
<p>在五月，<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 分别上涨了 5% 和 8%。其中一些最大的赢家是人工智能（AI）股票，特别是被称为 “七大奇迹” 的股票。在七大奇迹中，<strong>特斯拉</strong>（TSLA 0.66%）上个月上涨了 23%，使其在同行中脱颖而出。</p>
<p>让我们深入探讨特斯拉最近的上涨，并评估这些涨幅是否可持续。现在是进入市场的好时机吗？</p>
<h2>目前特斯拉的股价走势受到两个因素的驱动</h2>
<p>一般来说，一家公司的股价应该由其基础业务的表现驱动。然而，特斯拉的业务目前并不在最佳状态。其电动车（EV）部门——其核心收入和利润来源——正在减速，来自国内制造商如 <strong>Rivian</strong> 和海外竞争对手如 <strong>比亚迪</strong> 的竞争正在为客户获取增加新的复杂性。</p>
<p>但特斯拉在 2025 年的股价与实际业务表现并没有密切相关。相反，投资者根据公司有争议的首席执行官埃隆·马斯克的行为对特斯拉股票进行惩罚和奖励。</p>
<p>在 2025 年的大部分时间里，埃隆·马斯克由于担任特朗普政府的特别政府雇员，特别是在政府效率部（DOGE）中，分散了对特斯拉的关注。</p>
<p>马斯克在华盛顿的时间引发了争议，他在 DOGE 的角色加剧了特斯拉在消费者需求方面的挑战。最近在四月中旬，特斯拉的股价较历史最高点下跌超过 50%。</p>
<p>在这种背景下，马斯克最近宣布他将退出 DOGE，重新将注意力转向特斯拉。</p>
<p>马斯克宣布的时机似乎相当具有战略性。特斯拉未来最大的潜在增长催化剂之一是其自主驾驶车队的推出，称为 Robotaxi。该服务定于 6 月 12 日在德克萨斯州奥斯汀启动。</p>
<p>随着马斯克的注意力回到特斯拉，而备受期待的 Robotaxi 发布仅在几天之后，投资者纷纷回购该股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyMTMvZ2V0dHlpbWFnZXMtOTM3NDM5MTcwLTEuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyMTMvZ2V0dHlpbWFnZXMtOTM3NDM5MTcwLTEuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在是购买特斯拉股票的好时机吗？</h2>
<p>随着马斯克退出 DOGE，长期看好特斯拉的投资者凯西·伍德（Cathie Wood）和丹·艾夫斯（Dan Ives）正在金融新闻媒体上宣传特斯拉可能即将迎来新一轮增长的叙述。</p>
<p>伍德重申了她 2600 美元的目标价，而艾夫斯则将自己的预测提高到每股 500 美元。他们一致认为，特斯拉股东可能会迎来显著的上涨空间。</p>
<p>虽然投资于动量股可能很诱人，但投资者必须放眼更大的图景。作为提醒，马斯克本人明确告诉投资者，本月初的 Robotaxi 发布将是适度的。此外，他暗示 Robotaxi 在未来一年左右不会对特斯拉的业务产生重大财务贡献。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a44f66d2eb0f98b5559a086662816462.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/a44f66d2eb0f98b5559a086662816462.png"/></p>
<p>数据来源：YCharts。</p>
<p>特斯拉目前的前瞻市盈率（P/E）为 181。这对于任何增长型股票来说都很高，更不用说在第一季度其收入下降的情况下。</p>
<p>投资者已经根据围绕马斯克回归特斯拉和 Robotaxi 发布的高度乐观叙述对股票进行了定价，但仍然存在太多不确定性。我不建议在这个高估值下追逐特斯拉的股票。</p>

特斯拉

<p>特斯拉的股票最近上涨了 23%，这得益于首席执行官埃隆·马斯克重新关注公司以及即将推出的 Robotaxi 服务。尽管有这样的势头，特斯拉的核心电动车业务正面临来自竞争加剧和业绩下滑的挑战。分析师如凯西·伍德和丹·艾夫斯持乐观态度，分别给出了 2600 美元和 500 美元的目标价。然而，由于前瞻市盈率高达 181 以及 Robotaxi 的财务影响存在不确定性，建议潜在投资者保持谨慎</p>

