<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251202_1319_Investor-Viewing-Tesla-Decline_simple_compose_01kbf0fqczef4s2s32ban820ey.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/2025/12/20251202_1319_Investor-Viewing-Tesla-Decline_simple_compose_01kbf0fqczef4s2s32ban820ey.png"/></p>
<p>特斯拉报告了连续第二年的汽车销售下降，尽管市场最初似乎没有受到影响，但随着投资者消化疲软的交付数字，卖压加大，围绕公司未来的叙述也发生了变化。</p>
<p>这家电动车制造商在第四季度交付了 418,227 辆汽车，略低于华尔街约 423,000 辆的预期。</p>
<p>尽管投资者已经预期到更低的数字接近 415,000，但这种宽慰并没有持续太久。</p>
<p>特斯拉股票在早盘上涨后回落，交易价格约为 445 美元，整体市场也失去了动能，标准普尔 500 指数和道琼斯工业平均指数均出现下跌。</p>
<h2>季度和全年交付显示收缩</h2>
<p>第四季度的结果凸显了特斯拉核心汽车业务的明显放缓。</p>
<p>该公司在 2025 年第三季度交付了大约 497,000 辆汽车，而在 2024 年第四季度交付了约 496,000 辆汽车，显示出环比和同比的下降。</p>
<p>全年来看，特斯拉售出了 1,636,129 辆汽车，低于 2024 年的 1,789,226 辆。</p>
<p>该公司的最佳年度业绩仍然是 2023 年，当年交付了 1,808,581 辆汽车。</p>
<p>2025 年的结果确认特斯拉已经连续两年记录到年度交付下降。</p>
<p>第四季度的下降早已被广泛预期。联邦政府在九月份结束了 7500 美元的电动车购车税收抵免，实际上提高了美国电动车的前期成本。</p>
<p>这一政策变化也将需求提前到第三季度，当时特斯拉创下了公司记录的 497,099 辆交付。</p>
<h2>欧洲销售压力加剧</h2>
<p>特斯拉在欧洲面临的挑战尤为明显。在法国，作为仅次于德国和英国的第三大汽车市场，特斯拉的注册量——通常被视为销售的代理——在 12 月份下降了 66%，降至 1,942 辆，根据行业机构 PFA 发布的数据。</p>
<p>全年来看，法国的注册量下降了 37%。</p>
<p>瑞典的收缩更为明显。根据瑞典移动公司数据，特斯拉在 12 月份的注册量下降了 71%，降至 821 辆，全年下降了 70%。</p>
<p>尽管特斯拉在欧洲推出了更便宜的 Model Y 和 Model 3 版本，这一策略本应提振需求，但迄今为止，这些价格调整未能有效扭转下滑趋势。</p>
<p>特斯拉在欧洲的放缓自 2024 年底以来一直在持续，受到既有汽车制造商和新进入者竞争加剧、车型老化以及与首席执行官埃隆·马斯克公开赞扬欧洲右翼政治人物相关的抗议活动的驱动。这些因素共同影响了特斯拉在多个西欧和北欧市场的品牌形象。</p>
<p>截至 11 月，特斯拉在欧洲、英国和欧洲自由贸易协会的市场份额降至 1.7%，低于去年同期的 2.4%。</p>
<h2>超越汽车销售</h2>
<p>预测特斯拉股票对交付下降的反应变得越来越困难，因为投资者最近似乎对短期汽车销量的关注减少。</p>
<p>随着交付数据的公布，投资者的注意力又转向了特斯拉的机器人出租车业务，该业务于 6 月在德克萨斯州奥斯汀启动，前排乘客座位配备了安全监控器。</p>
<p>马斯克暗示这些监控器未来可能会被移除，这一潜在的里程碑正越来越多地被投资者视为特斯拉长期估值的核心。</p>
<p>特斯拉股票抹去早期涨幅：投资者为何对第四季度交付感到失望的文章最早出现在 Invezz 上。</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>特斯拉的股票在公司报告连续第二年车辆销售下降后下跌了约 1%，第四季度交付了 418,227 辆汽车，低于华尔街的预期。全年销售从 2024 年的 1,789,226 辆下降至 1,636,129 辆。销量下降的原因归因于 7500 美元电动车税收抵免的结束以及欧洲竞争加剧，注册量显著下降。投资者现在将关注点转向特斯拉的机器人出租车业务，作为未来估值的潜在推动力</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251202_1319_Investor-Viewing-Tesla-Decline_simple_compose_01kbf0fqczef4s2s32ban820ey.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/20251202_1319_Investor-Viewing-Tesla-Decline_simple_compose_01kbf0fqczef4s2s32ban820ey.png"/></p>
<p>Tesla reported a second consecutive annual decline in vehicle sales, and while the market initially appeared unfazed, selling pressure mounted as investors digested the weaker delivery numbers amid a shifting narrative around the company’s future.</p>
<div class="lb-trans"><p>特斯拉报告了连续第二年的汽车销售下降，尽管市场最初似乎没有受到影响，但随着投资者消化疲软的交付数字，卖压加大，围绕公司未来的叙述也发生了变化。</p>
</div><p>The electric-vehicle maker delivered 418,227 vehicles in the fourth quarter, slightly below Wall Street expectations of around 423,000 units.</p>
