<p><strong>特斯拉</strong>(TSLA 2.02%) 在颠覆汽车行业方面值得高度赞扬。其电动汽车（EV）系列使其成为一个备受推崇的品牌，以设计和创新的前沿而闻名。尽管过去表现非常良好，但截至 8 月 22 日，其股价仍比峰值低 30%。</p>
<p>也许是时候让投资者关注其他地方了。这只在过去五年中上涨了 143% 的汽车股票，是否在未来五年内比特斯拉更值得投资？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2Mzgvc3BvcnRzLWNhci1kcml2aW5nLXJvYWQtbmVhci1tb3VudGFpbnMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="350" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2Mzgvc3BvcnRzLWNhci1kcml2aW5nLXJvYWQtbmVhci1tb3VudGFpbnMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>特斯拉的熊市论点</h2>
<p>特斯拉如今可能是一家万亿美元的企业，但投资者担忧的理由并不少。增长受到打击，第二季度（截至 6 月 30 日）的交付量和收入分别同比下降了 13% 和 12%。更高的利率也无济于事，因为这使得汽车变得更难以负担。此外，竞争依然激烈；特斯拉不再是唯一的电动车游戏，国内和国际竞争对手在行业中也开始崭露头角。</p>
<p>管理层已降低价格以维持销量，这侵蚀了盈利能力。特斯拉在 2022 年报告的营业利润率为 16.8%。在最新的季度中，这一指标降至 4.1%。这是投资者不希望看到的趋势。</p>
<p>当然，长期的论点依赖于特斯拉推出全球机器人出租车服务。如果成功执行，这可能会带来财务上的好处。但就目前而言，未来高度不确定，关于技术进展、监管变化和用户接受度的问题依然存在。</p>
<h2>将奢华带入汽车行业</h2>
<p>投资者或许可以将注意力转向 <strong>法拉利</strong>(RACE -0.54%)。这不是一家典型的汽车公司。它本质上是一个顶级奢侈品牌，销售极其昂贵的车辆，有些车型的价格高达数百万美元。该公司故意限制生产和交付，主要目的是支持品牌并保持一定的独特性。</p>
<p>法拉利在第二季度仅售出 3,494 辆。与 <strong>福特</strong> 这样的大众汽车制造商相比，后者销售的车辆数量要多得多。即使是作为高端品牌的特斯拉，销售的汽车数量也远远超过法拉利。</p>
<p>法拉利的增长并没有引起太多关注，但它稳健且可靠。第二季度收入增长了 4.4%，比 2019 年同期高出 82%。</p>
<p>法拉利的特别之处在于其收入报表的下方。该公司报告第二季度营业利润率为 30.9%。这与知名消费品牌 <strong>苹果</strong> 相当。而且远远领先于特斯拉的水平。</p>
<p>能够灵活运用定价权是一个关键的战略优势。法拉利可以提高其车辆的价格，需求仍然强劲，历史上就是如此。该公司基本上是为全球最富有的人群提供服务。他们并不一定担心收紧预算。展示他们的地位是关键，拥有一辆法拉利正是这种展示的一部分。这在经济衰退的情况下也应当成立。</p>
<p>法拉利的股票远比特斯拉便宜。前者的市盈率为 48.8，而后者的市盈率高达 195.5。特斯拉似乎总是昂贵，因为投资者会追随埃隆·马斯克的言论。这使得它成为一个故事股。投资者可能永远无法以便宜的估值买入特斯拉。</p>
<p>需要明确的是，法拉利的股票并不便宜。但考虑到其在任何经济情况下的持久表现、稳定增长和惊人的利润，我认为在未来五年内，法拉利是更值得拥有的股票。</p>

特斯拉

法拉利

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>这篇文章比较了特斯拉和法拉利作为未来五年的投资选择。尽管特斯拉过去表现出色，但面临着增长放缓、竞争加剧和盈利能力下降等挑战。相比之下，法拉利作为一个限量生产的奢侈品牌，展现出稳定的增长和强劲的利润率，使其成为潜在的更好投资。法拉利的市盈率显著低于特斯拉，这表明它可能提供更多的价值。总体而言，作者认为法拉利是面向未来的投资者更优的股票选择</p>

