<p>2025 年，对 <strong>特斯拉</strong>(TSLA -4.97%) 投资者来说，这是一段相当疯狂的过山车之旅。公司经历了许多好坏参半的发展，导致其股价在年初的前三个月暴跌，随后在第三季度反弹了 40%。</p>
<p>好消息是特斯拉公布了强劲的第三季度业绩，但对特斯拉来说坏消息是，<strong>比亚迪</strong>(BYDDY -5.33%) 在全年仍可能远远超过其竞争对手。以下是一些重要细节。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5MzAvYnlkX3NlYWxpb25fNDVzX2V4Y2VsbGVuY2VfXzAwODQtY29weS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5MzAvYnlkX3NlYWxpb25fNDVzX2V4Y2VsbGVuY2VfXzAwODQtY29weS5qcGcmdz03MDA"/></p>
<p>比亚迪海豹。图片来源：比亚迪公司。</p>
<h2>仅看一个季度并不明智</h2>
<p>特斯拉报告称，第三季度交付量较去年增长了 7%，因为许多消费者在 7500 美元联邦税收抵免到期之前涌向经销商购买电动车（EV）。虽然第三季度买家的涌入令人欢迎，但在第四季度，消费者将面临新的定价现实，除非在特殊租赁情况下，否则不包括税收抵免，这可能会导致需求同样强劲的低迷。</p>
<p>特斯拉在第三季度的总交付量达到 497,099 辆，生产量为 447,450 辆。由于生产量较去年有所下降，特斯拉能够在可能的第四季度放缓之前减少一些库存。进入十月时，库存过剩的电动车制造商将面临更艰难的局面，可能需要额外的激励或折扣来推动产品销售——这对财务健康和利润率都不利。</p>
<p>特斯拉的第三季度交付结果足以超出预期。然而，尽管超出预期，特斯拉显然面临全球交付放缓的局面。事实上，特斯拉在 2025 年前三季度的交付量达到 120 万辆，低于 2023 年和 2024 年的 180 万辆，甚至低于 2022 年的 130 万辆。</p>
<p>这家电动车制造商的第三季度部分受到欧洲持续销售下滑的影响，消费者对首席执行官埃隆·马斯克的政治活动和言论的反感，以及来自 <strong>大众汽车</strong> 和比亚迪等竞争对手的竞争加剧。</p>
<h2>说到比亚迪</h2>
<p>尽管特斯拉在第三季度售出了创纪录的车辆数量，但比亚迪公司仍占据上风。这家中国电动车巨头在全球范围内连续四个季度交付的全电动车辆数量超过特斯拉，尽管比亚迪在九月份首次出现了 18 个月以来的总销售下降。</p>
<p>第三季度为比亚迪创造了一个尚未实现的机会：在整个日历年中超越特斯拉的电池电动车交付量。在 2025 年前三季度，比亚迪的电动车销量比特斯拉多出近 39 万辆。</p>
<p>尽管如此，尽管第三季度业绩强劲，但未来对每个全球电动车巨头来说都充满了挑战。在比亚迪方面，该公司在其本土中国市场失去动力，那里正在进行一场残酷的价格战，侵蚀着整个行业的利润率。请记住，比亚迪在八月底报告时让投资者感到意外，季度利润下降了 30%。</p>
<p>在特斯拉方面，由于美国在九月底逐步取消 7500 美元的联邦税收抵免，特斯拉将面临极大的困难，难以匹配第三季度的激增。</p>
<h2>比亚迪值得投资吗？</h2>
<p>比亚迪看到全球的迹象，已将 2025 年的销售目标下调至 460 万辆全电动和插电式混合动力汽车。如果你在跟踪的话，这比之前的目标低了大约 100 万辆。尽管比亚迪曾经看似不可动摇的护甲受到了一定损害，但该公司仍然在长期内处于良好的发展位置，特别是在中国的价格战缓解后，无论是通过行业整合还是其他方式。</p>
<p>比亚迪正在将其品牌扩展到更高利润的超高端车辆，控制其供应链，许多车辆零部件在内部生产以实现垂直整合，本地化生产，并在广泛的市场中调整其车辆。与仅专注于乘用车的传统电动车制造商相比，比亚迪还为投资者提供了一定的多样化。比亚迪还销售公交车、叉车、高速列车，甚至拥有公用事业规模的能源存储解决方案。</p>
<p>尽管在本土市场面临逆风，这家中国电动车制造商仍有望在整个日历年中超越特斯拉的交付量，全球市场定位良好，拥有经过验证的市场增长战略，并且考虑到其尚未涉足有价值的美国市场，仍然具有很大的长期上行潜力。比亚迪仍然是汽车行业的优秀投资选择。</p>

<p>比亚迪公司有望在 2025 年超越特斯拉的电动车（EV）交付量，过去四个季度其全球全电动车交付量已超过特斯拉。尽管最近销售出现下滑，但比亚迪在 2025 年前三个季度的总销售量比特斯拉多出近 39 万辆。然而，两家公司都面临挑战：比亚迪在中国经历价格战，而特斯拉则在应对全球交付放缓和联邦税收抵免结束的问题。尽管面临这些困难，比亚迪多样化的产品线和战略定位表明其长期潜力强劲</p>

