<p>2025 年，<strong>特斯拉</strong>(TSLA -1.75%) 投资者经历了一段颠簸的旅程。这家电动车制造商正面临来自各方的压力：媒体、消费者、分析师，等等。</p>
<p>但在所有离开品牌的消费者和对埃隆·马斯克政治行为感到沮丧的媒体背后，还有一些问题未被注意。让我们来看看最近的诉讼、人才流失以及有价值的零排放信用销售的损失。</p>
<h2>1. 诉讼不断增加</h2>
<p>就在本月初，埃隆·马斯克和特斯拉因隐瞒其自动驾驶车辆所带来的严重风险而被股东起诉，指控其证券欺诈。这起提议的集体诉讼是在本月初提起的，成为了这家汽车制造商在 6 月底于德克萨斯州奥斯汀进行的首次公开机器人出租车测试后的一个污点。</p>
<p>这些诉讼有着广泛的驱动因素，许多似乎源于马斯克本人的行为。事实上，截至 2023 年 8 月，特斯拉已经卷入超过 1,750 起诉讼，其中很大一部分发生在中国，而该公司在激烈的价格战和来自国内汽车制造商的竞争加剧的情况下，正努力保护市场份额和利润。</p>
<p>同样在本月初，联邦陪审团裁定特斯拉在一起 2019 年的车祸中部分承担责任，该起事故导致一名行人死亡，另一人重伤，而汽车当时处于自动驾驶模式。陪审团向原告判赔 4300 万美元的补偿性损害赔偿，以及另外 2 亿美元的惩罚性损害赔偿。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk4NTEvY3liZXJjYWJfOTIucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk4NTEvY3liZXJjYWJfOTIucG5nJnc9NzAw"/></p>
<p>特斯拉即将推出的机器人出租车可能会引发更多诉讼。图片来源：特斯拉。</p>
<p>这些诉讼确实很难跟踪，但投资者明智的做法是记住，这些诉讼正在累积，其中一些可能在品牌形象或直接损害赔偿方面造成巨大的成本。</p>
<h2>2. 人才流失令人担忧</h2>
<p>在特斯拉面临的负面新闻轰炸中，许多投资者对全年高管离职的情况置之不理。但这是一场人才流失，已经并且应该引起投资者的关注。</p>
<p>以下是一些关键离职人员的情况：</p>
<ul>
<li>Omead Afshar（北美/欧洲销售和制造副总裁）</li>
<li>Milan Kovac（Optimus 人形机器人团队负责人）</li>
<li>Vineet Mehta（电池架构负责人）</li>
<li>Troy Jones（北美销售、服务和交付副总裁）</li>
<li>Pete Bannon（硬件工程副总裁，芯片技术和 Dojo 超级计算机）</li>
<li>Piero Landolfi（北美服务总监）</li>
</ul>
<p>这些只是一些高管和关键人员的离职，涉及服务、销售、工程甚至机器人团队等关键领域的领导者。这些离职引发了对特斯拉领导力、运营挑战及其保持竞争力能力的担忧。</p>
<h2>3. 该领域的公司正在失去宝贵的收入</h2>
<p>说特斯拉和一些电动车竞争对手即将失去重要的收入来源，这个说法显得过于轻描淡写。没错：特斯拉、<strong>Lucid</strong> 和 <strong>Rivian</strong> 等公司即将看到数十亿美元的收入似乎在一夜之间消失，因为美国政策基本上结束了零排放信用市场。</p>
<p>本质上，政府以前对平均燃油经济性较低的汽车制造商，或那些生产更多燃油消耗车辆而较少生产电动车的公司进行惩罚，但这种情况不再存在。在不再执行惩罚的情况下，那些未能满足排放标准的公司不再有动力从电动车制造商那里购买零排放信用以满足标准。随着这些零排放信用市场的枯竭，拥有多余信用的电动车制造商也失去了相当一部分收入。国家公路交通安全管理局 (NHTSA) 已经停止向违反燃油经济性标准的汽车制造商发放合规信函。</p>
<h2>这意味着什么</h2>
<p>当雨下时，必然会倾盆而下——至少对于特斯拉今年的大多数发展来说是如此。但精明的投资者明智的做法是关注特斯拉的诉讼和大规模人才流失的发展，以及失去零排放信用带来的宝贵收入。这些问题尚未得到足够的关注，并且增加了围绕这家电动车制造商的不确定性。</p>
<p>长期投资者应该努力度过这场风暴，专注于公司的长期业务。但也可以公平地说，特斯拉正处于未来战略的十字路口，投资者将不得不重新审视他们的投资论点，以查看他们是否仍然一致。</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>特斯拉在 2025 年面临重大挑战，包括不断增加的诉讼、令人担忧的人才流失以及零排放信用收入的损失。股东因与自动驾驶风险相关的证券欺诈对特斯拉提起了诉讼，目前有超过 1750 起诉讼待决。关键高管的离职引发了运营方面的担忧，而美国政策的变化则威胁到数十亿美元的零排放信用收入。投资者应密切关注这些问题，因为它们给特斯拉的未来战略和在电动车市场的竞争力带来了不确定性</p>

<p>It's been a bumpy ride for <strong>Tesla</strong>(TSLA -1.75%) investors in 2025. The EV maker is feeling the heat from all angles: media, consumers, analysts, you name it.</p>
<div class="lb-trans"><p>2025 年，<strong>特斯拉</strong>(TSLA -1.75%) 投资者经历了一段颠簸的旅程。这家电动车制造商正面临来自各方的压力：媒体、消费者、分析师，等等。</p>
</div><p>But for all the consumers leaving the brand, and the media frustrated with Elon Musk's political antics, there are a few problems that have gone unnoticed. Let's take a look at recent lawsuits, the talent exodus, and the loss of valuable zero-emissions credit sales.</p>
<div class="lb-trans"><p>但在所有离开品牌的消费者和对埃隆·马斯克政治行为感到沮丧的媒体背后，还有一些问题未被注意。让我们来看看最近的诉讼、人才流失以及有价值的零排放信用销售的损失。</p>
</div><h2>1. Lawsuits keep mounting</h2>
<div class="lb-trans"><h2>1. 诉讼不断增加</h2>
</div><p>Just earlier this month, Elon Musk and Tesla were sued by shareholders who accused them of securities fraud for hiding the serious risk its self-driving vehicles posed. The proposed class action lawsuit was filed earlier this month and was a black eye after the automaker's first public test of its robotaxis in late June in Austin, Texas.</p>