<p><strong>Tesla</strong>(TSLA 2.02%) deserves a ton of credit for disrupting the auto industry. Its lineup of electric vehicles (EVs) has made it a highly regarded brand known to be at the cutting edge of design and innovation. Shares have performed very well in the past, although they trade 30% below their peak (as of Aug. 22).</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA 2.02%) 在颠覆汽车行业方面值得高度赞扬。其电动汽车（EV）系列使其成为一个备受推崇的品牌，以设计和创新的前沿而闻名。尽管过去表现非常良好，但截至 8 月 22 日，其股价仍比峰值低 30%。</p>
</div><p>Maybe it's time for investors to look elsewhere. Is this other auto stock, which has climbed 143% in the past five years, a better investment than Tesla over the next five years?</p>
<div class="lb-trans"><p>也许是时候让投资者关注其他地方了。这只在过去五年中上涨了 143% 的汽车股票，是否在未来五年内比特斯拉更值得投资？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2Mzgvc3BvcnRzLWNhci1kcml2aW5nLXJvYWQtbmVhci1tb3VudGFpbnMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830638%2Fsports-car-driving-road-near-mountains.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The bear case for Tesla</h2>
<div class="lb-trans"><h2>特斯拉的熊市论点</h2>
</div><p>Tesla might be a trillion-dollar business these days, but there's no shortage of reasons for investors to worry. Growth has taken a hit, with deliveries and revenue down 13% and 12%, respectively, year over year in Q2 (ended June 30). Higher interest rates don't help, as they make cars less affordable. What's more, competition remains stiff; Tesla is no longer the only EV game in town, with both domestic and international rivals making their presence felt in the industry.</p>
<div class="lb-trans"><p>特斯拉如今可能是一家万亿美元的企业，但投资者担忧的理由并不少。增长受到打击，第二季度（截至 6 月 30 日）的交付量和收入分别同比下降了 13% 和 12%。更高的利率也无济于事，因为这使得汽车变得更难以负担。此外，竞争依然激烈；特斯拉不再是唯一的电动车游戏，国内和国际竞争对手在行业中也开始崭露头角。</p>
</div><p>Management has cut prices to maintain volumes, which eats into profitability. Tesla reported an operating margin of 16.8% in 2022. During the latest quarter, this metric fell to 4.1%. That's not a trend that investors want to see.</p>
<div class="lb-trans"><p>管理层已降低价格以维持销量，这侵蚀了盈利能力。特斯拉在 2022 年报告的营业利润率为 16.8%。在最新的季度中，这一指标降至 4.1%。这是投资者不希望看到的趋势。</p>
</div><p>Of course, the long-term thesis rests on Tesla introducing a global robotaxi service. If executed successfully, this could be a financial boon. But as things stand right now, the future is highly uncertain, with questions remaining about technical progress, regulatory changes, and user adoption.</p>
<div class="lb-trans"><p>当然，长期的论点依赖于特斯拉推出全球机器人出租车服务。如果成功执行，这可能会带来财务上的好处。但就目前而言，未来高度不确定，关于技术进展、监管变化和用户接受度的问题依然存在。</p>
</div><h2>Bringing luxury to the auto sector</h2>
<div class="lb-trans"><h2>将奢华带入汽车行业</h2>
</div><p>It might be a good idea for investors to turn their attention to <strong>Ferrari</strong>(RACE -0.54%). This isn't your typical car company. It's essentially a top luxury brand that sells extremely expensive vehicles, with some models going for millions of dollars. The business intentionally keeps a limit on production and deliveries, with the main goal being to support the brand and maintain a level of exclusivity.</p>
