<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Tesla-stock.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Tesla-stock.png"/></p>
<p>特斯拉股票在周三承压，此前在交易时段早些时候触及历史新高，投资者对加州的新监管审查作出反应，这可能会使公司在自动驾驶技术方面的雄心变得复杂。</p>
<p>该股票下跌超过 3%，约为 476 美元，回落至当天早些时候创下的纪录水平。</p>
<p>此次回调是在最近几个月的急剧反弹之后，特斯拉的股价因对机器人出租车、人工智能和机器人技术的乐观预期而达到了新高。</p>
<h2>加州机动车辆管理局标记驾驶辅助系统的营销</h2>
<p>周三下跌的直接催化剂似乎是加州机动车辆管理局在周二的公告，该公告称特斯拉因使用 “自动驾驶” 和 “完全自动驾驶” 等可能误导性的术语来描述其驾驶辅助功能而违反了州法律。</p>
<p>加州机动车辆管理局的主任史蒂夫·戈登告诉记者：“我们真的在要求特斯拉像在其他市场一样，正确地品牌化这些车辆。”</p>
<p>他在一份声明中补充说，公司可以采取 “简单的步骤” 来永久解决这个问题。</p>
<p>机动车辆管理局表示，特斯拉可能面临 30 天的制造和经销商许可证暂停。</p>
<p>不过，监管机构选择不追究制造暂停，并给予特斯拉 60 天的时间来纠正其营销语言。</p>
<p>如果未能做到这一点，可能会导致特斯拉在该州的经销商许可证被暂停。</p>
<h2>关注术语，而非技术</h2>
<p>该问题集中在特斯拉如何营销其驾驶辅助系统，而不是其底层技术本身。</p>
<p>特斯拉的完全自动驾驶系统被归类为二级自动驾驶系统，要求驾驶员始终保持注意力并随时准备接管控制。</p>
<p>相比之下，三级、四级和五级系统允许驾驶员在不同程度上脱离主动驾驶。</p>
<p>机动车辆管理局表示，解决该问题所需的更改可能相对简单，例如改变营销实践和品牌语言。</p>
<p>特斯拉目前正在加州测试完全自动驾驶的机器人出租车，安全驾驶员坐在乘客座位上。</p>
<p>该公司还在德克萨斯州奥斯丁于 6 月推出了一项自动驾驶出租车服务，车辆仍在前排乘客座位上配备安全监控员。</p>
<p>特斯拉首席执行官埃隆·马斯克表示，他相信公司可以在年底之前安全地移除安全监控员。</p>
<h2>惊人的反弹遇上监管现实</h2>
<p>监管挫折发生在特斯拉股价在下半年经历戏剧性回升之后。</p>
<p>该股票在周二以 489.88 美元的历史新高收盘，自 4 月初的低点上涨了 121%。</p>
<p>这一反弹标志着 2025 年早些时候的急剧转变，当时特斯拉的股价因汽车销量下降、关税担忧和与马斯克的政治形象相关的波动而从 2024 年 12 月的高峰下跌超过 50%。</p>
<p>投资者越来越将注意力从特斯拉的汽车业务转向其在自动驾驶技术、机器人出租车和类人机器人方面的长期投资，这些被市场视为进入 2026 年的主要增长驱动力。</p>
<h2>分析师认为业务影响有限</h2>
<p>高盛重申对特斯拉的中性评级，目标价为 400 美元，低于该股票最近的交易水平。</p>
<p>分析师马克·德莱尼表示，该公司不预计特斯拉在加州的业务会受到干扰，并指出该公司之前曾在监管担忧的情况下调整或重新品牌化先进的驾驶辅助功能。</p>
<p>特斯拉还在其 X 社交媒体账户上发布消息称，尽管机动车辆管理局采取了行动，但预计加州的销售将继续不受影响。</p>
<p>文章《为什么特斯拉股票在当天早些时候创下新高后下滑 3%》最初出现在 Invezz 上。</p>

