<p><strong>特斯拉</strong>(TSLA) 及其备受瞩目的首席执行官埃隆·马斯克常常引发争议。然而，这家汽车制造商实现了一些看似不可能的成就。它不仅成功进入了高度成熟的汽车行业，还帮助创造了电动汽车（EV）市场。购买电动汽车新兴企业 <strong>Lucid</strong>(LCID) 是否能为投资者带来类似的成功故事？</p>
<h2>特斯拉：这里有好事也有坏事</h2>
<p>特斯拉曾经是一家小型新兴企业，试图围绕一种被广泛理解但尚未获得消费者认可的技术建立业务。更糟糕的是，为了取得成功，它不得不与成熟且根深蒂固的汽车行业巨头竞争。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyNTkvMjVfMDVfMTMtdGVzbGEtYnVpbGRpbmctd2l0aC10ZXNsYS1sb2dvLWFuZC10d28tdGVzbGFzLWluLWZyb250LV9tZi1kbG9hZC1pbWFnZS1zb3VyY2UtdGVzbGEucG5nJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyNTkvMjVfMDVfMTMtdGVzbGEtYnVpbGRpbmctd2l0aC10ZXNsYS1sb2dvLWFuZC10d28tdGVzbGFzLWluLWZyb250LV9tZi1kbG9hZC1pbWFnZS1zb3VyY2UtdGVzbGEucG5nJnc9NzAw"/></p>
<p>图片来源：特斯拉。</p>
<p>值得一提的是，该公司成功实现了目标，并在此过程中基本上创造了电动汽车市场。现在每一家主要汽车制造商都在提供电动汽车，许多新兴企业也在美国和海外试图借助马斯克和特斯拉的东风。所有企业的最终目标都是建立一个可持续盈利的电动汽车业务，而这正是特斯拉目前所处的状态。</p>
<p>话虽如此，特斯拉还涉及其他业务。卖车是主要故事，但该公司还有一个电池储存部门，并且正在研发自动驾驶技术和机器人。很多事情都在 “引擎盖下” 进行。这也是特斯拉估值似乎被高估的部分原因，其市盈率高达 182 倍。投资者正在将大量好消息计入股票中。关心估值的投资者可能不会对此感兴趣。</p>
<h2>Lucid 也在尝试打入汽车行业</h2>
<p>如果你错过了特斯拉投资者所获得的巨大价格涨幅，还有其他电动汽车制造商处于早期发展阶段。其中之一是 Lucid，该公司在 2025 年第一季度仅售出了约 3100 辆汽车。这对于特斯拉和主要汽车制造商来说几乎是一个四舍五入的误差。然而，这一数字同比增长了约 50%。本质上，Lucid 正在取得进展，寻求增长。</p>
<p>此外，Lucid 的高端汽车受到了良好的市场反响，获得了行业赞誉。因此，这并不是一家依靠苟延残喘的企业，尽管其股票从高点下跌了 90% 以上。在高点时，华尔街显然对电动汽车新兴企业过于热衷。现在，投资者可能过于悲观，忽视了 Lucid 稳步取得的渐进式成功。</p>
<p>话虽如此，并不是所有投资者都对 Lucid 失去了信心。在第一季度，它成功将一项可转换票据的到期日从 2026 年延长至 2030 年。这是一个巨大的信心声明，也为这家新兴电动汽车制造商提供了更多的空间来继续扩展和改善其业务。随着销量的增加，它在第一季度改善了毛利率。公平地说，它每辆车的亏损比一年前减少了。但考虑到从零开始的高前期成本，这正是新制造企业必须经历的道路。</p>
<h2>两只股票风险都很高，但 Lucid 的未来更为明朗</h2>
<p>Lucid 仍在亏损，并且可能在未来几年内继续亏损。因此，估值指标对这家新兴企业并没有太大意义。然而，它需要走的道路已经由特斯拉铺就，因此 Lucid 接下来需要采取的步骤相对明确。涉及的风险非常大，风险厌恶型投资者不应购买。但如果你在考虑特斯拉，或许可以考虑 Lucid。</p>
<p>特斯拉制造出色的汽车，但其业务显然比 Lucid 更为成熟。特斯拉内部隐藏的其他业务提供了机会，但也可能会失败。因此，特斯拉所获得的高估值可能并不值得冒这个风险。再加上首席执行官的公众形象波动，带来的不确定性显著增加。</p>
<p>总体而言，如果你考虑在特斯拉上冒险，或许在 Lucid 上冒险会更好。它在大多数情况下成功实现了其设定的关键目标，力求成为下一个特斯拉。</p>