<div class="lb-trans"><p>就在本月初，埃隆·马斯克和特斯拉因隐瞒其自动驾驶车辆所带来的严重风险而被股东起诉，指控其证券欺诈。这起提议的集体诉讼是在本月初提起的，成为了这家汽车制造商在 6 月底于德克萨斯州奥斯汀进行的首次公开机器人出租车测试后的一个污点。</p>
</div><p>These lawsuits have a wide range of driving forces, many seemingly from the actions of Musk himself. In fact, as of August 2023, Tesla was already party to over 1,750 lawsuits, a big chunk of them in China, where the company is already struggling to protect market share and profits amid a brutal price war and increased competition from domestic Chinese automakers.</p>
<div class="lb-trans"><p>这些诉讼有着广泛的驱动因素，许多似乎源于马斯克本人的行为。事实上，截至 2023 年 8 月，特斯拉已经卷入超过 1,750 起诉讼，其中很大一部分发生在中国，而该公司在激烈的价格战和来自国内汽车制造商的竞争加剧的情况下，正努力保护市场份额和利润。</p>
</div><p>Also earlier this month, a federal jury found Tesla partly liable in a 2019 car crash that killed a pedestrian and left another badly injured while the automobile was on Autopilot. The jury awarded the plaintiffs $43 million in compensatory damages for pain and suffering, plus another $200 million in punitive damages.</p>
<div class="lb-trans"><p>同样在本月初，联邦陪审团裁定特斯拉在一起 2019 年的车祸中部分承担责任，该起事故导致一名行人死亡，另一人重伤，而汽车当时处于自动驾驶模式。陪审团向原告判赔 4300 万美元的补偿性损害赔偿，以及另外 2 亿美元的惩罚性损害赔偿。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk4NTEvY3liZXJjYWJfOTIucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829851%2Fcybercab_92.png&amp;op=resize&amp;w=700"/></p>
<p>Tesla's upcoming robotaxi could open the doors to even more lawsuits. Image source: Tesla.</p>
<div class="lb-trans"><p>特斯拉即将推出的机器人出租车可能会引发更多诉讼。图片来源：特斯拉。</p>
</div><p>These lawsuits are certainly difficult to keep track of, but investors would be wise to remember that these lawsuits are adding up, and some can be very costly in brand image or directly through damages.</p>
<div class="lb-trans"><p>这些诉讼确实很难跟踪，但投资者明智的做法是记住，这些诉讼正在累积，其中一些可能在品牌形象或直接损害赔偿方面造成巨大的成本。</p>
</div><h2>2. A concerning talent exodus</h2>
<div class="lb-trans"><h2>2. 人才流失令人担忧</h2>
</div><p>Amid the flurry of negative news facing Tesla, many investors brushed off the peppering of executive departures throughout the year. But this is a talent exodus that has become, and should be, concerning to investors.</p>
<div class="lb-trans"><p>在特斯拉面临的负面新闻轰炸中，许多投资者对全年高管离职的情况置之不理。但这是一场人才流失，已经并且应该引起投资者的关注。</p>
</div><p>Here's a look at key departures, to name a few:</p>
<div class="lb-trans"><p>以下是一些关键离职人员的情况：</p>
</div><ul>
<li>Omead Afshar (VP/Head of Sales and Manufacturing, North America/Europe)</li>
<li>Milan Kovac (Head of Optimus Humanoid Robot Team)</li>
<li>Vineet Mehta (Head of Battery Architecture)</li>
<li>Troy Jones (VP of Sales, Service, and Delivery, North America)</li>
<li>Pete Bannon (VP of Hardware Engineering, Chip Tech, and Dojo Supercomputer)</li>
<li>Piero Landolfi (Director of Service, North America)</li>
</ul>
<div class="lb-trans"><ul>
<li>Omead Afshar（北美/欧洲销售和制造副总裁）</li>
<li>Milan Kovac（Optimus 人形机器人团队负责人）</li>
<li>Vineet Mehta（电池架构负责人）</li>
<li>Troy Jones（北美销售、服务和交付副总裁）</li>
<li>Pete Bannon（硬件工程副总裁，芯片技术和 Dojo 超级计算机）</li>
<li>Piero Landolfi（北美服务总监）</li>
</ul>
