<p><strong>特斯拉</strong>(TSLA -2.19%) 一直以来都是电动车（EV）市场的领导者，但近年来也有几家新兴公司进入了这个领域。目前在国内市场上，<strong>Rivian</strong>(RIVN 1.25%) 的位置相对较好。让我们考虑一下在未来几年中，哪只股票更有可能超越另一只。</p>
<h2>不仅仅是电动车</h2>
<p>在电动车市场上，特斯拉最近的表现并不理想。虽然这部分可以归因于纯电动车领域竞争加剧和混合动力车日益受欢迎，但特斯拉最近的销售下滑很大程度上可以直接归咎于首席执行官埃隆·马斯克。他作为主要捐赠者参与唐纳德·特朗普总统竞选的政治活动，以及在特朗普的 “政府效率部”（DOGE）担任领导角色，激怒了许多自由派人士，导致了对特斯拉汽车的抗议和抵制。最近，他与特朗普发生了重大争执，这可能使他与另一边政治光谱的消费者疏远。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2MzUvZ2V0dHlpbWFnZXMtMjAzMjQyNDYyOS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2MzUvZ2V0dHlpbWFnZXMtMjAzMjQyNDYyOS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images</p>
<p>目前，特斯拉最新的公开销售数据来自四月份，那时马斯克与特朗普的争执尚未发生。该公司的美国销售下降了 16%，在欧洲则暴跌了 50%。与此同时，尽管公司在中国提供了比以往更大的激励和折扣，并在该市场推出了 Model Y 车型，但其在中国的销售仍下降了 9%。</p>
<p>随着特斯拉在所有主要市场的销售疲软，它将希望寄托在其机器人出租车业务上。该公司刚刚在德克萨斯州奥斯汀推出了付费乘客的服务。这目前只是一个小规模的试点项目——乘车仅在一个地理围栏区域内进行，服务使用仅限于邀请，车辆——全部为 Model Y，而非 CyberCabs——目前在乘客座位上配备安全监控员。</p>
<p>已经有视频显示其中一辆机器人出租车短暂驶入了一个指定给反向行驶交通的车道，以及其他违反交通法规的报告，因此关于特斯拉的自动驾驶技术仍然存在疑问。此外，马斯克造成的品牌损害是否会导致潜在客户避开他的机器人出租车业务也是一个问题。</p>
<h2>追求盈利能力</h2>
<p>尽管马斯克似乎在不断疏远更多潜在消费者，但 Rivian 正试图利用这一机会。这家年轻的电动车制造商在降低成本方面做得非常出色，现在能够以正毛利率销售其受欢迎的 R1 豪华 SUV。它通过改善制造流程和彻底改造电动车的设计实现了这一点。Rivian 降低了材料成本，但更重要的是，它转向了区域架构，这大大减少了车辆中的电子控制单元（ECU）数量和布线量。</p>
<p>这种区域架构技术也是该公司能够与 <strong>大众汽车</strong> 达成合作（并获得大量投资）的一个重要原因。这家德国汽车巨头获得了所需的技术，而这家较小的电动车新兴公司则获得了现金注入，帮助其加速生产新款低价 R2 SUV。</p>
<p>对于 Rivian 来说，这是一个过渡年，因为它正在重新调整其制造设施，为 2026 年上半年推出 R2 SUV 做准备。预计该 SUV 的起售价约为 45,000 美元，这一价格将使其能够接触到比 Rivian 的 R1 车型更广泛的人群，后者的起售价超过 70,000 美元，豪华版甚至超过 100,000 美元。</p>
<p>与此同时，Rivian 在一月份获得了低成本 66 亿美元的能源部贷款的最终批准，这将使其能够继续在乔治亚州建设新的制造工厂。三月份曾有人担心特朗普政府可能会试图撤销这笔贷款，但随着美国预算谈判的继续，尚未发生任何确切的事情。如果该设施获得批准，预计将在 2028 年投入使用，并将帮助公司在制造规模上获得重要提升，并助力其实现盈利的道路。</p>
<h2>哪只股票更好？</h2>
<p>特斯拉和 Rivian 都对投资者存在风险。特斯拉的核心业务正在挣扎，它将很多希望寄托在其初步的机器人出租车业务和其他项目上。与此同时，Rivian 仍处于旅程的早期阶段，距离实现盈利还有很长的路要走。</p>
<p>尽管如此，我更倾向于 Rivian 这只股票。马斯克对特斯拉造成的品牌损害似乎是巨大的，而到目前为止，该公司尚未证明其自动驾驶技术是完全安全的。同时，特斯拉的股价反映出人们相信它在仅仅作为电动车制造商之外会有一些成功。</p>
<p>另一方面，Rivian 正在实现重要的里程碑，例如实现毛利率为正，并得到了两家大型公司的支持：<strong>亚马逊</strong>，为其制造电动车送货车，以及大众汽车。在这些巨头的支持和其巨额联邦贷款的帮助下，Rivian 应该能够获得进一步扩大生产和实现盈利所需的现金。</p>