LCID

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>这篇文章将特斯拉和 Lucid 作为电动车（EV）股票进行了比较。特斯拉在埃隆·马斯克的领导下，已在成熟的汽车行业中确立了自己的地位，并创造了电动车市场，但其高估值可能会让一些投资者却步。作为一个较新的参与者，Lucid 在销售方面取得了 50% 的同比增长，尽管其股票经历了显著的下跌。Lucid 最近的财务举措表明其对增长潜力的信心。虽然这两只股票都存在风险，但对于考虑在电动车市场下注的投资者来说，Lucid 可能提供了更明确的未来发展路径</p>

<p><strong>Tesla</strong>(TSLA) and its high-profile CEO Elon Musk can be polarizing. However, the automaker has achieved things that seemed impossible. It not only broke into the highly mature auto industry, it also helped to create the electric vehicle (EV) market. Could buying EV upstart <strong>Lucid</strong>(LCID) set investors up for a similar success story?</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA) 及其备受瞩目的首席执行官埃隆·马斯克常常引发争议。然而，这家汽车制造商实现了一些看似不可能的成就。它不仅成功进入了高度成熟的汽车行业，还帮助创造了电动汽车（EV）市场。购买电动汽车新兴企业 <strong>Lucid</strong>(LCID) 是否能为投资者带来类似的成功故事？</p>
</div><h2>Tesla: There are good things and bad here</h2>
<div class="lb-trans"><h2>特斯拉：这里有好事也有坏事</h2>
</div><p>Tesla was once a tiny upstart, attempting to build a business around a technology that was well understood but that hadn't gained any traction with consumers. To make matters worse, to achieve success, it had to compete against mature and well-entrenched auto industry giants.</p>
<div class="lb-trans"><p>特斯拉曾经是一家小型新兴企业，试图围绕一种被广泛理解但尚未获得消费者认可的技术建立业务。更糟糕的是，为了取得成功，它不得不与成熟且根深蒂固的汽车行业巨头竞争。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyNTkvMjVfMDVfMTMtdGVzbGEtYnVpbGRpbmctd2l0aC10ZXNsYS1sb2dvLWFuZC10d28tdGVzbGFzLWluLWZyb250LV9tZi1kbG9hZC1pbWFnZS1zb3VyY2UtdGVzbGEucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824259%2F25_05_13-tesla-building-with-tesla-logo-and-two-teslas-in-front-_mf-dload-image-source-tesla.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><p>To the company's credit, it pulled it off and, along the way, basically created the electric vehicle market. Now every major automaker is offering EVs and there are numerous upstarts in the U.S. and abroad trying to ride on Musk's and Tesla's coattails. The end goal for all is to build a sustainably profitable EV business, which is where Tesla sits today.</p>
<div class="lb-trans"><p>值得一提的是，该公司成功实现了目标，并在此过程中基本上创造了电动汽车市场。现在每一家主要汽车制造商都在提供电动汽车，许多新兴企业也在美国和海外试图借助马斯克和特斯拉的东风。所有企业的最终目标都是建立一个可持续盈利的电动汽车业务，而这正是特斯拉目前所处的状态。</p>
</div><p>That said, Tesla has exposure to other businesses. Selling cars is the big story, but the business also has a battery storage division, and it's working on autonomous driving technology and robots. There's a lot going on &#34;under the hood.&#34; That's part of why Tesla's valuation seems stretched, with a price-to-earnings ratio of 182x. Investors are pricing a lot of good news into the stock. Investors who care about valuation probably won't be interested.</p>
<div class="lb-trans"><p>话虽如此，特斯拉还涉及其他业务。卖车是主要故事，但该公司还有一个电池储存部门，并且正在研发自动驾驶技术和机器人。很多事情都在 “引擎盖下” 进行。这也是特斯拉估值似乎被高估的部分原因，其市盈率高达 182 倍。投资者正在将大量好消息计入股票中。关心估值的投资者可能不会对此感兴趣。</p>
</div><h2>Lucid is trying to break into the auto industry, too</h2>
<div class="lb-trans"><h2>Lucid 也在尝试打入汽车行业</h2>
</div><p>If you missed out on the huge price gains that investors in Tesla have achieved, there are other EV makers that are in an earlier stage of development. One is Lucid, which only sold around 3,100 cars in the first quarter of 2025. That's a rounding error for Tesla and the major automakers. However, that number was up around 50% year over year. Essentially, Lucid is making progress as it looks to grow.</p>