</div><p>Those were just a handful of high-profile executives and key personnel departing, and its leaders in key areas such as service, sales, engineering, and even the robotics team. The departures raise concerns about Tesla's leadership, operational challenges, and its current ability to remain competitive.</p>
<div class="lb-trans"><p>这些只是一些高管和关键人员的离职，涉及服务、销售、工程甚至机器人团队等关键领域的领导者。这些离职引发了对特斯拉领导力、运营挑战及其保持竞争力能力的担忧。</p>
</div><h2>3. Companies in this space are losing valuable revenue</h2>
<div class="lb-trans"><h2>3. 该领域的公司正在失去宝贵的收入</h2>
</div><p>To say that Tesla and some of its EV competitors are about to lose a significant revenue source is putting it lightly. That's right: Tesla, <strong>Lucid</strong>, and <strong>Rivian</strong>, among others, are about to see billions of dollars in revenue disappear seemingly overnight as U.S. policy essentially ends the zero-emission credit market.</p>
<div class="lb-trans"><p>说特斯拉和一些电动车竞争对手即将失去重要的收入来源，这个说法显得过于轻描淡写。没错：特斯拉、<strong>Lucid</strong> 和 <strong>Rivian</strong> 等公司即将看到数十亿美元的收入似乎在一夜之间消失，因为美国政策基本上结束了零排放信用市场。</p>
</div><p>Essentially, the government formerly penalized automakers with lower average fuel economy, or those that produced more gasoline-guzzling vehicles and fewer EVs, but that is no longer. Without penalties being enforced, those companies failing to meet emissions standards are no longer incentivized to purchase zero-emission credits from EV makers to meet standards. And as the market for those zero-emission credits dried up, so too did a significant chunk of revenue for EV makers with a surplus of such credits. The National Highway Traffic Safety Administration (NHTSA) has already stopped issuing compliance letters to automakers that violate the fuel economy standards.</p>
<div class="lb-trans"><p>本质上，政府以前对平均燃油经济性较低的汽车制造商，或那些生产更多燃油消耗车辆而较少生产电动车的公司进行惩罚，但这种情况不再存在。在不再执行惩罚的情况下，那些未能满足排放标准的公司不再有动力从电动车制造商那里购买零排放信用以满足标准。随着这些零排放信用市场的枯竭，拥有多余信用的电动车制造商也失去了相当一部分收入。国家公路交通安全管理局 (NHTSA) 已经停止向违反燃油经济性标准的汽车制造商发放合规信函。</p>
</div><h2>What it all means</h2>
<div class="lb-trans"><h2>这意味着什么</h2>
</div><p>When it rains, it pours -- at least that's how it seemed for most of Tesla's developments this year. But savvy investors would be wise to keep abreast of developments with Tesla lawsuits and its massive talent exodus, in addition to losing valuable revenue from zero-emission credits. These haven't been covered enough and raise uncertainty surrounding the EV maker.</p>
<div class="lb-trans"><p>当雨下时，必然会倾盆而下——至少对于特斯拉今年的大多数发展来说是如此。但精明的投资者明智的做法是关注特斯拉的诉讼和大规模人才流失的发展，以及失去零排放信用带来的宝贵收入。这些问题尚未得到足够的关注，并且增加了围绕这家电动车制造商的不确定性。</p>
</div><p>Long-term investors should try and weather the storm and stay focused on the company's business long term. But it's also fair to say Tesla is at a crossroads with its future strategy, and investors will have to revisit their investment thesis to see if they are still aligned.</p>
<div class="lb-trans"><p>长期投资者应该努力度过这场风暴，专注于公司的长期业务。但也可以公平地说，特斯拉正处于未来战略的十字路口，投资者将不得不重新审视他们的投资论点，以查看他们是否仍然一致。</p>
</div>

3 Serious Tesla Problems Investors Aren't Talking Enough About

- 特斯拉面临多起诉讼，股东指控其隐瞒自动驾驶风险。  
- 高管离职潮引发对公司领导力和竞争力的担忧。  
- 零排放信用市场政策变化将导致特斯拉等公司收入大幅减少。  

投资者没有充分讨论的三个特斯拉的严重问题