<p>特斯拉在向长期承诺的自动驾驶未来迈出了又一步，开始在奥斯汀进行 <strong>无人出租车测试</strong>，且没有安全监控人员。公司高管分享的这一更新表明，他们对特斯拉开发的全自动驾驶技术更加自信，并且这与管理层计划在年底前在美国各城市推出 <strong>无人出租车服务</strong> 的路线图相一致。</p>
<p>正在考虑参与试点项目的城市包括拉斯维加斯、凤凰城、达拉斯、休斯顿和迈阿密，预计奥斯汀将在今年年底前完全取消安全观察员。</p>
<h2>高盛看到进展</h2>
<p>对此消息，高盛确认其对特斯拉的中性评级，并维持 <strong>400 美元的目标价</strong>。这一目标显著低于当前股票交易水平，后者 <strong>约为 475 美元</strong>，尽管特斯拉的交易价格 <strong>接近其 52 周高点</strong>。</p>
<p>高盛虽然承认取消安全监控人员是一个重要的里程碑，但表示在没有明确的增长和利润证据之前，不会因在没有安全监控的情况下运营而持有该股票以获取收益。</p>
<h2>盈利能力是个问题</h2>
<p>从高盛的角度来看，技术验证的影响将超过特斯拉自动驾驶推进的商业方面。该公司的过去十二个月的毛利率 <strong>略高于 17%</strong>，该公司称盈利能力是投资者需要关注的关键因素。</p>
<p>特斯拉最终可能通过全自动驾驶订阅和无人出租车服务实现自动驾驶，这将成为长期增长引擎。然而，高盛预测，由于竞争加剧，最终将限制利润扩张的影响，财务表现将受到限制。</p>
<h2>股票定价完美</h2>
<p>特斯拉的估值一直是投资案例中的复杂问题。目前其市值 <strong>超过 1.6 万亿美元</strong>，前瞻市盈率为 330，其中大部分自动驾驶未来的收益已经被股票吸收。</p>
<p>高盛的所谓中性立场反映了其对市场执行、监管限制和来自竞争对手的压力可能阻碍特斯拉在当前即将结束的定价周期内完全满足市场预期的担忧。</p>
<h2>全球市场信号混杂</h2>
<p>除了自动驾驶问题外，特斯拉的主要汽车部门在全球范围内发出混合信号。制造商在欧洲推出了更便宜的 Model 3 版本以刺激需求。然而，英国和西班牙的注册数量与去年相比有所下降。与此同时，特斯拉在中国迅速增长，11 月份的出货量 <strong>增加了近 9.9%</strong>，在挪威也创下了年度新纪录。</p>
<p>业绩的不均衡明显展示了特斯拉所处的走钢丝的局面，因为它支持其人工智能和自动驾驶愿景，同时又在应对不同地区需求的起伏。</p>
<h2>总结</h2>
<p>特斯拉在没有安全监督人员的情况下测试无人出租车是一个重要的技术进步。然而，高盛的反应表明，这样的进展不足以解释当前水平的上涨空间。</p>
<p>在特斯拉证明自动驾驶技术的实施是盈利且可持续之前，该股票将面临突破性创新与复杂估值需求之间的撕扯，这是一个无法解决的数学问题。暂时，高盛保持距离，预计未来的交付将与当前市场预期持平，甚至超过。</p>

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>特斯拉在奥斯丁开始了无人出租车测试，且没有安全监控，显示出对其全自动驾驶技术的信心。高盛维持对特斯拉的中性评级和 400 美元的目标价，指出对盈利能力和竞争的担忧。特斯拉的估值仍然较高，其表现因地区而异。高盛在改变立场之前，期待明确的增长和盈利证据</p>

<p>Tesla has made yet another noticeable step towards the long-promised autonomous future by starting the <strong>robotaxi testing in Austin</strong> without safety monitors. The update, which was shared by company executives, indicates that they have more confidence in the Full Self-Driving technology developed by Tesla and it is in line with the management’s roadmap to introduce <strong>robotaxi services in various U.S cities</strong> by the end of the year.</p>
<div class="lb-trans"><p>特斯拉在向长期承诺的自动驾驶未来迈出了又一步，开始在奥斯汀进行 <strong>无人出租车测试</strong>，且没有安全监控人员。公司高管分享的这一更新表明，他们对特斯拉开发的全自动驾驶技术更加自信，并且这与管理层计划在年底前在美国各城市推出 <strong>无人出租车服务</strong> 的路线图相一致。</p>
</div><p>The cities being considered for the pilot program include Las Vegas, Phoenix, Dallas, Houston, and Miami, with Austin likely to get rid of safety observers entirely by the end of this year.</p>
<div class="lb-trans"><p>正在考虑参与试点项目的城市包括拉斯维加斯、凤凰城、达拉斯、休斯顿和迈阿密，预计奥斯汀将在今年年底前完全取消安全观察员。</p>
</div><h2>Goldman Sees Progress</h2>
<div class="lb-trans"><h2>高盛看到进展</h2>
</div><p>In reaction to the news, Goldman Sachs affirmed its Neutral rating and maintained the <strong>$400 price target</strong> for Tesla shares. This target is significantly lower than the current trading level of the stock, which is <strong>around $475</strong>, even though Tesla is trading <strong>close to its 52-week high</strong>.</p>
<div class="lb-trans"><p>对此消息，高盛确认其对特斯拉的中性评级，并维持 <strong>400 美元的目标价</strong>。这一目标显著低于当前股票交易水平，后者 <strong>约为 475 美元</strong>，尽管特斯拉的交易价格 <strong>接近其 52 周高点</strong>。</p>
</div><p>Goldman, although acknowledging that the removal of safety monitors is a significant milestone, indicates that it will not be holding the stock for gains due to operating without safety monitors, until clear evidence regarding the growth and profits comes out.</p>
<div class="lb-trans"><p>高盛虽然承认取消安全监控人员是一个重要的里程碑，但表示在没有明确的增长和利润证据之前，不会因在没有安全监控的情况下运营而持有该股票以获取收益。</p>
</div><h2>Profitability is a Concern</h2>
<div class="lb-trans"><h2>盈利能力是个问题</h2>
</div><p>From Goldman’s viewpoint, the impact of the technology’s validation will prevail over the commercial aspect of Tesla’s autonomous push. The company’s trailing twelve-month gross margin is <strong>slightly above 17%</strong>, and the firm calls profitability the key factor for investors to pay attention to.</p>