<p>It's been a pretty wild roller-coaster ride for <strong>Tesla</strong>(TSLA -4.97%) investors in 2025. The company has dealt with a plethora of developments, both bad and good, sending its share price plunging through the first three months of the year before rebounding 40% during the third quarter.</p>
<div class="lb-trans"><p>2025 年，对 <strong>特斯拉</strong>(TSLA -4.97%) 投资者来说，这是一段相当疯狂的过山车之旅。公司经历了许多好坏参半的发展，导致其股价在年初的前三个月暴跌，随后在第三季度反弹了 40%。</p>
</div><p>The good news is that Tesla posted strong third quarter results, but the bad news for Tesla is that <strong>BYD</strong>(BYDDY -5.33%) is likely still going to far outpace its rival for the full year. Here's a look at the important details.</p>
<div class="lb-trans"><p>好消息是特斯拉公布了强劲的第三季度业绩，但对特斯拉来说坏消息是，<strong>比亚迪</strong>(BYDDY -5.33%) 在全年仍可能远远超过其竞争对手。以下是一些重要细节。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5MzAvYnlkX3NlYWxpb25fNDVzX2V4Y2VsbGVuY2VfXzAwODQtY29weS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836930%2Fbyd_sealion_45s_excellence__0084-copy.jpg&amp;op=resize&amp;w=700"/></p>
<p>BYD Sealion. Image source: BYD Co.</p>
<div class="lb-trans"><p>比亚迪海豹。图片来源：比亚迪公司。</p>
</div><h2>It's not wise to look at just one quarter</h2>
<div class="lb-trans"><h2>仅看一个季度并不明智</h2>
</div><p>Tesla reported a 7% increase in third-quarter deliveries, compared to the prior year, as many consumers flocked to dealerships to purchase electric vehicles (EVs) before the expiration of a $7,500 federal tax credit. While the influx of buyers was welcomed during the third quarter, there will likely be an equally strong lull in demand during the fourth quarter as consumers grapple with a new pricing reality that doesn't include the tax credit unless under special leasing circumstances.</p>
<div class="lb-trans"><p>特斯拉报告称，第三季度交付量较去年增长了 7%，因为许多消费者在 7500 美元联邦税收抵免到期之前涌向经销商购买电动车（EV）。虽然第三季度买家的涌入令人欢迎，但在第四季度，消费者将面临新的定价现实，除非在特殊租赁情况下，否则不包括税收抵免，这可能会导致需求同样强劲的低迷。</p>
</div><p>Tesla's total deliveries reached 497,099 during the third quarter, with production at 447,450 vehicles. With production volume declining compared to the prior year, Tesla was able to work down some inventory ahead of the likely fourth-quarter slowdown. EV makers with a large surplus of inventory heading into October would be in a much tougher position and likely require extra incentives or discounts to move product -- not financially healthy, nor supportive of margins.</p>
<div class="lb-trans"><p>特斯拉在第三季度的总交付量达到 497,099 辆，生产量为 447,450 辆。由于生产量较去年有所下降，特斯拉能够在可能的第四季度放缓之前减少一些库存。进入十月时，库存过剩的电动车制造商将面临更艰难的局面，可能需要额外的激励或折扣来推动产品销售——这对财务健康和利润率都不利。</p>
</div><p>Tesla's third-quarter delivery result was plenty to top estimates. However, despite topping estimates, it's clear Tesla is facing a global slowdown in deliveries. In fact, Tesla's deliveries reached 1.2 million through the first three quarters of 2025, down from 2023 and 2024, which both posted about 1.8 million, and even lower than 2022's 1.3 million.</p>
<div class="lb-trans"><p>特斯拉的第三季度交付结果足以超出预期。然而，尽管超出预期，特斯拉显然面临全球交付放缓的局面。事实上，特斯拉在 2025 年前三季度的交付量达到 120 万辆，低于 2023 年和 2024 年的 180 万辆，甚至低于 2022 年的 130 万辆。</p>
</div><p>The EV maker's third quarter was partially held back by a continued sales slump in Europe, which has been plagued by consumer backlash against CEO Elon Musk's political activism and rhetoric, as well as increased competition from competitors such as <strong>Volkswagen</strong> and BYD.</p>
<div class="lb-trans"><p>这家电动车制造商的第三季度部分受到欧洲持续销售下滑的影响，消费者对首席执行官埃隆·马斯克的政治活动和言论的反感，以及来自 <strong>大众汽车</strong> 和比亚迪等竞争对手的竞争加剧。</p>
</div><h2>Speaking of BYD</h2>
<div class="lb-trans"><h2>说到比亚迪</h2>
