<p>TradingKey - 尽管特斯拉（TSLA）的销售数据令人失望，但我们仍然认为特斯拉股票值得关注。我们建议投资者关注其定于 1 月发布的 2025 年第四季度财报。</p><p>如果即将发布的财报未能显示特斯拉其他业务板块的改善，投资者的短期风险可能仍然很大。</p><h2 id="yelu6xu5q"><strong>I. 特斯拉电动车业务的核心优势是否依然存在？</strong></h2><h3 id="my1m8fw2"><strong>车辆工程能力</strong></h3><p>特斯拉的核心优势依然存在；其车辆架构和 FSD 提供了竞争优势。特斯拉在各种国际碰撞测试中始终获得高分；其电池组结构、车身刚性和超级铸造架构在被动安全和整体车辆工程方面保持领先地位。</p><h3 id="s3y75p0fk"><strong>FSD</strong></h3><p>特斯拉的 FSD（全自动驾驶）是一种先进的驾驶辅助系统。它允许车辆自动变道、识别交通信号灯、导航转弯，并在高速公路和城市道路上跟随交通；然而，它目前仍需要驾驶员的持续监督和随时准备干预，并尚未真正实现 “完全自动驾驶”。</p><p>尽管对其商业化路径存在持续的怀疑，FSD 仍然是全球最具前瞻性的智能资产之一。考虑到其真实用户数据的规模、算法迭代的速度以及端到端模型的方法，特斯拉仍然是全球最接近实现 “可扩展自动驾驶” 的公司之一。</p><h3 id="xb1xcqvdq"><strong>超级充电网络</strong></h3><p>与大多数汽车制造商主要依赖第三方充电运营商不同，特斯拉是少数几家建立并运营自己全球充电网络的电动车制造商之一。迄今为止，其超级充电网络覆盖了北美、欧洲、中国和亚太地区的主要市场，形成了大规模、系统化的基础设施布局。</p><p>我们仍然认为特斯拉的电动车具有强大的核心优势。这些优势的培养使其基本面保持强劲，这也是许多投资者愿意支付高溢价的原因，认可其竞争护城河。</p><h2 id="ex67rshe"><strong>II. 为什么市场开始担心特斯拉的电动车业务？</strong></h2><p>根据 Teslarati 分享的新数据，在 11 月中国的批发销售为 86,700 辆后，特斯拉 12 月的批发销售达到了 97,171 辆，仅次于 2022 年 11 月的 100,291 辆。</p><p>尽管特斯拉第四季度的交付量依然强劲，但全年总批发销售为 851,732 辆，同比下降 7.1%。这些销售数据表明，特斯拉的电动车业务可能面临困难。</p><p>大中华区增长的放缓甚至停滞是市场对特斯拉电动车业务担忧的主要因素。此外，埃隆·马斯克在 2025 年对政治的高度参与引发了消费者对特斯拉的抵制，间接影响了电动车的销售。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/d84c66ea5bb57db4831c7f09eefb2aba?x-oss-process=style/lg" alt="" width="1568" height="846" original-src="https://pub.pbkrs.com/uploads/2026/d84c66ea5bb57db4831c7f09eefb2aba"/></figure><p>此外，行业竞争的加剧也挤压了特斯拉的市场份额。中国汽车制造商之间的激烈竞争迫使特斯拉降低车辆价格，持续对利润率施加压力。如图所示，特斯拉的电动车利润率已从 27.1% 的高峰降至第三季度的 17%。</p><h2 id="mb2w128k"><strong>III. 最新销售数据表明了什么？</strong></h2><p>尽管来自大中华区的最新销售数据表明有所稳定，但特斯拉 2025 年第四季度的运营数据揭示，该公司已完全失去了 “全球最畅销电动车品牌” 的宝座。</p><p>根据特斯拉官方网站的数据，该公司在去年最后三个月交付了 418,227 辆汽车，生产了 434,358 辆；全年交付总量为 1,636,129 辆，生产总量为 1,654,667 辆。最终数据不仅低于大多数分析师的预期，也低于本周早些时候发布的 “公司编制的共识”。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/a45ee6aa90930196acc9434fdf82241b?x-oss-process=style/lg" alt="" width="1050" height="450" original-src="https://pub.pbkrs.com/uploads/2026/a45ee6aa90930196acc9434fdf82241b"/></figure><p>特斯拉年度销售的下降实际上与市场预期一致。北美市场的市场份额增长空间有限，而欧洲市场在马斯克进入政治后急剧下滑。尽管中国已超越北美成为特斯拉最大的单一市场，但那里的电动车销售数据也使特斯拉的表现相形见绌。</p><h2 id="eguawdnh"><strong>现在是关注特斯拉股票的合适时机吗？</strong></h2><p>我们的答案是肯定的。尽管电动车销售疲软，特斯拉对 Robotaxi、FSD 和人工智能机器人等领域的关注仍在持续发力。未来，特斯拉的股价可能会受到电动车销售量以外的因素驱动，为公司提供显著的前瞻性潜力——这也是特斯拉为何能获得如此高的市盈率溢价的原因。</p><p>然而，最终我们必须依赖财报数据作为基准。如果即将发布的财报未能显示特斯拉其他业务领域的进展，投资者的短期风险可能仍然较高。</p><p>了解更多</p>