特斯拉

高盛

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>特斯拉股票在创下历史新高后因加州对其自动驾驶技术营销的监管审查下跌超过 3%。加州机动车辆管理局对特斯拉使用 “自动驾驶” 和 “完全自动驾驶” 等术语表示关注，并给予 60 天的整改时间。尽管面临挫折，分析师认为对业务的影响有限，高盛维持中性评级，目标价为 400 美元</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Tesla-stock.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/Tesla-stock.png"/></p>
<p>Tesla stock came under pressure on Wednesday after touching an all-time high earlier in the session, as investors reacted to fresh regulatory scrutiny in California that could complicate the company’s ambitions for self-driving technology.</p>
<div class="lb-trans"><p>特斯拉股票在周三承压，此前在交易时段早些时候触及历史新高，投资者对加州的新监管审查作出反应，这可能会使公司在自动驾驶技术方面的雄心变得复杂。</p>
</div><p>The stock was down more than 3% at around $476, retreating from record levels reached earlier in the day.</p>
<div class="lb-trans"><p>该股票下跌超过 3%，约为 476 美元，回落至当天早些时候创下的纪录水平。</p>
</div><p>The pullback follows a sharp rally in recent months that pushed Tesla to new highs, fueled largely by optimism around robotaxis, artificial intelligence and robotics.</p>
<div class="lb-trans"><p>此次回调是在最近几个月的急剧反弹之后，特斯拉的股价因对机器人出租车、人工智能和机器人技术的乐观预期而达到了新高。</p>
</div><h2>California DMV flags marketing of driver assistance systems</h2>
<div class="lb-trans"><h2>加州机动车辆管理局标记驾驶辅助系统的营销</h2>
</div><p>The immediate catalyst for Wednesday’s decline seems to be an announcement from the California Department of Motor Vehicles on Tuesday, which said Tesla violated state law by using potentially misleading terms such as “Autopilot” and “Full Self-Driving” to describe its driver assistance features.</p>
<div class="lb-trans"><p>周三下跌的直接催化剂似乎是加州机动车辆管理局在周二的公告，该公告称特斯拉因使用 “自动驾驶” 和 “完全自动驾驶” 等可能误导性的术语来描述其驾驶辅助功能而违反了州法律。</p>
</div><p>“We’re really asking Tesla to do their job, as they’ve done in other markets, to properly brand these vehicles,” Steve Gordon, director of the California DMV, told reporters.</p>
<div class="lb-trans"><p>加州机动车辆管理局的主任史蒂夫·戈登告诉记者：“我们真的在要求特斯拉像在其他市场一样，正确地品牌化这些车辆。”</p>
</div><p>He added in a statement that the company can take “simple steps” to resolve the issue permanently.</p>
<div class="lb-trans"><p>他在一份声明中补充说，公司可以采取 “简单的步骤” 来永久解决这个问题。</p>
</div><p>The DMV said Tesla could have faced a suspension of both its manufacturing and dealer licenses for 30 days.</p>
<div class="lb-trans"><p>机动车辆管理局表示，特斯拉可能面临 30 天的制造和经销商许可证暂停。</p>
</div><p>Instead, the regulator opted not to pursue a manufacturing suspension and granted Tesla 60 days to take corrective action on its marketing language.</p>
<div class="lb-trans"><p>不过，监管机构选择不追究制造暂停，并给予特斯拉 60 天的时间来纠正其营销语言。</p>
</div><p>Failure to do so could result in the suspension of Tesla’s dealer license in the state.</p>
<div class="lb-trans"><p>如果未能做到这一点，可能会导致特斯拉在该州的经销商许可证被暂停。</p>
</div><h2>Focus on terminology, not technology</h2>
<div class="lb-trans"><h2>关注术语，而非技术</h2>
</div><p>The issue centres on how Tesla markets its driver assistance systems rather than the underlying technology itself.</p>
<div class="lb-trans"><p>该问题集中在特斯拉如何营销其驾驶辅助系统，而不是其底层技术本身。</p>
</div><p>Tesla’s Full Self-Driving system is classified as a Level 2 autonomous driving system, which requires drivers to remain attentive and ready to take control at all times.</p>
<div class="lb-trans"><p>特斯拉的完全自动驾驶系统被归类为二级自动驾驶系统，要求驾驶员始终保持注意力并随时准备接管控制。</p>
</div><p>By contrast, Level 3, 4 and 5 systems allow drivers to disengage from active driving to varying degrees.</p>