<div class="lb-trans"><p>如果你错过了特斯拉投资者所获得的巨大价格涨幅，还有其他电动汽车制造商处于早期发展阶段。其中之一是 Lucid，该公司在 2025 年第一季度仅售出了约 3100 辆汽车。这对于特斯拉和主要汽车制造商来说几乎是一个四舍五入的误差。然而，这一数字同比增长了约 50%。本质上，Lucid 正在取得进展，寻求增长。</p>
</div><p>Moreover, Lucid's high-end cars have been well received, earning industry accolades. So this isn't a fly-by-night business that's clinging to life, even though the stock has fallen more than 90% from its highs. At those highs, Wall Street was clearly overly enamored with EV upstarts. Now investors could be overly pessimistic, ignoring the incremental successes that Lucid is steadily achieving.</p>
<div class="lb-trans"><p>此外，Lucid 的高端汽车受到了良好的市场反响，获得了行业赞誉。因此，这并不是一家依靠苟延残喘的企业，尽管其股票从高点下跌了 90% 以上。在高点时，华尔街显然对电动汽车新兴企业过于热衷。现在，投资者可能过于悲观，忽视了 Lucid 稳步取得的渐进式成功。</p>
</div><p>That said, not all investors have turned away from Lucid. In Q1, it was able to extend the maturity on a convertible note from 2026 to 2030. That's a big statement of confidence, and it gives the upstart EV maker more leeway to keep expanding and improving its business. It improved its gross margin in Q1 as it increased its volumes. To be fair, it is just losing less on every car that it sells than it did a year ago. But that's the path that a new manufacturing business has to go down, given the large up-front costs involved in starting from scratch.</p>
<div class="lb-trans"><p>话虽如此，并不是所有投资者都对 Lucid 失去了信心。在第一季度，它成功将一项可转换票据的到期日从 2026 年延长至 2030 年。这是一个巨大的信心声明，也为这家新兴电动汽车制造商提供了更多的空间来继续扩展和改善其业务。随着销量的增加，它在第一季度改善了毛利率。公平地说，它每辆车的亏损比一年前减少了。但考虑到从零开始的高前期成本，这正是新制造企业必须经历的道路。</p>
</div><h2>Both stocks are high-risk, but Lucid's future is better defined</h2>
<div class="lb-trans"><h2>两只股票风险都很高，但 Lucid 的未来更为明朗</h2>
</div><p>Lucid is still losing money and will likely continue to do so for years to come. So valuation metrics aren't meaningful for the upstart. However, the road it needs to traverse has been laid down by Tesla, so it is pretty clear what steps Lucid needs to take from here. There are very big risks involved, and risk-averse investors shouldn't buy it. But if you're looking at Tesla, you might want to consider Lucid instead.</p>
<div class="lb-trans"><p>Lucid 仍在亏损，并且可能在未来几年内继续亏损。因此，估值指标对这家新兴企业并没有太大意义。然而，它需要走的道路已经由特斯拉铺就，因此 Lucid 接下来需要采取的步骤相对明确。涉及的风险非常大，风险厌恶型投资者不应购买。但如果你在考虑特斯拉，或许可以考虑 Lucid。</p>
</div><p>Tesla makes great cars, but the business is clearly more mature than Lucid's. The other businesses hidden within Tesla present an opportunity, but they could flame out, too. So the huge valuation being afforded Tesla may not be worth the risk. Add in the CEO's volatile public image, and uncertainty increases materially.</p>
<div class="lb-trans"><p>特斯拉制造出色的汽车，但其业务显然比 Lucid 更为成熟。特斯拉内部隐藏的其他业务提供了机会，但也可能会失败。因此，特斯拉所获得的高估值可能并不值得冒这个风险。再加上首席执行官的公众形象波动，带来的不确定性显著增加。</p>
</div><p>Overall, if you were thinking about taking a risk on Tesla, it might be better to take a risk on Lucid. It has, for the most part, successfully achieved the key goals it has laid out as it looks to become the next Tesla.</p>
<div class="lb-trans"><p>总体而言，如果你考虑在特斯拉上冒险，或许在 Lucid 上冒险会更好。它在大多数情况下成功实现了其设定的关键目标，力求成为下一个特斯拉。</p>
</div>

Better EV Stock: Lucid vs. Tesla

- 特斯拉成功打入成熟汽车市场并创造电动车市场。  
- Lucid 在 2025 年第一季度销量增长 50%，但仍面临亏损。  
- 投资者对 Lucid 的未来持谨慎态度，可能更适合风险偏好者。

哪只电动车股票更好：Lucid 还是特斯拉