<p><strong>特斯拉</strong>(TSLA 3.49%) 无疑是一只表现优异的股票。在过去十年中，它的回报率达到了令人印象深刻的 1,760%，一路超越市场。</p>
<p>但这只受欢迎的电动车（EV）股票并没有给投资者带来顺利的旅程。截至 2024 年 12 月 23 日，股价比峰值低了 31%。市场显然对公司的表现不满意，增长放缓和盈利能力下降已成为新常态。</p>
<p>尽管如此，这只股票仍然是历史赢家。那么，现在应该购买特斯拉吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ5NjAvdHdvLXRlc2xhcy1pbi1hLWxpbmUtZHJpdmluZy1vbi1yb2FkLnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ5NjAvdHdvLXRlc2xhcy1pbi1hLWxpbmUtZHJpdmluZy1vbi1yb2FkLnBuZyZ3PTcwMA"/></p>
<p>图片来源：特斯拉。</p>
<h2>最新趋势描绘了令人失望的画面</h2>
<p>在截至 2025 年 6 月 30 日的三个月期间，特斯拉以低于华尔街预期的财务指标让投资者失望。收入同比下降 12%，降至 225 亿美元，而调整后的每股收益下降 23%，降至 0.40 美元。盘后股价下跌超过 4%。</p>
<p>收入受到电动车交付量下降的负面影响。此外，平均售价也面临压力。创始人兼首席执行官埃隆·马斯克对特斯拉品牌造成的损害在需求方面也起到了作用。竞争并没有让情况变得更容易，这进一步强调了特斯拉需要推出更便宜的选项，以吸引更广泛的客户群并提升销售数字。</p>
<p>在这方面，投资者确实得到了好消息。股东报告中写道：“我们继续扩大我们的车辆产品，包括在 6 月推出的更实惠车型的首次生产，计划在 2025 年下半年进行量产。” 这一发展尤其及时，因为 9 月 30 日将取消 7,500 美元的联邦电动车税收抵免。</p>
<h2>特斯拉的命运取决于自动驾驶</h2>
<p>截至 7 月 23 日，特斯拉的股价市盈率（P/E）为 183。这一高估值并不是新情况，因为这家公司似乎总是以高倍数出售。作为比较，特斯拉的市盈率是 <strong>标准普尔 500</strong> 指数的七倍多。并且比奢侈汽车制造商 <strong>法拉利</strong> 的市盈率高出三倍以上，后者在第一季度报告了 30.3% 的出色营业利润率。</p>
<p>特斯拉是一只故事股，投资者总是相信埃隆·马斯克的宏伟愿景。根据这一估值，市场认为特斯拉能够实现其推出全球机器人出租车平台的目标，而这一估值与当前业务的现实并无任何关系。马斯克认为，这项服务可能会看到 “准无限” 的需求。</p>
<p>然而，没有什么是确定的。在经历了多年的延迟后，特斯拉终于在 6 月在德克萨斯州奥斯汀启动了一项小规模的机器人出租车测试。计划在年底前进入其他城市。事实上，马斯克甚至表示：“到年底，我们可能会在美国一半的人口中实现自动驾驶叫车服务。”</p>
<p>但监管障碍依然存在，技术挑战也不少。因此，投资者应当调整他们的预期。值得强调的是，特斯拉在 <strong>Alphabet</strong> 的 Waymo 方面落后得多，后者在 4 月达到了每周 250,000 次的国内出行，并在五个美国城市提供服务，迈阿密和华盛顿特区也在计划之中。</p>
<p>毫无疑问，特斯拉是世界上最具创新性和颠覆性的公司之一。到目前为止，它在人工智能和机器人技术方面的进展证明了这一点，更不用说该公司如何完全推动了电动车在全球更多客户中的普及。</p>
<p>但特斯拉在五年或十年后的样子谁也无法预测。它可能与今天的样子相同，也可能在运营一个蓬勃发展的机器人出租车服务，赚取巨额利润。然而，基于当前的估值，下行风险是相当大的。投资者在购买该股票之前可能需要三思而后行。</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>特斯拉的股票在过去十年中实现了 1,760% 的回报，但目前比峰值低 31%。最近的财务结果显示，收入下降了 12%，每股收益下降了 23%，导致盘后股价下跌了 4%。公司面临电动车交付量下降和竞争加剧的挑战。尽管有推出更实惠车型和发展机器人出租车服务的计划，但投资者被提醒注意 183 的高市盈率和潜在风险，建议他们重新考虑是否现在购买该股票</p>

<p><strong>Tesla</strong>(TSLA 3.49%) is without a doubt a top-performing stock. In the past decade, it has returned an impressive 1,760%, crushing the market along the way.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA 3.49%) 无疑是一只表现优异的股票。在过去十年中，它的回报率达到了令人印象深刻的 1,760%，一路超越市场。</p>
</div><p>But this popular electric vehicle (EV) stock hasn't taken investors on a smooth ride. As of July 23, shares trade 31% below their peak from December 2024. The market clearly isn't happy with how the business has been performing, with slower growth and declining profitability the new normal.</p>
<div class="lb-trans"><p>但这只受欢迎的电动车（EV）股票并没有给投资者带来顺利的旅程。截至 2024 年 12 月 23 日，股价比峰值低了 31%。市场显然对公司的表现不满意，增长放缓和盈利能力下降已成为新常态。</p>
</div><p>Nonetheless, the stock is a historical winner. So, should you buy Tesla right now?</p>