<div class="lb-trans"><p>相比之下，三级、四级和五级系统允许驾驶员在不同程度上脱离主动驾驶。</p>
</div><p>The DMV said changes required to address the issue could be relatively straightforward, such as altering marketing practices and branding language.</p>
<div class="lb-trans"><p>机动车辆管理局表示，解决该问题所需的更改可能相对简单，例如改变营销实践和品牌语言。</p>
</div><p>Tesla is currently testing fully autonomous robotaxis in California with safety drivers seated in the passenger seat.</p>
<div class="lb-trans"><p>特斯拉目前正在加州测试完全自动驾驶的机器人出租车，安全驾驶员坐在乘客座位上。</p>
</div><p>The company also launched a self-driving taxi service in Austin, Texas, in June, where vehicles still operate with a safety monitor in the front passenger seat.</p>
<div class="lb-trans"><p>该公司还在德克萨斯州奥斯丁于 6 月推出了一项自动驾驶出租车服务，车辆仍在前排乘客座位上配备安全监控员。</p>
</div><p>Tesla Chief Executive Officer Elon Musk has said he believes the company can safely remove the safety monitor by the end of the year.</p>
<div class="lb-trans"><p>特斯拉首席执行官埃隆·马斯克表示，他相信公司可以在年底之前安全地移除安全监控员。</p>
</div><h2>A stunning rally meets regulatory reality</h2>
<div class="lb-trans"><h2>惊人的反弹遇上监管现实</h2>
</div><p>The regulatory setback comes after a dramatic recovery in Tesla’s share price during the second half of the year.</p>
<div class="lb-trans"><p>监管挫折发生在特斯拉股价在下半年经历戏剧性回升之后。</p>
</div><p>The stock closed at a record $489.88 on Tuesday and is up 121% from its low in early April.</p>
<div class="lb-trans"><p>该股票在周二以 489.88 美元的历史新高收盘，自 4 月初的低点上涨了 121%。</p>
</div><p>That rebound marked a sharp turnaround from earlier in 2025, when Tesla shares had plunged more than 50% from their December 2024 peak amid falling vehicle sales, tariff concerns and volatility linked to Musk’s political profile.</p>
<div class="lb-trans"><p>这一反弹标志着 2025 年早些时候的急剧转变，当时特斯拉的股价因汽车销量下降、关税担忧和与马斯克的政治形象相关的波动而从 2024 年 12 月的高峰下跌超过 50%。</p>
</div><p>Investors have increasingly shifted their focus away from Tesla’s automotive business toward its longer-term bets on self-driving technology, robotaxis and humanoid robots, which markets see as the primary growth drivers heading into 2026.</p>
<div class="lb-trans"><p>投资者越来越将注意力从特斯拉的汽车业务转向其在自动驾驶技术、机器人出租车和类人机器人方面的长期投资，这些被市场视为进入 2026 年的主要增长驱动力。</p>
</div><h2>Analysts see limited business impact</h2>
<div class="lb-trans"><h2>分析师认为业务影响有限</h2>
</div><p>Goldman Sachs reiterated a Neutral rating on Tesla with a $400 price target, which sits below the stock’s recent trading levels.</p>
<div class="lb-trans"><p>高盛重申对特斯拉的中性评级，目标价为 400 美元，低于该股票最近的交易水平。</p>
</div><p>Analyst Mark Delaney said the firm does not expect disruption to Tesla’s California business, noting that the company has previously adjusted or rebranded advanced driver assistance features in response to regulatory concerns.</p>
<div class="lb-trans"><p>分析师马克·德莱尼表示，该公司不预计特斯拉在加州的业务会受到干扰，并指出该公司之前曾在监管担忧的情况下调整或重新品牌化先进的驾驶辅助功能。</p>
</div><p>Tesla also said in a post on its X social media account that it expects sales in California to continue uninterrupted despite the DMV’s action.</p>
<div class="lb-trans"><p>特斯拉还在其 X 社交媒体账户上发布消息称，尽管机动车辆管理局采取了行动，但预计加州的销售将继续不受影响。</p>
</div><p>The post Why Tesla stock is sliding 3% after hitting new highs earlier in the day appeared first on Invezz</p>
<div class="lb-trans"><p>文章《为什么特斯拉股票在当天早些时候创下新高后下滑 3%》最初出现在 Invezz 上。</p>
</div>

Why Tesla stock is sliding 3% after hitting new highs earlier in the day

- 特斯拉股价在触及历史高点后因监管审查下跌超过 3%。  
- 加州机动车辆管理局指责特斯拉在市场宣传中使用误导性术语。  
- 尽管面临挑战，特斯拉预计加州销售将持续正常。

为什么特斯拉的股票在当天早些时候创下新高后下跌了 3%