特斯拉

RIVN

<p>特斯拉在电动车市场面临挑战，美国销量下降 16%，欧洲下降 50%，部分原因是首席执行官埃隆·马斯克的政治参与。相比之下，Rivian 正在改善其制造流程并降低成本，使其能够盈利销售 R1 SUV。Rivian 还计划在 2026 年推出一款价格更低的 R2 SUV，并已获得 66 亿美元的贷款用于新工厂。虽然这两只股票都存在风险，但 Rivian 被视为更好的投资选择</p>

<p><strong>Tesla</strong>(TSLA -2.19%) has long been the leader in the electric vehicle (EV) market, but several upstarts have also entered the picture in recent years. One of the best-positioned in the domestic market at this time is <strong>Rivian</strong>(RIVN 1.25%). Let's consider which stock has a better chance of outperforming the other in the coming years.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA -2.19%) 一直以来都是电动车（EV）市场的领导者，但近年来也有几家新兴公司进入了这个领域。目前在国内市场上，<strong>Rivian</strong>(RIVN 1.25%) 的位置相对较好。让我们考虑一下在未来几年中，哪只股票更有可能超越另一只。</p>
</div><h2>More than just EVs</h2>
<div class="lb-trans"><h2>不仅仅是电动车</h2>
</div><p>When it comes to the EV market, Tesla has not been fairing well lately. While some of this can be attributed to increased competition in the pure EV space and the rising popularity of hybrid vehicles, much of Tesla's recent sales slump can be laid directly at the feet of CEO Elon Musk. His foray into politics as a major donor to President Donald Trump's campaign and his leadership role at the head of Trump's &#34;Department of Government Efficiency&#34; (DOGE) angered many liberals, leading to protests and boycotts of Tesla vehicles. More recently, he got into a major spat with Trump that may have alienated him from consumers on the other side of the political spectrum as well.</p>
<div class="lb-trans"><p>在电动车市场上，特斯拉最近的表现并不理想。虽然这部分可以归因于纯电动车领域竞争加剧和混合动力车日益受欢迎，但特斯拉最近的销售下滑很大程度上可以直接归咎于首席执行官埃隆·马斯克。他作为主要捐赠者参与唐纳德·特朗普总统竞选的政治活动，以及在特朗普的 “政府效率部”（DOGE）担任领导角色，激怒了许多自由派人士，导致了对特斯拉汽车的抗议和抵制。最近，他与特朗普发生了重大争执，这可能使他与另一边政治光谱的消费者疏远。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2MzUvZ2V0dHlpbWFnZXMtMjAzMjQyNDYyOS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822635%2Fgettyimages-2032424629.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><p>Right now, the most recent publicly available Tesla sales data is from April, which was before Musk's fight with Trump. The company's sales sank by 16% in the U.S. and plunged by 50% in Europe. Meanwhile, its sales in China dropped by 9%, even as the company offered bigger incentives and discounts in the country than it had in the past and introduced its Model Y vehicle in that market.</p>
<div class="lb-trans"><p>目前，特斯拉最新的公开销售数据来自四月份，那时马斯克与特朗普的争执尚未发生。该公司的美国销售下降了 16%，在欧洲则暴跌了 50%。与此同时，尽管公司在中国提供了比以往更大的激励和折扣，并在该市场推出了 Model Y 车型，但其在中国的销售仍下降了 9%。</p>
