<p>到目前为止，<strong>特斯拉</strong>（TSLA 0.15%）这一年并不算好，自 9 月 8 日以来，股价下跌超过 8%（在 “七大巨头” 股票中表现最差）。这部分是由于公司最近的业务表现平平，但更大程度上与其首席执行官埃隆·马斯克有关。</p>
<p>许多投资者对马斯克分散的注意力表示不满，尤其是在他担任政府效率部（DOGE）负责人期间。为了让马斯克将注意力重新集中在特斯拉上，公司提供了极具吸引力的薪酬方案，包括最近一个可能价值高达 1 万亿美元的方案。</p>
<p>马斯克必须满足高期望才能获得完整的薪酬方案，但这对特斯拉的业务及未来方向有着重要影响。让我们来详细分析一下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI0MjUvc2VsZi1kcml2aW5nLWF1dG9ub21vdXMtZHJpdmluZy1nZXR0eS03MTIxNy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI0MjUvc2VsZi1kcml2aW5nLWF1dG9ub21vdXMtZHJpdmluZy1nZXR0eS03MTIxNy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>马斯克提议的薪酬方案包括什么？</h2>
<p>该方案将在 11 月由股东投票决定，如果公司达到一系列高目标，马斯克可能获得高达 4.237 亿股的奖励（分为 12 个部分）。目标的第一部分与特斯拉的市值有关。</p>
<p>特斯拉需要达到 12 个不同的市值目标，第一个目标是 2 万亿美元（截至本文撰写时，特斯拉的市值接近 1.12 万亿美元）。后续的九个目标将以 5000 亿美元为增量，最后两个目标将是 1 万亿美元的增加，最终目标是在 10 年内达到 8.5 万亿美元。</p>
<p>特斯拉需要至少维持这些市值目标 30 天，在某些情况下，还需满足过去六个月的平均值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b955e739ec0ceea41481803bfe6a797.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b955e739ec0ceea41481803bfe6a797.png"/></p>
<p>TSLA 市值数据来源于 YCharts。</p>
<p>除了高市值目标外，还必须满足以下运营里程碑：</p>
<ul>
<li>交付 2000 万辆汽车</li>
<li>1000 万付费全自动驾驶（FSD）订阅</li>
<li>交付 100 万个 Optimus 机器人（从今年 9 月 3 日开始）</li>
<li>100 万辆无人驾驶出租车投入商业服务（基于 3 个月平均）</li>
</ul>
<p>如果在 10 年计划结束时未能达到任何目标，相关奖励将被取消。</p>
<h2>为什么特斯拉会给马斯克如此巨额的薪酬方案？</h2>
<p>特斯拉目前的主要收入来源是销售电动汽车，但由于面临竞争加剧和销量下降，这一业务最近一直在挣扎。其在美国的市场份额已降至八年来的最低水平。这个提议清楚表明：特斯拉的董事会希望马斯克将全部精力集中在公司的机器人、自动驾驶和人工智能（AI）目标上。</p>
<p>卖车是一项利润率极低的业务。然而，软件（这是特斯拉目标的核心）具有更高的利润率和更好的重复收入机会。如果特斯拉能够扩大其 FSD 订阅，建立一个可行的无人驾驶出租车网络，并为其 Optimus 机器人争取到可观的市场份额，盈利能力可能会显著改善。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/814a7407bc32c3571e3702feef26f39c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/814a7407bc32c3571e3702feef26f39c.png"/></p>
<p>TSLA 净收入（季度）数据来源于 YCharts。</p>
<p>拥有汽车销售和高利润软件及服务的收入组合，可能会显著改善特斯拉的业务。</p>
<h2>特斯拉和马斯克能否实现这些目标？</h2>
<p>在股市中，一切皆有可能（好与坏），但特斯拉在 10 年内将市值提高超过当前估值的 7.5 倍，对于其规模的公司来说将是一个巨大的成就。不幸的是，股市是非理性的，这意味着即使特斯拉在自动驾驶和机器人领域取得进展，也不能保证这会在达到这些目标后的短期内导致其估值的显著增长。</p>
<p>也就是说，撇开马斯克潜在的 1 万亿美元薪酬方案，如果特斯拉在这些领域取得进展，它将为自己在科技界的强大地位奠定基础。是的，特斯拉目前可能是一家汽车公司，但迹象似乎一直指向它希望成为一个更像科技和 AI 平台的公司，而不仅仅是一个汽车制造商。</p>
<p>我不会将这个提议视为保证，但它无疑为公司的首席执行官提供了很大的动力去实现这一目标。</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>特斯拉已向首席执行官埃隆·马斯克提供了一项潜在价值高达 1 万亿美元的丰厚薪酬方案，以重新聚焦他对公司的关注。该方案需待股东批准，包括最多 4.237 亿股，条件是未来十年内达到雄心勃勃的市值和运营目标。特斯拉旨在通过将重点从低利润的汽车销售转向高利润的软件和服务，特别是在机器人和人工智能领域，来提升盈利能力。实现这些目标可能会显著改变特斯拉的业务，尽管市场反应仍然不可预测</p>

<p>It hasn't been the best year for <strong>Tesla</strong>(TSLA 0.15%) so far, with the stock down over 8% through Sept. 8 (the worst-performing of the &#34;Magnificent Seven&#34; stocks). Part of this has to do with the company's lackluster business performance lately, but much also has to do with its CEO, Elon Musk.</p>
<div class="lb-trans"><p>到目前为止，<strong>特斯拉</strong>（TSLA 0.15%）这一年并不算好，自 9 月 8 日以来，股价下跌超过 8%（在 “七大巨头” 股票中表现最差）。这部分是由于公司最近的业务表现平平，但更大程度上与其首席执行官埃隆·马斯克有关。</p>
</div><p>Many investors had voiced their displeasure regarding Musk's divided attention, especially during his stint heading the Department of Government Efficiency (DOGE). To refocus Musk's attention solely on Tesla, the company has offered <em>extremely</em> lucrative packages, including the most recent one, which could be worth up to $1 trillion.</p>