<div class="lb-trans"><p>尽管如此，这只股票仍然是历史赢家。那么，现在应该购买特斯拉吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ5NjAvdHdvLXRlc2xhcy1pbi1hLWxpbmUtZHJpdmluZy1vbi1yb2FkLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824960%2Ftwo-teslas-in-a-line-driving-on-road.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><h2>Latest trends paint a disappointing picture</h2>
<div class="lb-trans"><h2>最新趋势描绘了令人失望的画面</h2>
</div><p>During the three-month period that ended June 30 (second-quarter 2025), Tesla disappointed investors with financial metrics that came in below Wall Street expectations. Revenue declined 12% year over year to $22.5 billion, while adjusted earnings per share dipped 23% to $0.40. The stock was down more than 4% in the after hours.</p>
<div class="lb-trans"><p>在截至 2025 年 6 月 30 日的三个月期间，特斯拉以低于华尔街预期的财务指标让投资者失望。收入同比下降 12%，降至 225 亿美元，而调整后的每股收益下降 23%，降至 0.40 美元。盘后股价下跌超过 4%。</p>
</div><p>The top line was negatively affected by falling EV deliveries. What's more, average selling prices have been under pressure. The damage that founder and CEO Elon Musk caused to Tesla's brand is also playing a role when it comes to demand. Competition isn't making things easier, which reinforces the need for Tesla to introduce cheaper options to target a wider customer base and boost sales figures.</p>
<div class="lb-trans"><p>收入受到电动车交付量下降的负面影响。此外，平均售价也面临压力。创始人兼首席执行官埃隆·马斯克对特斯拉品牌造成的损害在需求方面也起到了作用。竞争并没有让情况变得更容易，这进一步强调了特斯拉需要推出更便宜的选项，以吸引更广泛的客户群并提升销售数字。</p>
</div><p>Investors did get some good news on this front. &#34;We continue to expand our vehicle offering, including first builds of a more affordable model in June, with volume production planned for the second half of 2025,&#34; the shareholder presentation reads. This development is especially timely given the elimination of the $7,500 federal EV tax credit that will happen on Sept. 30.</p>
<div class="lb-trans"><p>在这方面，投资者确实得到了好消息。股东报告中写道：“我们继续扩大我们的车辆产品，包括在 6 月推出的更实惠车型的首次生产，计划在 2025 年下半年进行量产。” 这一发展尤其及时，因为 9 月 30 日将取消 7,500 美元的联邦电动车税收抵免。</p>
</div><h2>Tesla's fate rests on autonomous driving</h2>
<div class="lb-trans"><h2>特斯拉的命运取决于自动驾驶</h2>
</div><p>As of this writing on July 23, Tesla shares trade at a price-to-earnings (P/E) ratio of 183. That nosebleed valuation isn't a new development, as this company always seems to sell for a steep multiple. For comparison's sake, Tesla's P/E ratio is more than seven times more expensive than the <strong>S&amp;P 500</strong> index. And it's more than three times higher than luxury carmaker <strong>Ferrari</strong>, which reported a superb operating margin of 30.3% in the first quarter.</p>
