<p>除非你故意躲避新闻——这可以理解——否则你应该知道，<strong>特斯拉</strong>(TSLA 2.28%) 的投资者们有很多信息需要消化。从特斯拉未支付账单并伤害小企业的指控，到首席执行官埃隆·马斯克的政治巡演引发的消费者反弹（我们不能忘记销售下滑和全球利润），这真是一场倾盆大雨。让我们考虑一下最近的障碍，以及马斯克获得 290 亿美元丰厚薪酬的情况。</p>
<h2>海外的螺旋</h2>
<p>来自欧洲的七月数据正在逐渐浮现，显示特斯拉的注册量比去年下降了 41.6%，尽管整个欧洲的电动车（EV）销售正在激增。</p>
<p>这延续了电动车制造商在 2025 年上半年面临的销售螺旋下降问题。问题在于，下降的原因本应是新款 Model Y 供应有限——但问题似乎比这更深层次。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMzUvbmV3bW9kZWx5XzY1LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMzUvbmV3bW9kZWx5XzY1LmpwZyZ3PTcwMA"/></p>
<p>新款 Model Y。图片来源：特斯拉。</p>
<p>在中国，特斯拉的故事也类似，这是另一个关键市场。与去年相比，其中国制造电动车的销售在七月下降了 8.4%。这与特斯拉在六月小幅增长形成了对比，而六月的增长当时结束了长达八个月的销售下滑。</p>
<h2>消费者反弹</h2>
<p>消费者的不满是真实存在的，马斯克的政治立场使一些买家转向新的品牌。根据 S&amp;P Global Mobility 的新数据，这种影响正在对特斯拉曾经无可挑剔的品牌形象产生影响，该机构跟踪汽车行业的销售数据。</p>
<p>新数据显示，特斯拉的消费者忠诚度在 2024 年七月骤降，与马斯克公开承诺参与反环保政治运动相关。根据路透社的报道，特斯拉的忠诚度在 2024 年六月达到 73% 的峰值，随后在三月降至 49.9%。无论如何，这都是消费者情绪的快速而戏剧性的下降，实际上将买家驱向了其他品牌。</p>
<h2>巨额薪酬</h2>
<p>特斯拉董事会授予马斯克 9600 万股股票，价值约 290 亿美元，旨在让这位亿万富翁在其多项业务和投资中专注于电动车公司。此次投票是在 2024 年特拉华州法院裁定马斯克 2018 年薪酬方案无效后进行的，该方案的价值超过 500 亿美元。法院表示，批准过程存在缺陷，对股东不公平。</p>
<p>根据《汽车新闻》的报道，专门成立的委员会在考虑新的薪酬方案时表示：“虽然我们认识到埃隆的商业冒险、兴趣和其他潜在的时间和注意力需求是广泛而多样的……我们相信，这项奖励将激励埃隆继续留在特斯拉。”</p>
<h2>这意味着什么</h2>
<p>特斯拉及其投资者显然处于一个十字路口。虽然销售电动车和零排放信用使这家年轻公司维持运营，但它不断提醒投资者，其未来可能更多地与人工智能（AI）、机器人技术和机器人出租车服务相关。长期投资者应保持现状，但也应为接下来的几个季度做好准备，因为公司正在经历即将到来的身份危机、机器人出租车的缓慢推进以及老化的产品线。</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>特斯拉面临重大挑战，包括欧洲注册量下降 41.6% 和中国制造电动车销量下降 8.4%。这一下滑归因于供应问题以及消费者对首席执行官埃隆·马斯克政治立场的反感，导致品牌忠诚度从 73% 降至 49.9%。尽管面临这些困难，马斯克通过一项新的股票授予获得了 290 亿美元的收入，此前法院裁定其之前的薪酬方案无效。投资者被建议做好准备，迎接特斯拉在身份危机和市场动态变化中所经历的动荡时期</p>

