<p><strong>特斯拉</strong>(TSLA 0.66%) 的投资者在 2025 年经历了一些波动。该科技公司的股票在年初上涨，但在 3 月和 4 月下跌了多达 45%，随后部分回升，目前年内交易下跌约 15%。它的股价仍然比 2024 年 12 月创下的历史高点低近 28%。</p>
<p>在此过程中，特斯拉面临着持续的挑战，包括中国的价格战、欧洲销售大幅下滑，以及与首席执行官埃隆·马斯克参与国内外政治相关的品牌反弹。</p>
<p>由于中国电动车制造商 <strong>比亚迪</strong>(BYDDY 3.50%) 最近采取的降价措施，这种波动可能在本月再次转向下行。此举将对特斯拉曾经主导的中国市场施加更大压力。让我们深入了解细节。</p>
<h2>中国电动车市场发生了什么</h2>
<p>中国的电动车市场正处于一场激烈的市场份额争夺战中，这场战斗包括由多种因素引发的残酷价格战，包括政府补贴、众多竞争产品以及全球经济放缓。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyMDcvbW9kZWwtMy1wZXJmb3JtYW5jZV81Mi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyMDcvbW9kZWwtMy1wZXJmb3JtYW5jZV81Mi5qcGcmdz03MDA"/></p>
<p>特斯拉 Model 3 性能版。来源：特斯拉。</p>
<p>这些动态可能促使比亚迪在上个月底采取大幅降价措施，对 22 款电动和插电式混合动力车型的价格削减高达 34%（有效期至 6 月底）。在比亚迪报告其四年来首次出现的年同比销售增长放缓（4 月份增长 21%）后，宣布的降价措施出台。比亚迪的降价可能迫使其竞争对手扩大折扣，以避免失去销售和市场份额。根据彭博情报，今年迄今为止，中国的平均车辆折扣约为 15%，但分析师警告称，第二季度可能会变得更加严峻。</p>
<p>即使是特斯拉最大的支持者之一，<strong>摩根士丹利</strong> 的亚当·乔纳斯也对特斯拉能否赶上中国的竞争对手表示怀疑。乔纳斯表示，特斯拉的未来现在更加依赖于其即将在 6 月 12 日推出的机器人出租车服务。行业网站_InsideEVs_的报告引用了摩根士丹利的分析，总结道：“我们建议投资者看看小米 YU7 的图片和规格，它看起来像一辆 <strong>法拉利</strong> 或阿斯顿·马丁的 SUV，价格却是 <strong>丰田</strong> 凯美瑞的水平。然后问问自己，特斯拉是否更应该推出更多带方向盘的电动车。”</p>
<p>比亚迪的降价加剧了特斯拉在海外面临的问题。中国汽车制造商进军美国市场的可能性将显著增加电动车竞争，并加剧这一问题。</p>
<h2>特斯拉在欧洲也面临问题</h2>
<p>特斯拉面临的挑战不仅限于中国的残酷价格战。该公司在欧洲的销售也在急剧下滑，特斯拉曾经在这里占据主导地位。根据欧洲汽车制造商协会的数据，特斯拉在欧洲的新车注册在 4 月份骤降至 7261 辆，同比下降 49%。截至 4 月底，特斯拉在欧洲的销量约为 61000 辆，同比下降 39%。</p>
<p>该汽车制造商在海外的业绩无疑对其全球销售造成了压力，第一季度销售下降了 13%——这是该公司历史上最糟糕的季度下降。</p>
<h2>一线希望</h2>
<p>特斯拉在 2025 年确实面临逆境，但对投资者来说也有一些好消息。</p>
<p>在最近的一条 X（前身为 Twitter）帖子中，马斯克表示他已经回到 24/7 工作，并在特斯拉的会议室、服务器室或工厂房间里睡觉。希望随着马斯克将注意力重新集中在汽车业务上，因其课外活动引发的品牌反弹最终会平息。对特斯拉来说，这种情况越快发生越好。</p>
<p>尽管在股价下跌时可能存在购买机会——如果你真的相信特斯拉的长期前景，这确实是一个机会——但目前可能明智的做法是暂时在旁观望。如果你已经是股东，没有理由出售。但要知道，目前公司似乎正面临身份危机：它是一个机器人出租车公司、汽车制造商，还是人工智能和机器人开发者？</p>
<p>在特斯拉的未来战略更加明确之前，可能明智的做法是等待投资特斯拉。</p>

比亚迪股份

比亚迪

比亚迪(ADR)