<div class="lb-trans"><p>许多投资者对马斯克分散的注意力表示不满，尤其是在他担任政府效率部（DOGE）负责人期间。为了让马斯克将注意力重新集中在特斯拉上，公司提供了极具吸引力的薪酬方案，包括最近一个可能价值高达 1 万亿美元的方案。</p>
</div><p>There are high expectations that Musk must meet in order to receive the full package, but it does have implications for Tesla's business and its future direction. Let's unpack those.</p>
<div class="lb-trans"><p>马斯克必须满足高期望才能获得完整的薪酬方案，但这对特斯拉的业务及未来方向有着重要影响。让我们来详细分析一下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI0MjUvc2VsZi1kcml2aW5nLWF1dG9ub21vdXMtZHJpdmluZy1nZXR0eS03MTIxNy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832425%2Fself-driving-autonomous-driving-getty-71217.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>What does the proposed package include for Musk?</h2>
<div class="lb-trans"><h2>马斯克提议的薪酬方案包括什么？</h2>
</div><p>The package, which shareholders will vote on in November, could reward Musk with up to 423.7 million shares (split into 12 allocations) if the company meets a handful of lofty goals. The first part of the goals has to do with Tesla's market cap.</p>
<div class="lb-trans"><p>该方案将在 11 月由股东投票决定，如果公司达到一系列高目标，马斯克可能获得高达 4.237 亿股的奖励（分为 12 个部分）。目标的第一部分与特斯拉的市值有关。</p>
</div><p>It would need to hit 12 different market cap targets, with the first being $2 trillion (Tesla's market cap at the time of this writing is close to $1.12 trillion). The subsequent nine targets would be in $500 billion increments, and the final two targets would be $1 trillion increases, with the final goal being $8.5 trillion within 10 years.</p>
<div class="lb-trans"><p>特斯拉需要达到 12 个不同的市值目标，第一个目标是 2 万亿美元（截至本文撰写时，特斯拉的市值接近 1.12 万亿美元）。后续的九个目标将以 5000 亿美元为增量，最后两个目标将是 1 万亿美元的增加，最终目标是在 10 年内达到 8.5 万亿美元。</p>
</div><p>Tesla would need to sustain these market cap goals for at least 30 days, and in some cases, trailing-six-month averages.</p>
<div class="lb-trans"><p>特斯拉需要至少维持这些市值目标 30 天，在某些情况下，还需满足过去六个月的平均值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b955e739ec0ceea41481803bfe6a797.png" alt="" original-src="https://media.ycharts.com/charts/7b955e739ec0ceea41481803bfe6a797.png"/></p>
<p>TSLA Market Cap data by YCharts.</p>
<div class="lb-trans"><p>TSLA 市值数据来源于 YCharts。</p>
</div><p>Aside from the lofty market cap ambitions, the following operating milestones must be met:</p>
<div class="lb-trans"><p>除了高市值目标外，还必须满足以下运营里程碑：</p>
</div><ul>
<li>20 million vehicles delivered</li>
<li>10 million paid Full Self-Driving (FSD) subscriptions</li>
<li>1 million Optimus robots delivered (starting from Sept. 3 of this year)</li>
<li>1 million driverless robotaxies in commercial service (based on 3-month average)</li>
</ul>
<div class="lb-trans"><ul>
<li>交付 2000 万辆汽车</li>
<li>1000 万付费全自动驾驶（FSD）订阅</li>
<li>交付 100 万个 Optimus 机器人（从今年 9 月 3 日开始）</li>
<li>100 万辆无人驾驶出租车投入商业服务（基于 3 个月平均）</li>
</ul>
</div><p>If any goals are not met by the end of the 10-year program, the associated awards will be forfeited.</p>
<div class="lb-trans"><p>如果在 10 年计划结束时未能达到任何目标，相关奖励将被取消。</p>
</div><h2>Why is Tesla offering Musk such a huge package?</h2>
<div class="lb-trans"><h2>为什么特斯拉会给马斯克如此巨额的薪酬方案？</h2>
