<p>通货膨胀自近期高峰以来已经大幅降温，但最新数据显示它又开始回升。来自《傻瓜投资网》的最新研究显示，核心通货膨胀在 6 月份上升至 2.7%，超过了美联储 2% 的目标。这给已经感受到高价格压力的公司和消费者带来了额外的压力。</p>
<p>虽然没有公司能完全免受通货膨胀的影响，但电动车（EV）公司正处于一个困难的境地，因为关税对它们的业务造成了负担，其中包括 <strong>特斯拉</strong>（TSLA 2.23%）。虽然投资者可能还不需要过于担心，但如果通货膨胀继续上升，这可能对特斯拉股票构成坏消息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc3MDQvY3liZXJ0cnVja180My5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc3MDQvY3liZXJ0cnVja180My5qcGcmdz03MDA"/></p>
<p>图片来源：特斯拉。</p>
<h2>1. 消费者需求已经停滞</h2>
<p>特斯拉的车辆并不像一些豪华电动车那样昂贵，但它们的价格仍然显著高于许多燃油车。目前，特斯拉的平均交易价格约为 55,000 美元，而传统车辆的价格为 49,000 美元。</p>
<p>特斯拉已经面临销售下滑的困境。该公司的汽车收入在第二季度下降了 16%，降至 167 亿美元。交付量也大幅下滑，下降了 14%，降至 384,000 辆。特斯拉正在重建品牌并试图振兴销售，但如果通货膨胀继续上升，可能会使特斯拉的销售复苏变得更加困难。利率已经处于高位，而上升的通货膨胀意味着利率可能会维持在较高水平，从而对消费者需求施加额外压力。</p>
<h2>2. 特斯拉的汽车利润率已经下降</h2>
<p>特斯拉的汽车利润率曾是汽车行业的羡慕对象，但在过去几年中急剧下降。其汽车毛利率在 2024 年为 18.4%，低于 2022 年的 28.5%。这一趋势仍在继续，公司的汽车利润率在第二季度滑落至 17.2%。</p>
<p>如果通货膨胀继续上升，可能会对特斯拉的利润率施加额外压力，因为公司在材料和劳动力上的支出增加。而随着电动车行业竞争加剧，特斯拉几乎没有空间提高车辆价格以抵消成本上升。</p>
<h2>3. 马斯克已经对关税表示担忧</h2>
<p>特斯拉已经面临因关税而增加的支出，首席执行官埃隆·马斯克最近表示，&#34;成本影响并不微不足道&#34;，为公司增加了约 3 亿美元的额外成本。</p>
<p>许多经济学家认为，特朗普政府对美国贸易伙伴的关税可能最终会推高通货膨胀。问题在于，没有人确切知道关税可能对通货膨胀产生多大影响，或持续多长时间。考虑一下美联储主席杰罗姆·鲍威尔最近对这一情况的看法：</p>
<blockquote>
<p>&#34;一个合理的基本情况是，通货膨胀的影响可能是短暂的，反映出价格水平的一次性变化。但也有可能通货膨胀的影响会更加持久，这是一种需要评估和管理的风险。&#34;</p>
</blockquote>
<p>通货膨胀可能只是一个短期问题，但也可能持续存在并造成更多经济损害。但马斯克并不乐观。他在 6 月于 X 平台上表示，唐纳德·特朗普总统的关税&#34;将在今年下半年导致经济衰退。&#34;</p>
<h2>特斯拉投资者不必过于恐慌</h2>
<p>虽然确实存在关于通货膨胀可能如何影响特斯拉的担忧，但现在可能还不是投资者过于担心的时候。虽然通货膨胀上升并不理想，但与 2022 年通货膨胀高峰 9.1% 相比，这并不是不可管理的。</p>
<p>如果关税继续快速推动通货膨胀上升，那可能会成为特斯拉投资者的真正担忧。但目前，公司还有更紧迫的问题需要解决——比如提升销售和修复下降的利润率——这些挑战在有或没有通货膨胀压力的情况下都存在。</p>