<div class="lb-trans"><p>这家电动车制造商在第四季度交付了 418,227 辆汽车，略低于华尔街约 423,000 辆的预期。</p>
</div><p>Although investors had braced for an even softer figure closer to 415,000, the relief was short-lived.</p>
<div class="lb-trans"><p>尽管投资者已经预期到更低的数字接近 415,000，但这种宽慰并没有持续太久。</p>
</div><p>Tesla stock reversed early gains to trade down approximately 1% near $445, while the broader market also lost momentum, with the S&amp;P 500 and Dow Jones Industrial Average turning lower.</p>
<div class="lb-trans"><p>特斯拉股票在早盘上涨后回落，交易价格约为 445 美元，整体市场也失去了动能，标准普尔 500 指数和道琼斯工业平均指数均出现下跌。</p>
</div><h2>Quarterly and full-year deliveries show contraction</h2>
<div class="lb-trans"><h2>季度和全年交付显示收缩</h2>
</div><p>The fourth-quarter result underscores a clear slowdown in Tesla’s core automotive business.</p>
<div class="lb-trans"><p>第四季度的结果凸显了特斯拉核心汽车业务的明显放缓。</p>
</div><p>The company delivered roughly 497,000 vehicles in the third quarter of 2025 and about 496,000 vehicles in the fourth quarter of 2024, highlighting a sequential and year-on-year decline.</p>
<div class="lb-trans"><p>该公司在 2025 年第三季度交付了大约 497,000 辆汽车，而在 2024 年第四季度交付了约 496,000 辆汽车，显示出环比和同比的下降。</p>
</div><p>For the full year, Tesla sold 1,636,129 vehicles, down from 1,789,226 in 2024.</p>
<div class="lb-trans"><p>全年来看，特斯拉售出了 1,636,129 辆汽车，低于 2024 年的 1,789,226 辆。</p>
</div><p>The company’s best annual performance remains 2023, when it delivered 1,808,581 vehicles.</p>
<div class="lb-trans"><p>该公司的最佳年度业绩仍然是 2023 年，当年交付了 1,808,581 辆汽车。</p>
</div><p>The 2025 outcome confirms that Tesla has now recorded two consecutive years of falling annual deliveries.</p>
<div class="lb-trans"><p>2025 年的结果确认特斯拉已经连续两年记录到年度交付下降。</p>
</div><p>The fourth-quarter drop had been widely anticipated. The federal government ended the $7,500 electric-vehicle purchase tax credit in September, effectively raising the upfront cost of EVs in the US.</p>
<div class="lb-trans"><p>第四季度的下降早已被广泛预期。联邦政府在九月份结束了 7500 美元的电动车购车税收抵免，实际上提高了美国电动车的前期成本。</p>
</div><p>That policy change also pulled demand forward into the third quarter, when Tesla posted a company record 497,099 deliveries.</p>
<div class="lb-trans"><p>这一政策变化也将需求提前到第三季度，当时特斯拉创下了公司记录的 497,099 辆交付。</p>
</div><h2>European sales pressure deepens</h2>
<div class="lb-trans"><h2>欧洲销售压力加剧</h2>
</div><p>Tesla’s challenges have been particularly visible in Europe. In France, the region’s third-largest car market after Germany and Britain, Tesla registrations—often used as a proxy for sales—fell 66% in December to 1,942 vehicles, according to data released by industry body PFA.</p>
<div class="lb-trans"><p>特斯拉在欧洲面临的挑战尤为明显。在法国，作为仅次于德国和英国的第三大汽车市场，特斯拉的注册量——通常被视为销售的代理——在 12 月份下降了 66%，降至 1,942 辆，根据行业机构 PFA 发布的数据。</p>
</div><p>For the full year, registrations in France declined 37%.</p>
<div class="lb-trans"><p>全年来看，法国的注册量下降了 37%。</p>
