<div id="readability-page-1">Money Investing Wall Street Still Thinks Tesla Makes Cars. That’s The Real Mistake. ByJon Markman ,  Contributor.  Forbes contributors publish independent expert analyses and insights. Analyzing tech stocks through the prism of cultural change. Follow Author Oct 27, 2025, 10:56am EDT Share Save Comment The Innovator’s Dilemma  Tesla (TSLA) reported third-quarter financial results last week, and shares traded lower as profits slumped and margins compressed. Look past the weakness. While the current car business struggles with the noise around lost tax credits, investors are missing the crucial signal: Tesla is systematically shedding its identity as a car company.  Investors must look beyond the car sales data. Tesla is not an automotive company like Ford (F) or General Motors (GM). It is an agile firm in constant transition, fundamentally evolving into a robotics company through substantial investments in autonomous driving technology. Traditional competitors are missing this pivot at their peril.  Since being founded in 2003, Tesla has operated under the philosophy of disruptive innovation. This means introducing products that initially underperform established peers but ultimately capture most of the market. Think about how smartphone cameras supplanted digital cameras through sheer utility and evolution.  This situation is perfectly explained by The Innovator’s Dilemma, the 1997 book by Harvard professor Clayton Christensen. He posited that incumbents ignore low-end disruptive innovations until it’s too late. Tesla is the disruptor, reshaping transportation, energy, and robotics while competitors cling to sustaining innovations.  Make no mistake, executives at legacy companies like GM are aware of the ultimate threat posed by Tesla’s Full Self-Driving technology. They simply do not recognize the urgency. GM execs stated last week their &#34;hands-off, eyes-off&#34; product might not arrive until 2028. Tesla offers FSD today.  By delaying a cogent response to FSD, competitors like GM are ensuring Tesla’s victory in the EV transition. The company can pivot completely: autonomous driving transforms the car into the fundamental, data-collecting, road-going robot. This is a big competitive advantage.  MORE FOR YOU This robotic foundation also supports a much larger vision: electrified large trucks, futuristic buses, and the ambitious humanoid robot project that Elon Musk claims will account for 80% of future sales. The transition to a robotics platform is the first step to unlocking massive new markets.  Stop valuing Tesla against legacy automakers. The &#34;unrealistic premium&#34; reflects its status as a disruptive robotics firm, not a car business. Invest accordingly: The smart money looks past Q3 noise and buys the company building the smartphone, not the one refining the digital camera.  For more Markman delivered straight to your inbox every morning, subscribe to my substack here. I promise its profitable, entertaining and sometimes funny.  Editorial Standards Reprints &amp; Permissions LOADING VIDEO PLAYER... FORBES’ FEATURED Video</div>

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>特斯拉正在从传统汽车制造商转变为一家机器人公司，专注于自动驾驶技术。尽管最近面临财务困难，但投资者应认识到特斯拉的颠覆性创新战略，这使其能够重塑交通和能源市场。竞争对手如通用汽车落后，其自动驾驶产品预计要到 2028 年才能推出，而特斯拉现在就提供完全自动驾驶技术。这一向机器人技术的转变带来了显著的竞争优势和新的市场机会，表明特斯拉应被视为技术创新者，而非传统汽车制造商</p>

Wall Street Still Thinks Tesla Makes Cars. That’s The Real Mistake.

- 特斯拉第三季度财报显示利润下滑，股价下跌。
- 投资者忽视特斯拉正转型为机器人公司，非传统汽车制造商。
- 竞争对手如通用汽车未能及时应对特斯拉的全自动驾驶技术。

华尔街仍然认为特斯拉只是一家汽车制造商。这才是真正的误解