<div class="lb-trans"><p>从高盛的角度来看，技术验证的影响将超过特斯拉自动驾驶推进的商业方面。该公司的过去十二个月的毛利率 <strong>略高于 17%</strong>，该公司称盈利能力是投资者需要关注的关键因素。</p>
</div><p>Tesla could eventually see autonomy through both Full Self-Driving subscriptions and robotaxi services, which will become a long-term growth engine. However, Goldman predicts that the impact on the financials will be limited due to the rising competition that will eventually put a cap on margin expansion.</p>
<div class="lb-trans"><p>特斯拉最终可能通过全自动驾驶订阅和无人出租车服务实现自动驾驶，这将成为长期增长引擎。然而，高盛预测，由于竞争加剧，最终将限制利润扩张的影响，财务表现将受到限制。</p>
</div><h2>Stock Priced for Perfection</h2>
<div class="lb-trans"><h2>股票定价完美</h2>
</div><p>Valuation of Tesla has always been a cause of complication for the investment cases. It is presently <strong>above the $1.6 trillion market cap</strong>, and has a forward price-to-earnings ratio of 330, where the greater part of the autonomous future earnings has already been absorbed in the stock.</p>
<div class="lb-trans"><p>特斯拉的估值一直是投资案例中的复杂问题。目前其市值 <strong>超过 1.6 万亿美元</strong>，前瞻市盈率为 330，其中大部分自动驾驶未来的收益已经被股票吸收。</p>
</div><p>The so-called neutral position of Goldman reflects its fear that market execution, regulatory restrictions, and pressures from competitors could obstruct Tesla in its path to completely fulfill the expectations of the market during the current pricing period that is about to end.</p>
<div class="lb-trans"><p>高盛的所谓中性立场反映了其对市场执行、监管限制和来自竞争对手的压力可能阻碍特斯拉在当前即将结束的定价周期内完全满足市场预期的担忧。</p>
</div><h2>Mixed Signals Across Global Markets</h2>
<div class="lb-trans"><h2>全球市场信号混杂</h2>
</div><p>Besides the self-driving issue, Tesla’s primary car sector is generating mixed signals around the world. The manufacturer has rolled out a cheaper version of its Model 3 in Europe in order to trigger demand. However, the number of registrations has decreased compared to last year in the UK and Spain. In the meanwhile, Tesla is growing rapidly in China, where the shipment for November has <strong>increased by almost 9.9%</strong>, and in Norway, where it has set a new record for the year.</p>
<div class="lb-trans"><p>除了自动驾驶问题外，特斯拉的主要汽车部门在全球范围内发出混合信号。制造商在欧洲推出了更便宜的 Model 3 版本以刺激需求。然而，英国和西班牙的注册数量与去年相比有所下降。与此同时，特斯拉在中国迅速增长，11 月份的出货量 <strong>增加了近 9.9%</strong>，在挪威也创下了年度新纪录。</p>
</div><p>The unevenness in performance blatantly showcases the tight-rope walking situation that Tesla is in, as it supports its artificial intelligence and autonomy visions, while at the same time it is dealing with the ups and downs of different regional demands.</p>
<div class="lb-trans"><p>业绩的不均衡明显展示了特斯拉所处的走钢丝的局面，因为它支持其人工智能和自动驾驶愿景，同时又在应对不同地区需求的起伏。</p>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>Testing of robotaxis without safety supervisors by Tesla is a significant technical advancement. However, the response from Goldman Sachs indicates that such progress is not sufficient enough to explain upside at current levels.</p>
<div class="lb-trans"><p>特斯拉在没有安全监督人员的情况下测试无人出租车是一个重要的技术进步。然而，高盛的反应表明，这样的进展不足以解释当前水平的上涨空间。</p>
</div><p>Until Tesla proves that the implementation of self-driving technology is profitable and sustainable, the stock will find itself torn between groundbreaking innovations and complicated valuation demand, which is an unresolvable math issue. For the time being, Goldman is keeping its distance, anticipating that future delivery will be on par with, if not exceeding, the current market expectations.</p>
<div class="lb-trans"><p>在特斯拉证明自动驾驶技术的实施是盈利且可持续之前，该股票将面临突破性创新与复杂估值需求之间的撕扯，这是一个无法解决的数学问题。暂时，高盛保持距离，预计未来的交付将与当前市场预期持平，甚至超过。</p>
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高盛对特斯拉推进机器人出租车计划保持中立态度