特斯拉

1.25 倍做多特斯拉 ETF - GraniteShares

2 倍做多 TSLA ETF - GraniteShares

2 倍做多特斯拉 ETF - Leverage Shares

2 倍做多 TSLA ETF - T-Rex

2 倍做多特斯拉 ETF - Direxion

TESL

<p>特斯拉的电动车业务面临挑战，年度批发销售下降了 7.1%，竞争加剧影响了市场份额。尽管在车辆工程和强大的超级充电网络方面具有明显的核心优势，但中国市场的增长停滞以及政治争议对销售造成了影响。即将发布的 2025 年第四季度财报将至关重要；如果没有改善，投资者的短期风险可能会持续。然而，特斯拉对机器人出租车和人工智能机器人技术的关注可能会推动未来的股票表现，从而证明其高市盈率溢价是合理的</p>

<p>TradingKey - Although Tesla (TSLA) sales data have been underwhelming, we still believe Tesla stock warrants attention. We advise investors to focus on its upcoming Q4 2025 earnings report scheduled for release in January.</p>
<div class="lb-trans"><p>TradingKey - 尽管特斯拉（TSLA）的销售数据令人失望，但我们仍然认为特斯拉股票值得关注。我们建议投资者关注其定于 1 月发布的 2025 年第四季度财报。</p>
</div><p>If the upcoming earnings report fails to show improvement in Tesla's other business segments, the short-term risks for investors may remain significant.</p>
<div class="lb-trans"><p>如果即将发布的财报未能显示特斯拉其他业务板块的改善，投资者的短期风险可能仍然很大。</p>
</div><h2><strong>I. Do the core advantages of Tesla's EV business still exist?</strong></h2>
<div class="lb-trans"><h2><strong>I. 特斯拉电动车业务的核心优势是否依然存在？</strong></h2>
</div><h3><strong>Vehicle Engineering Capabilities</strong></h3>
<div class="lb-trans"><h3><strong>车辆工程能力</strong></h3>
</div><p>Tesla's core advantages remain intact; its vehicle architecture and FSD provide a competitive edge. Tesla has consistently earned high scores in various international crash tests; its battery pack structure, body rigidity, and giga-casting architecture maintain a leading position in passive safety and overall vehicle engineering.</p>
<div class="lb-trans"><p>特斯拉的核心优势依然存在；其车辆架构和 FSD 提供了竞争优势。特斯拉在各种国际碰撞测试中始终获得高分；其电池组结构、车身刚性和超级铸造架构在被动安全和整体车辆工程方面保持领先地位。</p>
</div><h3><strong>FSD</strong></h3>
<div class="lb-trans"><h3><strong>FSD</strong></h3>
</div><p>Tesla's FSD (Full Self-Driving) is an advanced driver-assistance system. It allows vehicles to automatically change lanes, recognize traffic lights, navigate turns, and follow traffic on both highways and urban roads; however, it currently requires constant driver supervision and readiness to intervene, and is not yet true 'fully autonomous driving.'</p>
<div class="lb-trans"><p>特斯拉的 FSD（全自动驾驶）是一种先进的驾驶辅助系统。它允许车辆自动变道、识别交通信号灯、导航转弯，并在高速公路和城市道路上跟随交通；然而，它目前仍需要驾驶员的持续监督和随时准备干预，并尚未真正实现 “完全自动驾驶”。</p>
</div><p>Despite persistent skepticism regarding its commercialization path, FSD remains one of the world's most visionary intelligent assets. Given its scale of real-world user data, speed of algorithmic iteration, and end-to-end model approach, Tesla remains one of the companies closest to achieving 'scalable autonomous driving' globally.</p>
<div class="lb-trans"><p>尽管对其商业化路径存在持续的怀疑，FSD 仍然是全球最具前瞻性的智能资产之一。考虑到其真实用户数据的规模、算法迭代的速度以及端到端模型的方法，特斯拉仍然是全球最接近实现 “可扩展自动驾驶” 的公司之一。</p>
</div><h3><strong>Supercharger Network</strong></h3>
<div class="lb-trans"><h3><strong>超级充电网络</strong></h3>
</div><p>Unlike most automakers that rely primarily on third-party charging operators, Tesla is one of the few EV manufacturers to build and operate its own global charging network. To date, its Supercharger network covers major markets in North America, Europe, China, and the Asia-Pacific, creating a large-scale, systematic infrastructure layout.</p>
<div class="lb-trans"><p>与大多数汽车制造商主要依赖第三方充电运营商不同，特斯拉是少数几家建立并运营自己全球充电网络的电动车制造商之一。迄今为止，其超级充电网络覆盖了北美、欧洲、中国和亚太地区的主要市场，形成了大规模、系统化的基础设施布局。</p>
</div><p>We still believe Tesla's EVs possess strong core advantages. The cultivation of these strengths keeps its fundamentals robust, which is also the reason many investors are willing to pay a high premium, recognizing its competitive moat.</p>
<div class="lb-trans"><p>我们仍然认为特斯拉的电动车具有强大的核心优势。这些优势的培养使其基本面保持强劲，这也是许多投资者愿意支付高溢价的原因，认可其竞争护城河。</p>
</div><h2><strong>II. Why is the market starting to worry about Tesla's EV business?</strong></h2>