<p>For the last few weeks, the stock market has shown signs of strength as new trade deals come together in response to President Donald Trump's tariff policies.</p>
<div class="lb-trans"><p>在过去几周，股市显示出强劲的迹象，因为新的贸易协议正在形成，以响应特朗普总统的关税政策。</p>
</div><p>In May, the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong> rose 5% and 8%, respectively. Among some of the biggest gainers were artificial intelligence (AI) stocks, particularly those in the &#34;Magnificent Seven.&#34; Within the Magnificent Seven, <strong>Tesla</strong>'s (TSLA 0.66%) 23% surge last month set it apart from its peers.</p>
<div class="lb-trans"><p>在五月，<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 分别上涨了 5% 和 8%。其中一些最大的赢家是人工智能（AI）股票，特别是被称为 “七大奇迹” 的股票。在七大奇迹中，<strong>特斯拉</strong>（TSLA 0.66%）上个月上涨了 23%，使其在同行中脱颖而出。</p>
</div><p>Let's dig into Tesla's recent surge and assess whether these gains are sustainable. Is now the time to get in on the action?</p>
<div class="lb-trans"><p>让我们深入探讨特斯拉最近的上涨，并评估这些涨幅是否可持续。现在是进入市场的好时机吗？</p>
</div><h2>Tesla's price action is being driven by two things right now</h2>
<div class="lb-trans"><h2>目前特斯拉的股价走势受到两个因素的驱动</h2>
</div><p>Generally speaking, a company's share price should be driven by the performance of the underlying business. However, Tesla's business is not in the best shape right now. Its electric vehicle (EV) segment -- its core source of revenue and profits -- is decelerating, and rising competition from domestic manufacturers such as <strong>Rivian</strong> and overseas rivals like <strong>BYD</strong> are adding a new layer of complexity on the customer acquisition front.</p>
<div class="lb-trans"><p>一般来说，一家公司的股价应该由其基础业务的表现驱动。然而，特斯拉的业务目前并不在最佳状态。其电动车（EV）部门——其核心收入和利润来源——正在减速，来自国内制造商如 <strong>Rivian</strong> 和海外竞争对手如 <strong>比亚迪</strong> 的竞争正在为客户获取增加新的复杂性。</p>
</div><p>But Tesla's stock price throughout 2025 has not been closely related to how the actual business is performing. Rather, investors have been both punishing and rewarding Tesla stock based on actions taken by the company's controversial CEO, Elon Musk.</p>
<div class="lb-trans"><p>但特斯拉在 2025 年的股价与实际业务表现并没有密切相关。相反，投资者根据公司有争议的首席执行官埃隆·马斯克的行为对特斯拉股票进行惩罚和奖励。</p>
</div><p>For much of 2025, Elon Musk has had his focus diverted away from Tesla due to his role as a special government employee for the Trump administration, specifically in the Department of Government Efficiency (DOGE).</p>
<div class="lb-trans"><p>在 2025 年的大部分时间里，埃隆·马斯克由于担任特朗普政府的特别政府雇员，特别是在政府效率部（DOGE）中，分散了对特斯拉的关注。</p>
</div><p>Musk's time in Washington has been polarizing, and his role with DOGE has contributed to Tesla's mounting challenges with consumer demand. As recently as mid-April, the stock was down over 50% from its all-time high.</p>
<div class="lb-trans"><p>马斯克在华盛顿的时间引发了争议，他在 DOGE 的角色加剧了特斯拉在消费者需求方面的挑战。最近在四月中旬，特斯拉的股价较历史最高点下跌超过 50%。</p>
</div><p>It is against this backdrop that Musk recently announced he is stepping away from DOGE and turning his focus back to Tesla.</p>
<div class="lb-trans"><p>在这种背景下，马斯克最近宣布他将退出 DOGE，重新将注意力转向特斯拉。</p>