<p>特斯拉的股票在 2025 年经历了显著波动，早期月份下跌了 45%，随后部分回升。面临的挑战包括中国的价格战、欧洲销量下降，以及对首席执行官埃隆·马斯克的品牌反感。比亚迪最近对多款车型的价格下调高达 34%，可能会加剧中国市场的竞争，而特斯拉的销量已经面临困境。在欧洲，特斯拉的注册量在四月份同比下降了 49%。尽管面临这些挑战，马斯克对特斯拉的重新关注可能会有所帮助，但建议投资者在公司战略更加明确之前保持谨慎</p>

<p><strong>Tesla</strong>(TSLA 0.66%) investors have been on a bit of a roller coaster ride so far in 2025. The technology company's stock was up early in the year before falling as much as 45% in March and April, and then partially recovering so that it now trades down about 15% for the year. It still trades nearly 28% below all-time highs reached in December 2024.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA 0.66%) 的投资者在 2025 年经历了一些波动。该科技公司的股票在年初上涨，但在 3 月和 4 月下跌了多达 45%，随后部分回升，目前年内交易下跌约 15%。它的股价仍然比 2024 年 12 月创下的历史高点低近 28%。</p>
</div><p>Along the way, there have been constant challenges, including a price war in China, severely declining sales in Europe, and brand backlash related to CEO Elon Musk's involvement in national and international politics.</p>
<div class="lb-trans"><p>在此过程中，特斯拉面临着持续的挑战，包括中国的价格战、欧洲销售大幅下滑，以及与首席执行官埃隆·马斯克参与国内外政治相关的品牌反弹。</p>
</div><p>The coaster ride could potentially turn downhill again this month, thanks to China-based electric vehicle (EV) maker <strong>BYD</strong>'s (BYDDY 3.50%) recent move to slash prices. The action will apply more pressure to a now-challenging Chinese market that Tesla used to dominate. Let's dig into the details.</p>
<div class="lb-trans"><p>由于中国电动车制造商 <strong>比亚迪</strong>(BYDDY 3.50%) 最近采取的降价措施，这种波动可能在本月再次转向下行。此举将对特斯拉曾经主导的中国市场施加更大压力。让我们深入了解细节。</p>
</div><h2>What's going on with EVs in China</h2>
<div class="lb-trans"><h2>中国电动车市场发生了什么</h2>
</div><p>China's EV market is in the midst of a highly contested battle for market share that includes a brutal price war brought on by multiple factors, including government subsidies, a long list of competing products, and a slowing global economy.</p>
<div class="lb-trans"><p>中国的电动车市场正处于一场激烈的市场份额争夺战中，这场战斗包括由多种因素引发的残酷价格战，包括政府补贴、众多竞争产品以及全球经济放缓。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyMDcvbW9kZWwtMy1wZXJmb3JtYW5jZV81Mi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820207%2Fmodel-3-performance_52.jpg&amp;op=resize&amp;w=700"/></p>
<p>Tesla Model 3 Performance. Source: Tesla.</p>
<div class="lb-trans"><p>特斯拉 Model 3 性能版。来源：特斯拉。</p>
</div><p>These dynamics likely prompted BYD's big move late last month to make vehicle price cuts of as much as 34% on 22 electric and plug-in hybrid vehicle models (effective through the end of June). The announced cuts came after BYD reported its slowest year-over-year sales growth (up 21% in April) in more than four years. BYD's price cuts are likely to force its competitors to enlarge discounts to avoid giving up sales and market share. According to Bloomberg Intelligence, the average vehicle discount in China is around 15% so far this year, but analysts warn it could get even worse during the second half of the year.</p>
<div class="lb-trans"><p>这些动态可能促使比亚迪在上个月底采取大幅降价措施，对 22 款电动和插电式混合动力车型的价格削减高达 34%（有效期至 6 月底）。在比亚迪报告其四年来首次出现的年同比销售增长放缓（4 月份增长 21%）后，宣布的降价措施出台。比亚迪的降价可能迫使其竞争对手扩大折扣，以避免失去销售和市场份额。根据彭博情报，今年迄今为止，中国的平均车辆折扣约为 15%，但分析师警告称，第二季度可能会变得更加严峻。</p>
</div><p>Even one of Tesla's biggest supporters, <strong>Morgan Stanley</strong>'s Adam Jonas, expressed skepticism that Tesla could catch the competition in China. Jonas suggested Tesla's future is now even more tied to its upcoming launch of a robotaxi service on June 12. A report in the industry website <em>InsideEVs</em> quoted the Morgan Stanley analysis, which summed things up by saying, &#34;We recommend investors have a look at the pictures and specs of the Xiaomi YU7, which looks like a <strong>Ferrari</strong> or Aston Martin SUV at the price of a <strong>Toyota</strong> Camry. Then ask yourself if Tesla would be better off introducing more steering-wheel-having EVs.&#34;</p>