</div><p>With Tesla sales reeling in all of its primary markets, it is pinning its hopes on its robotaxi business. The company just launched the service for paying riders in Austin, Texas. It's a small pilot program so far -- the rides are only taking place within a geofenced area, use of the service is by invitation only, and the vehicles -- all of the Model Ys, not CyberCabs -- are operating for now with a safety monitor in the passenger seat.</p>
<div class="lb-trans"><p>随着特斯拉在所有主要市场的销售疲软，它将希望寄托在其机器人出租车业务上。该公司刚刚在德克萨斯州奥斯汀推出了付费乘客的服务。这目前只是一个小规模的试点项目——乘车仅在一个地理围栏区域内进行，服务使用仅限于邀请，车辆——全部为 Model Y，而非 CyberCabs——目前在乘客座位上配备安全监控员。</p>
</div><p>Footage has already surfaced of one of those robotaxis driving briefly in a lane designated for traffic going in the opposite direction, among other reports of them violating traffic laws, so questions remain about Tesla's autonomous driving technology. Additionally, there is still the issue of whether the brand damage that Musk has caused will lead to potential customers shunning his robotaxi business, as well.</p>
<div class="lb-trans"><p>已经有视频显示其中一辆机器人出租车短暂驶入了一个指定给反向行驶交通的车道，以及其他违反交通法规的报告，因此关于特斯拉的自动驾驶技术仍然存在疑问。此外，马斯克造成的品牌损害是否会导致潜在客户避开他的机器人出租车业务也是一个问题。</p>
</div><h2>A drive to profitability</h2>
<div class="lb-trans"><h2>追求盈利能力</h2>
</div><p>While Musk is seemingly trying to alienate more and more of his potential consumers, Rivian is looking to take advantage. The younger EV maker has done a great job of reducing its costs and is now able to sell its popular R1 luxury SUV at a positive gross margin. It did this by both improving its manufacturing processes and completely overhauling the EV's design. Rivian lowered its material costs, but more importantly, it switched to a zonal architecture, which significantly reduces the number of electronic control units (ECUs) and the amount of wiring in its vehicles.</p>
<div class="lb-trans"><p>尽管马斯克似乎在不断疏远更多潜在消费者，但 Rivian 正试图利用这一机会。这家年轻的电动车制造商在降低成本方面做得非常出色，现在能够以正毛利率销售其受欢迎的 R1 豪华 SUV。它通过改善制造流程和彻底改造电动车的设计实现了这一点。Rivian 降低了材料成本，但更重要的是，它转向了区域架构，这大大减少了车辆中的电子控制单元（ECU）数量和布线量。</p>
</div><p>That zonal architecture technology was also a big reason why the company was able to strike a partnership with (and get a large investment from) <strong>Volkswagen</strong>. The giant German automaker got access to the technology it wanted while the smaller EV upstart got a cash infusion that will help fund the production ramp-up of its new, lower-priced R2 SUV.</p>
<div class="lb-trans"><p>这种区域架构技术也是该公司能够与 <strong>大众汽车</strong> 达成合作（并获得大量投资）的一个重要原因。这家德国汽车巨头获得了所需的技术，而这家较小的电动车新兴公司则获得了现金注入，帮助其加速生产新款低价 R2 SUV。</p>
</div><p>This is a transition year for Rivian as it retools its manufacturing facility in preparation for the launch of the R2 SUV in the first half of 2026. The SUV is expected to start around $45,000, which is a price tag that will put it within reach of a much larger demographic than Rivian's R1 model, which starts at over $70,000 and with luxury trims can exceed $100,000.</p>