特斯拉

<p>通货膨胀再次上升，核心通胀率为 2.7%，高于美联储的目标。这给特斯拉带来了挑战，因为消费者对其车辆的需求正在停滞，利润率也在下降。特斯拉的汽车毛利率在第二季度降至 17.2%，而不断上升的关税增加了成本。尽管存在担忧，但投资者可能不需要过于恐慌，因为通货膨胀尚未达到峰值，而特斯拉面临的更紧迫挑战是提升销售和利润率</p>

<p>Inflation has cooled substantially since its recent peak, but some of the latest data shows that it's ticking upwards again. Recent research from The Motley Fool shows that core inflation rose to 2.7% in June, above the Federal Reserve's 2% target. That's putting additional pressure on companies and consumers, who are already feeling the pinch of high prices.</p>
<div class="lb-trans"><p>通货膨胀自近期高峰以来已经大幅降温，但最新数据显示它又开始回升。来自《傻瓜投资网》的最新研究显示，核心通货膨胀在 6 月份上升至 2.7%，超过了美联储 2% 的目标。这给已经感受到高价格压力的公司和消费者带来了额外的压力。</p>
</div><p>While no company is immune to inflation, electric vehicle (EV) companies are in a difficult spot right as tariffs have weighed down their businesses, and that includes <strong>Tesla</strong>(TSLA 2.23%). While investors probably don't need to worry quite yet, here's why inflation could be bad news for Tesla stock if it continues to march higher.</p>
<div class="lb-trans"><p>虽然没有公司能完全免受通货膨胀的影响，但电动车（EV）公司正处于一个困难的境地，因为关税对它们的业务造成了负担，其中包括 <strong>特斯拉</strong>（TSLA 2.23%）。虽然投资者可能还不需要过于担心，但如果通货膨胀继续上升，这可能对特斯拉股票构成坏消息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc3MDQvY3liZXJ0cnVja180My5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827704%2Fcybertruck_43.jpg&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>1. Consumer demand is already stalling</h2>
<div class="lb-trans"><h2>1. 消费者需求已经停滞</h2>
</div><p>Tesla's vehicles aren't as expensive as some luxury EVs, but they're still priced significantly higher than many gas-powered vehicles. The average transaction price for a Tesla is about $55,000 right now, compared to $49,000 for a traditional vehicle.</p>
<div class="lb-trans"><p>特斯拉的车辆并不像一些豪华电动车那样昂贵，但它们的价格仍然显著高于许多燃油车。目前，特斯拉的平均交易价格约为 55,000 美元，而传统车辆的价格为 49,000 美元。</p>
</div><p>Tesla is already struggling from falling sales. The company's auto revenue fell 16% in the second quarter to $16.7 billion. Deliveries took a nosedive too, sliding 14% to 384,000. Tesla's already in the process of rebuilding its brand and trying to reinvigorate its sales, but if inflation continues to tick higher, it could make it more difficult for Tesla's sales to rebound. Interest rates are already elevated, and rising inflation means rates could stay higher for longer, putting additional pressure on consumer demand.</p>
<div class="lb-trans"><p>特斯拉已经面临销售下滑的困境。该公司的汽车收入在第二季度下降了 16%，降至 167 亿美元。交付量也大幅下滑，下降了 14%，降至 384,000 辆。特斯拉正在重建品牌并试图振兴销售，但如果通货膨胀继续上升，可能会使特斯拉的销售复苏变得更加困难。利率已经处于高位，而上升的通货膨胀意味着利率可能会维持在较高水平，从而对消费者需求施加额外压力。</p>
</div><h2>2. Tesla's automotive profit margin has declined</h2>
<div class="lb-trans"><h2>2. 特斯拉的汽车利润率已经下降</h2>
</div><p>Tesla's auto profit margin was once the envy of the automotive industry, but it's declined sharply over the past few years. Its automotive gross margin was 18.4% in 2024, down from 28.5% in 2022. The trend continues to decline, with the company's automotive margin sliding to 17.2% in Q2.</p>
<div class="lb-trans"><p>特斯拉的汽车利润率曾是汽车行业的羡慕对象，但在过去几年中急剧下降。其汽车毛利率在 2024 年为 18.4%，低于 2022 年的 28.5%。这一趋势仍在继续，公司的汽车利润率在第二季度滑落至 17.2%。</p>