</div><p>The timing of Musk's announcement appears quite strategic. One of the biggest potential growth catalysts for Tesla's future is the introduction of its autonomous driving fleet, dubbed Robotaxi. The service is scheduled to launch on June 12 in Austin, Texas.</p>
<div class="lb-trans"><p>马斯克宣布的时机似乎相当具有战略性。特斯拉未来最大的潜在增长催化剂之一是其自主驾驶车队的推出，称为 Robotaxi。该服务定于 6 月 12 日在德克萨斯州奥斯汀启动。</p>
</div><p>With Musk's attention back on Tesla and the highly anticipated Robotaxi launch just days away, investors are pouring back into the stock.</p>
<div class="lb-trans"><p>随着马斯克的注意力回到特斯拉，而备受期待的 Robotaxi 发布仅在几天之后，投资者纷纷回购该股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyMTMvZ2V0dHlpbWFnZXMtOTM3NDM5MTcwLTEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820213%2Fgettyimages-937439170-1.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Is now a good time to buy Tesla stock?</h2>
<div class="lb-trans"><h2>现在是购买特斯拉股票的好时机吗？</h2>
</div><p>In tandem with Musk stepping away from DOGE, longtime Tesla bulls Cathie Wood of Ark Invest and Dan Ives of Wedbush Securities have been making the rounds on financial news outlets to hype the narrative that Tesla could be on the brink of a new wave of growth.</p>
<div class="lb-trans"><p>随着马斯克退出 DOGE，长期看好特斯拉的投资者凯西·伍德（Cathie Wood）和丹·艾夫斯（Dan Ives）正在金融新闻媒体上宣传特斯拉可能即将迎来新一轮增长的叙述。</p>
</div><p>Wood doubled down on her $2,600 price target, while Ives raised his own forecast to a cool $500 per share. They agree that significant upside could be in store for Tesla shareholders.</p>
<div class="lb-trans"><p>伍德重申了她 2600 美元的目标价，而艾夫斯则将自己的预测提高到每股 500 美元。他们一致认为，特斯拉股东可能会迎来显著的上涨空间。</p>
</div><p>While investing in momentum stocks can be tempting, investors must zoom out and think about the bigger picture. As a reminder, Musk himself explicitly told investors the initial Robotaxi launch this month will be modest. Moreover, he alluded to Robotaxi not being a major financial contributor to Tesla's business for another year or so.</p>
<div class="lb-trans"><p>虽然投资于动量股可能很诱人，但投资者必须放眼更大的图景。作为提醒，马斯克本人明确告诉投资者，本月初的 Robotaxi 发布将是适度的。此外，他暗示 Robotaxi 在未来一年左右不会对特斯拉的业务产生重大财务贡献。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a44f66d2eb0f98b5559a086662816462.png" alt="" original-src="https://media.ycharts.com/charts/a44f66d2eb0f98b5559a086662816462.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Tesla is currently trading at a forward-price-to-earnings (P/E) multiple of 181. That is high for any growth stock, let alone one that saw its revenue decline in the first quarter.</p>
<div class="lb-trans"><p>特斯拉目前的前瞻市盈率（P/E）为 181。这对于任何增长型股票来说都很高，更不用说在第一季度其收入下降的情况下。</p>
</div><p>Investors have already priced the stock according to a heavily bullish narrative surrounding Musk's return to Tesla and the Robotaxi launch, but too much uncertainty remains. I wouldn't recommend chasing Tesla stock at this lofty valuation.</p>
<div class="lb-trans"><p>投资者已经根据围绕马斯克回归特斯拉和 Robotaxi 发布的高度乐观叙述对股票进行了定价，但仍然存在太多不确定性。我不建议在这个高估值下追逐特斯拉的股票。</p>
</div>

Tesla Stock Is Going Parabolic. Is Now the Time to Buy?

- 特斯拉股价在马斯克重返公司后上涨，投资者重新关注。  
- 预计特斯拉的 Robotaxi 服务将于 6 月 12 日推出，可能推动增长。  
- 但特斯拉的基本面仍面临挑战，股价估值过高。  

特斯拉的股票走势呈现抛物线形态。现在是否是买入的好时机？