<p>埃隆·马斯克和 <strong>特斯拉</strong>（TSLA -1.71%）最近在德克萨斯州奥斯汀推出了他们期待已久的 Robotaxi 自动驾驶叫车服务。该公司以一小部分车队在有限区域内运营，希望能够迅速扩展，这标志着特斯拉在追赶 <strong>谷歌母公司</strong>Alphabet 的 Waymo 方面迈出了重要一步。</p>
<p>特斯拉股票自 4 月初触及低点以来上涨了约 42%。尽管在 6 月大部分时间内股价势头强劲，但自 Robotaxi 正式上路以来，股价开始回落（下跌约 9%）。</p>
<p>特斯拉股票能否保持近期的涨幅，还是说股价（年初至今下跌约 21%）可能会继续下滑？以下是你需要知道的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI4MjcvaGFuZHMtb2ZmLXdoZWVsLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI4MjcvaGFuZHMtb2ZmLXdoZWVsLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Robotaxi 推出，但过程颠簸</h2>
<p>特斯拉的 Robotaxi 推出伴随着大量炒作。埃隆·马斯克几年前提到，特斯拉的价值依赖于自动驾驶，而华尔街一些最大的名字也为该股票设定了天价目标，因为 Robotaxi 的推出。因此，Robotaxi 的最近推出是一个大事件。</p>
<p>然而，特斯拉早期的自动驾驶叫车服务有一些细则需要注意。</p>
<p>例如，Robotaxi 在技术上是自动驾驶的，但乘客座位上有一名特斯拉员工，以便在需要时进行干预。Robotaxi 还仅限于特定地图，避免复杂的交叉路口，并且在恶劣天气下无法运营。</p>
<p>在推出的第一周，尽管使用限制条件，社交媒体上已经报告了 Robotaxi 出现错误的事件，例如开错车道或无缘无故急刹车。看起来 Robotaxi 并没有像投资者所希望的那样成熟，这可能解释了为什么特斯拉的股价在过去一周降温。</p>
<h2>特斯拉的销售势头仍然是个问题</h2>
<p>特斯拉和投资者面临的直接问题是，如果 Robotaxi 表现不佳，叙述将重新回到特斯拉的实际电动车（EV）业务。毕竟，销售车辆仍然是公司的核心功能。</p>
<p>特斯拉的销售额急剧下滑。这一下降部分可能与埃隆·马斯克在政府的努力有关，这一努力始于去年的选举之前。政治可能是一个无胜算的局面，因为无论你站在哪一边，你都注定会疏远与自己意见相左的一方。</p>
<p>该公司在 2025 年第一季度交付了 336,681 辆汽车，较去年下降近 13%。特斯拉的销售下滑可能并不完全是由于政治反弹；消费者在高利率、通货膨胀和对未来经济的担忧中挣扎。车辆和销售中心的破坏以及今年早些时候主导新闻头条的抗议活动进一步证明了政治在放缓中的某种作用。此外，特斯拉的 Cybertruck 也未能获得汽车爱好者的好评。</p>
<h2>是否有催化剂能让特斯拉股票保持轨道？</h2>
<p>好消息是，未来几个月情况可能会改善。埃隆·马斯克在政治舞台上大多已退居幕后（至少目前如此），而 Robotaxi 在试点项目进展中仍有可能改善其技术。</p>
<p>另一方面，目前尚不清楚特斯拉品牌的损害是否是永久性的，或者如果不是，这种影响会持续多久。此外，如果特斯拉的自动驾驶技术进展比预期更慢，Robotaxi 在短期内可能会面临扩展困难。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3a5fe24fb3a8198a7f2dee0b6b40f85d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3a5fe24fb3a8198a7f2dee0b6b40f85d.png"/></p>
<p>数据来源：YCharts。</p>
<p>特斯拉销售额的下降对业务造成了压力，因为收益也在下降，这反过来又提高了股票的估值。特斯拉目前高达 177 的市盈率，如果市场失去对收益能否迅速反弹的信心，可能会进一步拖累股价。</p>
<p>在销售回升或 Robotaxi 改善之前，投资者可能没有太多可以依赖的因素。因此，特斯拉似乎更可能恢复选举后的下行趋势，而不是重新获得 Robotaxi 推出前的涨幅。现在保持观望可能是明智的，待有更多进展迹象时再重新关注特斯拉。</p>

特斯拉

2 倍做空特斯拉 ETF - GraniteShares

2 倍做多特斯拉 ETF - Direxion

2 倍做空特斯拉 ETF - Tradr

XI二南特斯-U

南方两倍做多特斯拉

南方两倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

<p>埃隆·马斯克和特斯拉在德克萨斯州奥斯丁推出了他们的 Robotaxi 自动驾驶叫车服务，但该服务的推出面临挑战，包括运营限制和报告的事件。特斯拉的股票自四月初的低点以来上涨了 42%，但最近下跌了约 9%。公司的销售额同比下降近 13%，引发了对其核心电动车业务的担忧。尽管有改善的潜力，但品牌复苏和 Robotaxi 未来的不确定性仍然存在，导致投资者情绪谨慎</p>