<div class="lb-trans"><p>投资者或许可以将注意力转向 <strong>法拉利</strong>(RACE -0.54%)。这不是一家典型的汽车公司。它本质上是一个顶级奢侈品牌，销售极其昂贵的车辆，有些车型的价格高达数百万美元。该公司故意限制生产和交付，主要目的是支持品牌并保持一定的独特性。</p>
</div><p>Ferrari sold just 3,494 units in Q2. Compare this to a mass-market automaker like <strong>Ford</strong>, which sells a much greater number of vehicles. Even Tesla, which is a premium brand, sells far more cars than Ferrari.</p>
<div class="lb-trans"><p>法拉利在第二季度仅售出 3,494 辆。与 <strong>福特</strong> 这样的大众汽车制造商相比，后者销售的车辆数量要多得多。即使是作为高端品牌的特斯拉，销售的汽车数量也远远超过法拉利。</p>
</div><p>Ferrari's growth isn't turning heads, but it's solid and dependable. Revenue increased 4.4% during the second quarter, and it was 82% higher than in the same period of 2019.</p>
<div class="lb-trans"><p>法拉利的增长并没有引起太多关注，但它稳健且可靠。第二季度收入增长了 4.4%，比 2019 年同期高出 82%。</p>
</div><p>What makes Ferrari special comes further down the income statement. The company reported a Q2 operating margin of 30.9%. That's in line with well-known consumer brand <strong>Apple</strong>. And it's light years ahead of what Tesla registers.</p>
<div class="lb-trans"><p>法拉利的特别之处在于其收入报表的下方。该公司报告第二季度营业利润率为 30.9%。这与知名消费品牌 <strong>苹果</strong> 相当。而且远远领先于特斯拉的水平。</p>
</div><p>Being able to flex its pricing power is a key strategic advantage. Ferrari can raise the prices of its vehicles, and demand will still be robust, as has been the case historically. The company is basically catering to the wealthiest people on the planet. They aren't necessarily concerned about tightening their budgets. It's all about showcasing their status, something that owning a Ferrari helps with. This should be true even in a recessionary scenario.</p>
<div class="lb-trans"><p>能够灵活运用定价权是一个关键的战略优势。法拉利可以提高其车辆的价格，需求仍然强劲，历史上就是如此。该公司基本上是为全球最富有的人群提供服务。他们并不一定担心收紧预算。展示他们的地位是关键，拥有一辆法拉利正是这种展示的一部分。这在经济衰退的情况下也应当成立。</p>
</div><p>Ferrari shares are much cheaper than Tesla's. The former trades at a price-to-earnings ratio of 48.8, while the latter trades at a sky-high 195.5 multiple. It seems Tesla is always expensive, as investors buy into whatever Elon Musk says. This makes it a story stock. Investors might never get to buy Tesla at a bargain valuation.</p>
<div class="lb-trans"><p>法拉利的股票远比特斯拉便宜。前者的市盈率为 48.8，而后者的市盈率高达 195.5。特斯拉似乎总是昂贵，因为投资者会追随埃隆·马斯克的言论。这使得它成为一个故事股。投资者可能永远无法以便宜的估值买入特斯拉。</p>
</div><p>To be clear, Ferrari shares aren't cheap. But given its durable performance in any economic scenario, steady growth, and incredible profits, I view it as the better stock to own over the next five years.</p>
<div class="lb-trans"><p>需要明确的是，法拉利的股票并不便宜。但考虑到其在任何经济情况下的持久表现、稳定增长和惊人的利润，我认为在未来五年内，法拉利是更值得拥有的股票。</p>
</div>

Is This Supercharged Auto Stock a Better Buy Than Tesla Over the Next 5 Years?

- 特斯拉面临增长放缓和竞争加剧，Q2 交付和收入分别下降 13% 和 12%。  
- 法拉利以高端奢侈品牌著称，Q2 营业利润率为 30.9%。  
- 法拉利的稳定增长和强大定价能力使其成为更好的投资选择。  

这只超级充电汽车股票在未来五年内是否比特斯拉更具投资价值？