<div class="lb-trans"><p>截至 7 月 23 日，特斯拉的股价市盈率（P/E）为 183。这一高估值并不是新情况，因为这家公司似乎总是以高倍数出售。作为比较，特斯拉的市盈率是 <strong>标准普尔 500</strong> 指数的七倍多。并且比奢侈汽车制造商 <strong>法拉利</strong> 的市盈率高出三倍以上，后者在第一季度报告了 30.3% 的出色营业利润率。</p>
</div><p>Tesla is a story stock, as investors are always believing in Elon Musk's grand vision. Based on the valuation, which is not even remotely rooted in the reality of the business today, the market sees Tesla succeeding with its goal of launching a global robo-taxi platform. Musk thinks this service could see &#34;quasi-infinite&#34; demand.</p>
<div class="lb-trans"><p>特斯拉是一只故事股，投资者总是相信埃隆·马斯克的宏伟愿景。根据这一估值，市场认为特斯拉能够实现其推出全球机器人出租车平台的目标，而这一估值与当前业务的现实并无任何关系。马斯克认为，这项服务可能会看到 “准无限” 的需求。</p>
</div><p>However, nothing is certain. After years of delays, Tesla finally launched a small robo-taxi test in Austin, Texas in June. There are plans to enter other cities before the end of the year. In fact, Musk went so far as to say that &#34;we will probably have autonomous ride-hailing in probably half the population of the U.S. by the end of the year.&#34;</p>
<div class="lb-trans"><p>然而，没有什么是确定的。在经历了多年的延迟后，特斯拉终于在 6 月在德克萨斯州奥斯汀启动了一项小规模的机器人出租车测试。计划在年底前进入其他城市。事实上，马斯克甚至表示：“到年底，我们可能会在美国一半的人口中实现自动驾驶叫车服务。”</p>
</div><p>But regulatory hurdles remain, as well as technical challenges. So, investors should temper their expectations. It's also worth highlighting how far Tesla is behind <strong>Alphabet</strong>'s Waymo, which reached 250,000 trips per week domestically in April and offers the service in five U.S. cities, with Miami and Washington, D.C. on the way.</p>
<div class="lb-trans"><p>但监管障碍依然存在，技术挑战也不少。因此，投资者应当调整他们的预期。值得强调的是，特斯拉在 <strong>Alphabet</strong> 的 Waymo 方面落后得多，后者在 4 月达到了每周 250,000 次的国内出行，并在五个美国城市提供服务，迈阿密和华盛顿特区也在计划之中。</p>
</div><p>There's no denying that Tesla is one of the most innovative and disruptive companies the world has seen. Its progress thus far in artificial intelligence and robotics proves this, not to mention how the business completely spurred the advancement of EVs to more customers worldwide.</p>
<div class="lb-trans"><p>毫无疑问，特斯拉是世界上最具创新性和颠覆性的公司之一。到目前为止，它在人工智能和机器人技术方面的进展证明了这一点，更不用说该公司如何完全推动了电动车在全球更多客户中的普及。</p>
</div><p>But what Tesla will look like five or 10 years down the road is anyone's guess. It could look the same as it does today, or it could be running a thriving robo-taxi service that rakes in monster profits. Based on the current valuation, though, the downside risk is substantial. Investors might want to think twice before buying the stock.</p>
<div class="lb-trans"><p>但特斯拉在五年或十年后的样子谁也无法预测。它可能与今天的样子相同，也可能在运营一个蓬勃发展的机器人出租车服务，赚取巨额利润。然而，基于当前的估值，下行风险是相当大的。投资者在购买该股票之前可能需要三思而后行。</p>
</div>

Is Tesla Stock a Buy Now?

- 特斯拉过去十年回报达 1,760%，但近期表现不佳。  
- 第二季度收入同比下降 12%，调整后每股收益降至 $0.40。  
- 投资者需谨慎，特斯拉面临竞争和技术挑战。  

特斯拉的股票现在是否值得购买？