</div><p>Sweden saw an even sharper contraction. Tesla registrations dropped 71% in December to 821 vehicles, according to Mobility Sweden, and fell 70% over the full year.</p>
<div class="lb-trans"><p>瑞典的收缩更为明显。根据瑞典移动公司数据，特斯拉在 12 月份的注册量下降了 71%，降至 821 辆，全年下降了 70%。</p>
</div><p>These declines come despite Tesla rolling out cheaper versions of its Model Y and Model 3 across Europe, a strategy that had been expected to revive demand.</p>
<div class="lb-trans"><p>尽管特斯拉在欧洲推出了更便宜的 Model Y 和 Model 3 版本，这一策略本应提振需求，但迄今为止，这些价格调整未能有效扭转下滑趋势。</p>
</div><p>So far, those pricing adjustments have failed to meaningfully reverse the downturn.</p>
<div class="lb-trans"><p>特斯拉在欧洲的放缓自 2024 年底以来一直在持续，受到既有汽车制造商和新进入者竞争加剧、车型老化以及与首席执行官埃隆·马斯克公开赞扬欧洲右翼政治人物相关的抗议活动的驱动。这些因素共同影响了特斯拉在多个西欧和北欧市场的品牌形象。</p>
</div><p>Tesla’s European slowdown has been unfolding since late 2024, driven by intensifying competition from both established automakers and new entrants, an ageing vehicle lineup, and protests linked to CEO Elon Musk’s public praise of European right-wing political figures. Together, these factors have weighed on brand perception in several Western and Northern European markets.</p>
<div class="lb-trans"><p>截至 11 月，特斯拉在欧洲、英国和欧洲自由贸易协会的市场份额降至 1.7%，低于去年同期的 2.4%。</p>
</div><p>Up to November, Tesla’s market share across Europe, Britain and the European Free Trade Association slipped to 1.7%, down from 2.4% in the same period a year earlier.</p>
<div class="lb-trans"><h2>超越汽车销售</h2>
</div><h2>Beyond car sales</h2>
<div class="lb-trans"><p>预测特斯拉股票对交付下降的反应变得越来越困难，因为投资者最近似乎对短期汽车销量的关注减少。</p>
</div><p>Predicting Tesla’s stock reaction to delivery declines has become increasingly difficult, as investors, in recent times, have appeared less focused on near-term vehicle volumes.</p>
<div class="lb-trans"><p>随着交付数据的公布，投资者的注意力又转向了特斯拉的机器人出租车业务，该业务于 6 月在德克萨斯州奥斯汀启动，前排乘客座位配备了安全监控器。</p>
</div><p>With deliveries now reported, investor attention is turning back to Tesla’s robotaxi business, launched in Austin, Texas, in June with safety monitors in the front passenger seat.</p>
<div class="lb-trans"><p>马斯克暗示这些监控器未来可能会被移除，这一潜在的里程碑正越来越多地被投资者视为特斯拉长期估值的核心。</p>
</div><p>Musk has suggested those monitors could be removed in the future, a potential milestone that investors are increasingly viewing as central to Tesla’s longer-term valuation.</p>
<div class="lb-trans"><p>特斯拉股票抹去早期涨幅：投资者为何对第四季度交付感到失望的文章最早出现在 Invezz 上。</p>
</div><p>The post Tesla stock erases early gains: why investors turned sour on Q4 deliveries appeared first on Invezz</p>

Tesla stock erases early gains: why investors turned sour on Q4 deliveries

- 特斯拉连续第二年销量下滑，2025 年交付约 1,636,129 辆，较 2024 年减少。
- 第四季度交付 418,227 辆，低于市场预期，股价下跌约 1%。
- 欧洲市场压力加大，特斯拉在法国和瑞典的注册销量显著下降。

特斯拉股票抹去了早期的涨幅：投资者为何对第四季度的交付感到失望