</div><p>Tesla's current bread and butter is selling its electric vehicles, but that business has been struggling recently as it faces increased competition and falling volume. Its U.S. market share has fallen to its lowest level in eight years. This offer makes one thing clear: Tesla's board of directors wants Musk's sole focus on the company's robotics, autonomy, and artificial intelligence (AI) ambitions.</p>
<div class="lb-trans"><p>特斯拉目前的主要收入来源是销售电动汽车，但由于面临竞争加剧和销量下降，这一业务最近一直在挣扎。其在美国的市场份额已降至八年来的最低水平。这个提议清楚表明：特斯拉的董事会希望马斯克将全部精力集中在公司的机器人、自动驾驶和人工智能（AI）目标上。</p>
</div><p>Selling cars is a notoriously low-margin business. However, software (which is the backbone of Tesla's ambitions) comes with much higher margins and better chances for recurring revenue. If Tesla can scale its FSD subscriptions, establish a viable robotaxi network, and secure a sizable market for its Optimus robots, it could experience a significant improvement in profitability.</p>
<div class="lb-trans"><p>卖车是一项利润率极低的业务。然而，软件（这是特斯拉目标的核心）具有更高的利润率和更好的重复收入机会。如果特斯拉能够扩大其 FSD 订阅，建立一个可行的无人驾驶出租车网络，并为其 Optimus 机器人争取到可观的市场份额，盈利能力可能会显著改善。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/814a7407bc32c3571e3702feef26f39c.png" alt="" original-src="https://media.ycharts.com/charts/814a7407bc32c3571e3702feef26f39c.png"/></p>
<p>TSLA Net Income (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>TSLA 净收入（季度）数据来源于 YCharts。</p>
</div><p>Having a revenue mix of car sales and high-margin software and services could dramatically transform Tesla's business for the better.</p>
<div class="lb-trans"><p>拥有汽车销售和高利润软件及服务的收入组合，可能会显著改善特斯拉的业务。</p>
</div><h2>Will Tesla and Musk achieve these goals?</h2>
<div class="lb-trans"><h2>特斯拉和马斯克能否实现这些目标？</h2>
</div><p>Anything is possible in the stock market (for better and worse), but Tesla increasing its market cap by more than 7.5 times its current valuation in 10 years would be monumental for a company of its size. And unfortunately, the stock market is irrational, meaning even if Tesla makes progress in autonomous and robotics, there's no guarantee it will lead to significant growth in its valuation, at least in the immediate aftermath of reaching those goals.</p>
<div class="lb-trans"><p>在股市中，一切皆有可能（好与坏），但特斯拉在 10 年内将市值提高超过当前估值的 7.5 倍，对于其规模的公司来说将是一个巨大的成就。不幸的是，股市是非理性的，这意味着即使特斯拉在自动驾驶和机器人领域取得进展，也不能保证这会在达到这些目标后的短期内导致其估值的显著增长。</p>
</div><p>That said, with Musk's potential $1 trillion package aside, if Tesla does make progress in those areas, it sets its business up to be a huge force in the tech world for quite some time. Yes, Tesla may be a car company as it stands, but the signs have seemingly always pointed to it wanting to be more of a tech and AI platform than strictly an automaker.</p>
<div class="lb-trans"><p>也就是说，撇开马斯克潜在的 1 万亿美元薪酬方案，如果特斯拉在这些领域取得进展，它将为自己在科技界的强大地位奠定基础。是的，特斯拉目前可能是一家汽车公司，但迹象似乎一直指向它希望成为一个更像科技和 AI 平台的公司，而不仅仅是一个汽车制造商。</p>
</div><p>I wouldn't take the offer as a guarantee, but it surely adds a lot of incentive for the company's head honcho to make it happen.</p>
<div class="lb-trans"><p>我不会将这个提议视为保证，但它无疑为公司的首席执行官提供了很大的动力去实现这一目标。</p>
</div>

Tesla Just Offered Elon Musk $1 Trillion. Here's What It Could Mean for the Company.

- 特斯拉股价今年下跌超过 8%，表现不佳。  
- 为了集中马斯克的注意力，特斯拉提出高达 1 万亿美元的激励方案。  
- 该方案要求特斯拉在 10 年内实现多个市场目标和运营里程碑。  

特斯拉刚刚向埃隆·马斯克提供了 1 万亿美元。这可能对公司意味着什么