</div><p>While Tesla managed to sell a record number of vehicles during the third quarter, BYD Co. still has the upper hand. China's juggernaut EV maker has now delivered more full-electric vehicles globally than Tesla for four consecutive quarters, and this result was despite BYD registering its first total sales decline in 18 months during September.</p>
<div class="lb-trans"><p>尽管特斯拉在第三季度售出了创纪录的车辆数量，但比亚迪公司仍占据上风。这家中国电动车巨头在全球范围内连续四个季度交付的全电动车辆数量超过特斯拉，尽管比亚迪在九月份首次出现了 18 个月以来的总销售下降。</p>
</div><p>The third quarter sets BYD up to do something it has yet to achieve: Outsell Tesla in battery electric vehicles for a full calendar year. Through the first three quarters of 2025, BYD has sold nearly 390,000 more EVs than Tesla.</p>
<div class="lb-trans"><p>第三季度为比亚迪创造了一个尚未实现的机会：在整个日历年中超越特斯拉的电池电动车交付量。在 2025 年前三季度，比亚迪的电动车销量比特斯拉多出近 39 万辆。</p>
</div><p>All that said, and despite strong third-quarter results, the future is filled with speed bumps for each global EV powerhouse. On BYD's end of things, the company is losing momentum in its home Chinese market, where there is an ongoing and brutal price war eroding margins across the industry. Remember that BYD surprised investors with a 30% drop in quarterly profit when it reported in late August.</p>
<div class="lb-trans"><p>尽管如此，尽管第三季度业绩强劲，但未来对每个全球电动车巨头来说都充满了挑战。在比亚迪方面，该公司在其本土中国市场失去动力，那里正在进行一场残酷的价格战，侵蚀着整个行业的利润率。请记住，比亚迪在八月底报告时让投资者感到意外，季度利润下降了 30%。</p>
</div><p>On Tesla's end, it will have an incredibly difficult time matching the third-quarter surge as the U.S. phased out the $7,500 federal tax credit at the end of September.</p>
<div class="lb-trans"><p>在特斯拉方面，由于美国在九月底逐步取消 7500 美元的联邦税收抵免，特斯拉将面临极大的困难，难以匹配第三季度的激增。</p>
</div><h2>Is BYD a buy?</h2>
<div class="lb-trans"><h2>比亚迪值得投资吗？</h2>
</div><p>BYD, seeing the signs across the globe, has lowered its sales goal for 2025 to 4.6 million fully electric and plug-in hybrid vehicles. If you're keeping track, that's roughly 1 million vehicles lower than its previous target. Despite the dent in BYD's once seemingly impenetrable armor, the company is still well positioned to thrive long term, especially once the price war in China abates, whether through industry consolidation or other means.</p>
<div class="lb-trans"><p>比亚迪看到全球的迹象，已将 2025 年的销售目标下调至 460 万辆全电动和插电式混合动力汽车。如果你在跟踪的话，这比之前的目标低了大约 100 万辆。尽管比亚迪曾经看似不可动摇的护甲受到了一定损害，但该公司仍然在长期内处于良好的发展位置，特别是在中国的价格战缓解后，无论是通过行业整合还是其他方式。</p>
</div><p>BYD is expanding its brands into higher-margin ultra-premium vehicles, controls its supply chain, makes many of its vehicle parts in-house for vertical integration, localizes production, and adapts its vehicles in a wide range of markets. BYD also offers investors a bit of diversification compared to traditional EV makers that focus solely on passenger cars. BYD also sells buses, forklifts, high-speed trains, and even boasts utility-scale energy storage solutions.</p>
<div class="lb-trans"><p>比亚迪正在将其品牌扩展到更高利润的超高端车辆，控制其供应链，许多车辆零部件在内部生产以实现垂直整合，本地化生产，并在广泛的市场中调整其车辆。与仅专注于乘用车的传统电动车制造商相比，比亚迪还为投资者提供了一定的多样化。比亚迪还销售公交车、叉车、高速列车，甚至拥有公用事业规模的能源存储解决方案。</p>
</div><p>Despite headwinds in its home market, the Chinese EV maker is poised to surge past Tesla's deliveries for the full calendar year, remains well positioned globally with a proven market growth strategy, and still has plenty of long-term upside considering it has yet to dabble in the valuable U.S. market. BYD remains an excellent investment option in the automotive industry.</p>
<div class="lb-trans"><p>尽管在本土市场面临逆风，这家中国电动车制造商仍有望在整个日历年中超越特斯拉的交付量，全球市场定位良好，拥有经过验证的市场增长战略，并且考虑到其尚未涉足有价值的美国市场，仍然具有很大的长期上行潜力。比亚迪仍然是汽车行业的优秀投资选择。</p>
</div>

Is BYD Co. About to Leave Tesla in the Dust?

- 特斯拉在 2025 年经历了股价波动，第三季度交付量增长 7%。  
- 比亚迪在全球电动车市场持续领先，前三季度销量超特斯拉 39 万辆。  
- 尽管面临挑战，比亚迪仍具备长期增长潜力，投资前景乐观。  

比亚迪公司是否即将把特斯拉甩在后面？