<p>Elon Musk and <strong>Tesla</strong>(TSLA -1.71%) rolled out their long-awaited Robotaxi autonomous ride-hailing service recently in Austin, Texas. The company has launched with a small fleet that operates within a limited area, with the hope of expanding rapidly, marking a significant milestone as Tesla seeks to gain ground on <strong>Alphabet</strong>'s Waymo.</p>
<div class="lb-trans"><p>埃隆·马斯克和 <strong>特斯拉</strong>（TSLA -1.71%）最近在德克萨斯州奥斯汀推出了他们期待已久的 Robotaxi 自动驾驶叫车服务。该公司以一小部分车队在有限区域内运营，希望能够迅速扩展，这标志着特斯拉在追赶 <strong>谷歌母公司</strong>Alphabet 的 Waymo 方面迈出了重要一步。</p>
</div><p>Tesla stock is up approximately 42% from lows hit in early April. Shares had momentum throughout much of June, but have started to fade since Robotaxi officially hit the streets (down around 9%).</p>
<div class="lb-trans"><p>特斯拉股票自 4 月初触及低点以来上涨了约 42%。尽管在 6 月大部分时间内股价势头强劲，但自 Robotaxi 正式上路以来，股价开始回落（下跌约 9%）。</p>
</div><p>Can Tesla stock hold on to its recent gains, or are shares (down roughly 21% year to date) likely to continue lower? Here is what you need to know.</p>
<div class="lb-trans"><p>特斯拉股票能否保持近期的涨幅，还是说股价（年初至今下跌约 21%）可能会继续下滑？以下是你需要知道的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI4MjcvaGFuZHMtb2ZmLXdoZWVsLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822827%2Fhands-off-wheel.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>Robotaxi launches, but it's been a bumpy ride</h2>
<div class="lb-trans"><h2>Robotaxi 推出，但过程颠簸</h2>
</div><p>Tesla's Robotaxi launch came with a lot of hype. Elon Musk mentioned a couple of years ago that Tesla's value hinged on autonomous driving, and some of Wall Street's biggest names have pegged sky-high price targets on the stock because of Rototaxi. So, Robotaxi's recent launch is a big deal.</p>
<div class="lb-trans"><p>特斯拉的 Robotaxi 推出伴随着大量炒作。埃隆·马斯克几年前提到，特斯拉的价值依赖于自动驾驶，而华尔街一些最大的名字也为该股票设定了天价目标，因为 Robotaxi 的推出。因此，Robotaxi 的最近推出是一个大事件。</p>
</div><p>However, there is some fine print associated with Tesla's early autonomous ride-hailing offerings.</p>
<div class="lb-trans"><p>然而，特斯拉早期的自动驾驶叫车服务有一些细则需要注意。</p>
</div><p>For instance, Robotaxis technically drive themselves, but come with a human Tesla employee in the passenger seat to intervene as needed. Robotaxis are also limited to a defined map, avoid complex intersections, and won't operate in inclement weather.</p>
<div class="lb-trans"><p>例如，Robotaxi 在技术上是自动驾驶的，但乘客座位上有一名特斯拉员工，以便在需要时进行干预。Robotaxi 还仅限于特定地图，避免复杂的交叉路口，并且在恶劣天气下无法运营。</p>
</div><p>In the first week since its launch, and despite the restricted use parameters, incidents have already been reported on social media of Robotaxis making mistakes, such as driving in the wrong lane or slamming on their brakes for no apparent reason. It seems Robotaxi isn't as refined as investors hoped, which could help explain why Tesla stock has cooled this past week.</p>
<div class="lb-trans"><p>在推出的第一周，尽管使用限制条件，社交媒体上已经报告了 Robotaxi 出现错误的事件，例如开错车道或无缘无故急刹车。看起来 Robotaxi 并没有像投资者所希望的那样成熟，这可能解释了为什么特斯拉的股价在过去一周降温。</p>
</div><h2>Tesla's sales momentum remains a problem</h2>
<div class="lb-trans"><h2>特斯拉的销售势头仍然是个问题</h2>
</div><p>The immediate problem for Tesla and investors is that if Robotaxi underwhelms, the narrative shifts back to Tesla's actual electric vehicle (EV) business. After all, selling vehicles is still the company's core function.</p>
<div class="lb-trans"><p>特斯拉和投资者面临的直接问题是，如果 Robotaxi 表现不佳，叙述将重新回到特斯拉的实际电动车（EV）业务。毕竟，销售车辆仍然是公司的核心功能。</p>