</div><p>If inflation continues to go up, it could put additional pressure on Tesla's margins as the company pays more for materials and labor. And with competition heating up in the EV industry, there's little room for Tesla to raise vehicle prices to offset a rise in costs.</p>
<div class="lb-trans"><p>如果通货膨胀继续上升，可能会对特斯拉的利润率施加额外压力，因为公司在材料和劳动力上的支出增加。而随着电动车行业竞争加剧，特斯拉几乎没有空间提高车辆价格以抵消成本上升。</p>
</div><h2>3. Musk is already concerned about tariffs</h2>
<div class="lb-trans"><h2>3. 马斯克已经对关税表示担忧</h2>
</div><p>Tesla is already facing rising expenses due to tariffs, and CEO Elon Musk said recently that &#34;the cost impact is not trivial&#34; for the company, adding about $300 million in additional costs.</p>
<div class="lb-trans"><p>特斯拉已经面临因关税而增加的支出，首席执行官埃隆·马斯克最近表示，&#34;成本影响并不微不足道&#34;，为公司增加了约 3 亿美元的额外成本。</p>
</div><p>Many economists think that the Trump administration's tariffs on U.S. trading partners could eventually push inflation higher. The problem is that no one knows for sure to what degree tariffs may affect inflation, or for how long. Consider what Federal Reserve Chairman Jerome Powell said about the situation recently:</p>
<div class="lb-trans"><p>许多经济学家认为，特朗普政府对美国贸易伙伴的关税可能最终会推高通货膨胀。问题在于，没有人确切知道关税可能对通货膨胀产生多大影响，或持续多长时间。考虑一下美联储主席杰罗姆·鲍威尔最近对这一情况的看法：</p>
</div><blockquote>
<p>&#34;A reasonable base case is that the effects on inflation could be short-lived, reflecting a onetime shift in the price level. But it is also possible that the inflationary effects could instead be more persistent, and that is a risk to be assessed and managed.&#34;</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>&#34;一个合理的基本情况是，通货膨胀的影响可能是短暂的，反映出价格水平的一次性变化。但也有可能通货膨胀的影响会更加持久，这是一种需要评估和管理的风险。&#34;</p>
</blockquote>
</div><p>Inflation may only be a short-term problem, but it could also linger and cause more economic harm. But Musk isn't optimistic. He said on X in June that President Donald Trump's tariffs &#34;will cause a recession in the second half of this year.&#34;</p>
<div class="lb-trans"><p>通货膨胀可能只是一个短期问题，但也可能持续存在并造成更多经济损害。但马斯克并不乐观。他在 6 月于 X 平台上表示，唐纳德·特朗普总统的关税&#34;将在今年下半年导致经济衰退。&#34;</p>
</div><h2>Tesla investors shouldn't panic just yet</h2>
<div class="lb-trans"><h2>特斯拉投资者不必过于恐慌</h2>
</div><p>While there certainly are concerns about how inflation might affect Tesla, it's probably not time for investors to worry too much just yet. It's not ideal that it's rising, but it's not unmanageable, especially compared to recent years when inflation peaked at 9.1% in 2022.</p>
<div class="lb-trans"><p>虽然确实存在关于通货膨胀可能如何影响特斯拉的担忧，但现在可能还不是投资者过于担心的时候。虽然通货膨胀上升并不理想，但与 2022 年通货膨胀高峰 9.1% 相比，这并不是不可管理的。</p>
</div><p>If tariffs continue to drive inflation higher at a rapid pace, that could become a real concern for Tesla investors. But for now, the company has more immediate issues to tackle -- like boosting sales and repairing its falling profit margins -- challenges that exist with or without inflationary pressure.</p>
<div class="lb-trans"><p>如果关税继续快速推动通货膨胀上升，那可能会成为特斯拉投资者的真正担忧。但目前，公司还有更紧迫的问题需要解决——比如提升销售和修复下降的利润率——这些挑战在有或没有通货膨胀压力的情况下都存在。</p>
</div>

Inflation Is Ticking Upwards. Should Tesla Investors Be Worried?

- 核心通胀在 6 月升至 2.7%，超出美联储 2% 的目标。  
- 特斯拉汽车利润率下降，第二季度降至 17.2%。  
- 马斯克担忧关税影响，称其成本增加约 3 亿美元。  

通货膨胀正在上升，特斯拉的投资者是否应该感到担忧？