<div class="lb-trans"><p>即使是特斯拉最大的支持者之一，<strong>摩根士丹利</strong> 的亚当·乔纳斯也对特斯拉能否赶上中国的竞争对手表示怀疑。乔纳斯表示，特斯拉的未来现在更加依赖于其即将在 6 月 12 日推出的机器人出租车服务。行业网站_InsideEVs_的报告引用了摩根士丹利的分析，总结道：“我们建议投资者看看小米 YU7 的图片和规格，它看起来像一辆 <strong>法拉利</strong> 或阿斯顿·马丁的 SUV，价格却是 <strong>丰田</strong> 凯美瑞的水平。然后问问自己，特斯拉是否更应该推出更多带方向盘的电动车。”</p>
</div><p>BYD's price cuts add to Tesla's problems overseas. The eventuality of Chinese automakers setting sail for the U.S. market will increase EV competition significantly and exacerbate the issue.</p>
<div class="lb-trans"><p>比亚迪的降价加剧了特斯拉在海外面临的问题。中国汽车制造商进军美国市场的可能性将显著增加电动车竞争，并加剧这一问题。</p>
</div><h2>Tesla's got a European problem, too</h2>
<div class="lb-trans"><h2>特斯拉在欧洲也面临问题</h2>
</div><p>Tesla's challenges extend beyond the brutal price war in China. The company has been watching sales plunge in Europe, where the company also once dominated. Tesla's new car registrations in Europe plunged to 7,261 units in April, a decline of 49% over the previous April, according to the European Automobile Manufacturers Association. Through April, Tesla sold roughly 61,000 vehicles in Europe, a 39% decline compared to the same period last year.</p>
<div class="lb-trans"><p>特斯拉面临的挑战不仅限于中国的残酷价格战。该公司在欧洲的销售也在急剧下滑，特斯拉曾经在这里占据主导地位。根据欧洲汽车制造商协会的数据，特斯拉在欧洲的新车注册在 4 月份骤降至 7261 辆，同比下降 49%。截至 4 月底，特斯拉在欧洲的销量约为 61000 辆，同比下降 39%。</p>
</div><p>The automaker's results overseas are certainly weighing on its global sales, which were down 13% during the first quarter -- the worst quarterly decline in the company's history.</p>
<div class="lb-trans"><p>该汽车制造商在海外的业绩无疑对其全球销售造成了压力，第一季度销售下降了 13%——这是该公司历史上最糟糕的季度下降。</p>
</div><h2>The silver lining</h2>
<div class="lb-trans"><h2>一线希望</h2>
</div><p>Tesla has definitely faced adversity in 2025, but there is a little bit of good news for investors.</p>
<div class="lb-trans"><p>特斯拉在 2025 年确实面临逆境，但对投资者来说也有一些好消息。</p>
</div><p>In a recent post on X (formerly Twitter), Musk said he's back to spending 24/7 at work and sleeping in Tesla's conference, server, or factory rooms. Hopefully, with Musk returning his focus to the automotive business, the brand backlash related to his extracurricular activities will eventually blow over. For Tesla, that can't come soon enough.</p>
<div class="lb-trans"><p>在最近的一条 X（前身为 Twitter）帖子中，马斯克表示他已经回到 24/7 工作，并在特斯拉的会议室、服务器室或工厂房间里睡觉。希望随着马斯克将注意力重新集中在汽车业务上，因其课外活动引发的品牌反弹最终会平息。对特斯拉来说，这种情况越快发生越好。</p>
</div><p>Despite the potential buying opportunity here while the stock is down -- and if you truly believe in Tesla long-term, it is an opportunity -- it might be wise to watch Tesla from the sidelines for the time being. If you're already a shareholder, there's no reason to sell. But know that, right now, the company seems to be facing an identity crisis: is it a robotaxi company, a car manufacturer, or a developer of AI and robotics?</p>
<div class="lb-trans"><p>尽管在股价下跌时可能存在购买机会——如果你真的相信特斯拉的长期前景，这确实是一个机会——但目前可能明智的做法是暂时在旁观望。如果你已经是股东，没有理由出售。但要知道，目前公司似乎正面临身份危机：它是一个机器人出租车公司、汽车制造商，还是人工智能和机器人开发者？</p>
</div><p>It might be wise to wait to invest in Tesla until its strategy forward is more certain.</p>
<div class="lb-trans"><p>在特斯拉的未来战略更加明确之前，可能明智的做法是等待投资特斯拉。</p>
</div>

BYD Just Added Another Problem to Tesla's Long List

- 特斯拉股价在 2025 年经历剧烈波动，目前下跌约 15%。  
- 中国市场的价格战和欧洲销量下滑加剧了特斯拉的挑战。  
- 投资者需关注特斯拉未来战略，以决定是否继续投资。  

比亚迪刚刚为特斯拉的漫长问题清单又添了一项麻烦