</div><p>Tesla's sales have dramatically slumped. Some of the drop is likely tied to the fallout from Elon Musk's efforts in government, which began before last year's election. Politics can be a no-win situation because, regardless of which side you fall on, you're bound to alienate the side that disagrees with you.</p>
<div class="lb-trans"><p>特斯拉的销售额急剧下滑。这一下降部分可能与埃隆·马斯克在政府的努力有关，这一努力始于去年的选举之前。政治可能是一个无胜算的局面，因为无论你站在哪一边，你都注定会疏远与自己意见相左的一方。</p>
</div><p>The company delivered 336,681 vehicles in Q1 2025, representing a nearly 13% decline from the previous year. Tesla's sales slump may not be entirely due to political blowback; consumers have struggled amid higher interest rates, inflation, and worries about the economy going forward. The vandalism of vehicles and sales centers and the protests that dominated news headlines earlier this year offer some further proof that politics played some role in the slowdown. It also doesn't help that Tesla's Cybertruck has not been well-received by car enthusiasts.</p>
<div class="lb-trans"><p>该公司在 2025 年第一季度交付了 336,681 辆汽车，较去年下降近 13%。特斯拉的销售下滑可能并不完全是由于政治反弹；消费者在高利率、通货膨胀和对未来经济的担忧中挣扎。车辆和销售中心的破坏以及今年早些时候主导新闻头条的抗议活动进一步证明了政治在放缓中的某种作用。此外，特斯拉的 Cybertruck 也未能获得汽车爱好者的好评。</p>
</div><h2>Is there a catalyst to keep Tesla stock on track?</h2>
<div class="lb-trans"><h2>是否有催化剂能让特斯拉股票保持轨道？</h2>
</div><p>The good news is that things can improve in the coming months. Elon Musk has mostly pulled back from the political scene (at least for the moment), and Robotaxi could still improve its technology as the pilot program progresses.</p>
<div class="lb-trans"><p>好消息是，未来几个月情况可能会改善。埃隆·马斯克在政治舞台上大多已退居幕后（至少目前如此），而 Robotaxi 在试点项目进展中仍有可能改善其技术。</p>
</div><p>On the other hand, it's unclear whether the damage to Tesla's brand is permanent, or if not, how long the stench will linger. Additionally, Robotaxi may struggle to expand, at least in the near term, if Tesla's self-driving technology is further behind schedule than hoped.</p>
<div class="lb-trans"><p>另一方面，目前尚不清楚特斯拉品牌的损害是否是永久性的，或者如果不是，这种影响会持续多久。此外，如果特斯拉的自动驾驶技术进展比预期更慢，Robotaxi 在短期内可能会面临扩展困难。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3a5fe24fb3a8198a7f2dee0b6b40f85d.png" alt="" original-src="https://media.ycharts.com/charts/3a5fe24fb3a8198a7f2dee0b6b40f85d.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Tesla's declining sales have weighed on the business, as earnings are also declining, which in turn is ratcheting up the stock's valuation. Tesla's price-to-earnings ratio, currently an excessive 177, could begin dragging the share price down further if the market loses confidence that earnings will rebound anytime soon.</p>
<div class="lb-trans"><p>特斯拉销售额的下降对业务造成了压力，因为收益也在下降，这反过来又提高了股票的估值。特斯拉目前高达 177 的市盈率，如果市场失去对收益能否迅速反弹的信心，可能会进一步拖累股价。</p>
</div><p>Investors may not have much to hang their hat on until sales rebound or Robotaxi improves. Therefore, Tesla seems more likely to resume its post-election downtrend than to recapture the gains it enjoyed leading up to the Robotaxi launch. It could be wise to stay on the sidelines for now and revisit Tesla once there are more signs of progress.</p>
<div class="lb-trans"><p>在销售回升或 Robotaxi 改善之前，投资者可能没有太多可以依赖的因素。因此，特斯拉似乎更可能恢复选举后的下行趋势，而不是重新获得 Robotaxi 推出前的涨幅。现在保持观望可能是明智的，待有更多进展迹象时再重新关注特斯拉。</p>
</div>

Elon Musk Rolls Out Robotaxi Fleet in Austin. Will Tesla's Stock Gains Stick?

- 特斯拉在德克萨斯州奥斯汀推出了 Robotaxi 自动驾驶打车服务。  
- 该服务初期运营有限，面临技术和销售下滑的挑战。  
- 投资者需关注特斯拉的销售回暖和 Robotaxi 技术进步。  

埃隆·马斯克在奥斯汀推出机器人出租车车队。特斯拉的股票涨幅能否持续？