<div class="lb-trans"><p>对于 Rivian 来说，这是一个过渡年，因为它正在重新调整其制造设施，为 2026 年上半年推出 R2 SUV 做准备。预计该 SUV 的起售价约为 45,000 美元，这一价格将使其能够接触到比 Rivian 的 R1 车型更广泛的人群，后者的起售价超过 70,000 美元，豪华版甚至超过 100,000 美元。</p>
</div><p>In January, meanwhile, Rivian received final approval for a low-cost $6.6 billion Department of Energy loan that will allow it to continue building a new manufacturing plant in Georgia. There was some concern in March that the Trump administration might try to rescind the loan, but nothing definite has happened as U.S. budget negotiations continue. That facility, if given the go-ahead, is now expected to be up and running in 2028, and should help the company gain vital scale in its manufacturing and aid it on its path toward profitability.</p>
<div class="lb-trans"><p>与此同时，Rivian 在一月份获得了低成本 66 亿美元的能源部贷款的最终批准，这将使其能够继续在乔治亚州建设新的制造工厂。三月份曾有人担心特朗普政府可能会试图撤销这笔贷款，但随着美国预算谈判的继续，尚未发生任何确切的事情。如果该设施获得批准，预计将在 2028 年投入使用，并将帮助公司在制造规模上获得重要提升，并助力其实现盈利的道路。</p>
</div><h2>Which stock is the better stock?</h2>
<div class="lb-trans"><h2>哪只股票更好？</h2>
</div><p>Both Tesla and Rivian come with risks to investors. Tesla's core business is flailing, and it's pinning a lot of hope on its nascent robotaxi business and other ventures. Rivian, meanwhile, is in the early innings of its journey and still has a long road to traverse before it can achieve profitability.</p>
<div class="lb-trans"><p>特斯拉和 Rivian 都对投资者存在风险。特斯拉的核心业务正在挣扎，它将很多希望寄托在其初步的机器人出租车业务和其他项目上。与此同时，Rivian 仍处于旅程的早期阶段，距离实现盈利还有很长的路要走。</p>
</div><p>That said, I prefer Rivian of the two stocks. The brand damage Musk has done to Tesla appears to be immense, and thus far, the company has not proven that its autonomous driving technology is completely safe. At the same time, Tesla's stock price reflects a belief that it will have some success outside of just being an EV maker.</p>
<div class="lb-trans"><p>尽管如此，我更倾向于 Rivian 这只股票。马斯克对特斯拉造成的品牌损害似乎是巨大的，而到目前为止，该公司尚未证明其自动驾驶技术是完全安全的。同时，特斯拉的股价反映出人们相信它在仅仅作为电动车制造商之外会有一些成功。</p>
</div><p>Rivian, on the other hand, has been hitting important milestones such as becoming gross margin positive, and is backed by two large companies: <strong>Amazon</strong>, for which it makes EV delivery vans, and Volkswagen. Between the backing of those giants and its large federal loan, Rivian should have the cash it will need to further scale up its production and become profitable.</p>
<div class="lb-trans"><p>另一方面，Rivian 正在实现重要的里程碑，例如实现毛利率为正，并得到了两家大型公司的支持：<strong>亚马逊</strong>，为其制造电动车送货车，以及大众汽车。在这些巨头的支持和其巨额联邦贷款的帮助下，Rivian 应该能够获得进一步扩大生产和实现盈利所需的现金。</p>
</div>

Better EV Stock: Rivian vs. Tesla

- 特斯拉在电动车市场面临竞争，销售下滑明显。  
- Rivian 通过降低成本和改进设计，成功实现正毛利。  
- Rivian 获得大额贷款和合作伙伴支持，助力未来盈利。  

哪只电动汽车股票更好：Rivian 与特斯拉