<p>Unless you've been purposely hiding from the news -- which would be understandable -- you know that investors in <strong>Tesla</strong>(TSLA 2.28%) have had plenty to digest. Between allegations Tesla isn't paying its bills and hurting small businesses, to facing consumer backlash from CEO Elon Musk's political tour (and we can't forget the sliding sales and global profits), it's been a full downpour. Let's consider the recent speed bumps, as well as Musk being rewarded with a hefty $29 billion payday.</p>
<div class="lb-trans"><p>除非你故意躲避新闻——这可以理解——否则你应该知道，<strong>特斯拉</strong>(TSLA 2.28%) 的投资者们有很多信息需要消化。从特斯拉未支付账单并伤害小企业的指控，到首席执行官埃隆·马斯克的政治巡演引发的消费者反弹（我们不能忘记销售下滑和全球利润），这真是一场倾盆大雨。让我们考虑一下最近的障碍，以及马斯克获得 290 亿美元丰厚薪酬的情况。</p>
</div><h2>The overseas spiral</h2>
<div class="lb-trans"><h2>海外的螺旋</h2>
</div><p>July figures are seeping in from Europe, and they show that Tesla registrations checked in 41.6% lower compared to the prior year, despite sales of electric vehicles (EVs) surging across the Continent.</p>
<div class="lb-trans"><p>来自欧洲的七月数据正在逐渐浮现，显示特斯拉的注册量比去年下降了 41.6%，尽管整个欧洲的电动车（EV）销售正在激增。</p>
</div><p>It's a continuation of the sales spiral the EV maker faced during the first half of 2025. And the problem is that the decline was supposedly due to the new Model Y being in limited supply -- but the issues appear to be deeper than that.</p>
<div class="lb-trans"><p>这延续了电动车制造商在 2025 年上半年面临的销售螺旋下降问题。问题在于，下降的原因本应是新款 Model Y 供应有限——但问题似乎比这更深层次。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMzUvbmV3bW9kZWx5XzY1LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828235%2Fnewmodely_65.jpg&amp;op=resize&amp;w=700"/></p>
<p>The new Model Y. Image source: Tesla.</p>
<div class="lb-trans"><p>新款 Model Y。图片来源：特斯拉。</p>
</div><p>The story is similar in China, another crucial market for Tesla. Its sales of China-made EVs dropped 8.4% in July compared to the prior year. That was a reversal from the small gain Tesla posted in June, which at the time reversed an eight-month losing streak.</p>
<div class="lb-trans"><p>在中国，特斯拉的故事也类似，这是另一个关键市场。与去年相比，其中国制造电动车的销售在七月下降了 8.4%。这与特斯拉在六月小幅增长形成了对比，而六月的增长当时结束了长达八个月的销售下滑。</p>
</div><h2>The consumer backlash</h2>
<div class="lb-trans"><h2>消费者反弹</h2>
</div><p>The consumer displeasure is real, and Musk's political allegiances have pushed some buyers to new and different brands. There's evidence of the effect this is having on Tesla's once-spotless brand image, according to new data from S&amp;P Global Mobility, which tracks sales data across the automotive industry.</p>
<div class="lb-trans"><p>消费者的不满是真实存在的，马斯克的政治立场使一些买家转向新的品牌。根据 S&amp;P Global Mobility 的新数据，这种影响正在对特斯拉曾经无可挑剔的品牌形象产生影响，该机构跟踪汽车行业的销售数据。</p>
</div><p>The new data, shared with Reuters, showed that Tesla's consumer loyalty took a nosedive in July 2024, correlating with Musk's public commitment to an anti-environmental political campaign. According to Reuters, Tesla's loyalty peaked at 73% in June 2024 before bottoming out in March at 49.9%. No matter how you slice it, that's a quick and dramatic decline in consumer sentiment, literally driving buyers to another brand.</p>
<div class="lb-trans"><p>新数据显示，特斯拉的消费者忠诚度在 2024 年七月骤降，与马斯克公开承诺参与反环保政治运动相关。根据路透社的报道，特斯拉的忠诚度在 2024 年六月达到 73% 的峰值，随后在三月降至 49.9%。无论如何，这都是消费者情绪的快速而戏剧性的下降，实际上将买家驱向了其他品牌。</p>
</div><h2>A massive payday</h2>
<div class="lb-trans"><h2>巨额薪酬</h2>
</div><p>Tesla's board granted Musk 96 million shares, worth roughly $29 billion, in an attempt to keep the billionaire focused on the EV company amid his multiple businesses and ventures. The vote comes after a 2024 Delaware court ruling that voided Musk's 2018 compensation package, which was valued at over $50 billion. The court said the approval process was flawed and unfair to shareholders.</p>
<div class="lb-trans"><p>特斯拉董事会授予马斯克 9600 万股股票，价值约 290 亿美元，旨在让这位亿万富翁在其多项业务和投资中专注于电动车公司。此次投票是在 2024 年特拉华州法院裁定马斯克 2018 年薪酬方案无效后进行的，该方案的价值超过 500 亿美元。法院表示，批准过程存在缺陷，对股东不公平。</p>
</div><p>According to <em>Automotive News</em>, the special committee that was formed to consider the new pay package said: &#34;While we recognize Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging ... we are confident that this award will incentivize Elon to remain at Tesla.&#34;</p>
<div class="lb-trans"><p>根据《汽车新闻》的报道，专门成立的委员会在考虑新的薪酬方案时表示：“虽然我们认识到埃隆的商业冒险、兴趣和其他潜在的时间和注意力需求是广泛而多样的……我们相信，这项奖励将激励埃隆继续留在特斯拉。”</p>
</div><h2>What it all means</h2>
<div class="lb-trans"><h2>这意味着什么</h2>
</div><p>Tesla and its investors certainly appear to be at a crossroads. While selling EVs and zero-emission credits keeps the lights on for the young company, it constantly reminds investors that its future may be more in line with artificial intelligence (AI), robotics, and robotaxi services. Long-term investors should stay the course but should also prepare for a bumpy few quarters as the company works through its upcoming identity crisis, the slow ramp-up of the robotaxi, and an aging lineup.</p>
<div class="lb-trans"><p>特斯拉及其投资者显然处于一个十字路口。虽然销售电动车和零排放信用使这家年轻公司维持运营，但它不断提醒投资者，其未来可能更多地与人工智能（AI）、机器人技术和机器人出租车服务相关。长期投资者应保持现状，但也应为接下来的几个季度做好准备，因为公司正在经历即将到来的身份危机、机器人出租车的缓慢推进以及老化的产品线。</p>
</div>

Tesla Stumbles, but Elon Musk Gets a Massive Payday

- 特斯拉面临销售下滑，欧洲注册量同比下降 41.6%。  
- 中国市场销量也下降 8.4%，消费者忠诚度显著降低。  
- 马斯克获得 290 亿美元的股票奖励以保持专注。  

特斯拉遇挫，但埃隆·马斯克获得了巨额薪酬