<div class="lb-trans"><h2><strong>II. 为什么市场开始担心特斯拉的电动车业务？</strong></h2>
</div><p>According to new data shared by Teslarati, following wholesale sales of 86,700 units in China in November, Tesla's December wholesale sales reached 97,171 units, second only to the 100,291 units recorded in November 2022.</p>
<div class="lb-trans"><p>根据 Teslarati 分享的新数据，在 11 月中国的批发销售为 86,700 辆后，特斯拉 12 月的批发销售达到了 97,171 辆，仅次于 2022 年 11 月的 100,291 辆。</p>
</div><p>While Tesla's fourth-quarter deliveries remained strong, total annual wholesale sales were 851,732 units, down 7.1% year-over-year. These sales figures suggest that Tesla's electric vehicle business may be facing difficulties.</p>
<div class="lb-trans"><p>尽管特斯拉第四季度的交付量依然强劲，但全年总批发销售为 851,732 辆，同比下降 7.1%。这些销售数据表明，特斯拉的电动车业务可能面临困难。</p>
</div><p>The slowdown or even stagnation of growth in Greater China is a primary factor for market concern regarding Tesla's EV business. Furthermore, Elon Musk's heavy involvement in politics in 2025 has triggered consumer boycotts against Tesla, indirectly impacting EV sales.</p>
<div class="lb-trans"><p>大中华区增长的放缓甚至停滞是市场对特斯拉电动车业务担忧的主要因素。此外，埃隆·马斯克在 2025 年对政治的高度参与引发了消费者对特斯拉的抵制，间接影响了电动车的销售。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260121/TSLA-Sales-e350b6b861924d4aafa84aafcf05bd8f.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260121/TSLA-Sales-e350b6b861924d4aafa84aafcf05bd8f.jpg"/></p>
<p>Additionally, intensifying industry competition has squeezed Tesla's market share. Hyper-competition among Chinese automakers has forced Tesla to lower vehicle prices, putting sustained pressure on margins. As shown in the chart, Tesla's EV profit margin has dropped from a peak of 27.1% to 17% in the third quarter.</p>
<div class="lb-trans"><p>此外，行业竞争的加剧也挤压了特斯拉的市场份额。中国汽车制造商之间的激烈竞争迫使特斯拉降低车辆价格，持续对利润率施加压力。如图所示，特斯拉的电动车利润率已从 27.1% 的高峰降至第三季度的 17%。</p>
</div><h2><strong>III. What do the latest sales data indicate?</strong></h2>
<div class="lb-trans"><h2><strong>III. 最新销售数据表明了什么？</strong></h2>
</div><p>Although recent sales data from Greater China show some stabilization, Tesla's Q4 2025 operational data reveal that the company has completely lost its throne as the 'world's top-selling EV brand.'</p>
<div class="lb-trans"><p>尽管来自大中华区的最新销售数据表明有所稳定，但特斯拉 2025 年第四季度的运营数据揭示，该公司已完全失去了 “全球最畅销电动车品牌” 的宝座。</p>
</div><p>According to data from Tesla's official website, the company delivered 418,227 vehicles and produced 434,358 in the last three months of last year; for the full year, deliveries totaled 1,636,129 units with production at 1,654,667 units. The final figures were not only lower than most analysts' expectations but also below the 'company-compiled consensus' released earlier this week.</p>
<div class="lb-trans"><p>根据特斯拉官方网站的数据，该公司在去年最后三个月交付了 418,227 辆汽车，生产了 434,358 辆；全年交付总量为 1,636,129 辆，生产总量为 1,654,667 辆。最终数据不仅低于大多数分析师的预期，也低于本周早些时候发布的 “公司编制的共识”。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260121/TSLA-Gross-profit-margin-b217f86e6074407984430df2b339924e.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260121/TSLA-Gross-profit-margin-b217f86e6074407984430df2b339924e.jpg"/></p>
<p>The decline in Tesla's annual sales actually aligns with market expectations. There is limited room for market share growth in North America, while growth in the European market plummeted following Musk's entry into politics. Although China has surpassed North America as Tesla's largest single market, the EV sales figures there have also caused Tesla's performance to pale in comparison.</p>
<div class="lb-trans"><p>特斯拉年度销售的下降实际上与市场预期一致。北美市场的市场份额增长空间有限，而欧洲市场在马斯克进入政治后急剧下滑。尽管中国已超越北美成为特斯拉最大的单一市场，但那里的电动车销售数据也使特斯拉的表现相形见绌。</p>
</div><h2><strong>Is now the right time to watch Tesla stock?</strong></h2>
<div class="lb-trans"><h2><strong>现在是关注特斯拉股票的合适时机吗？</strong></h2>
</div><p>Our answer is yes. Despite sluggish EV sales, Tesla's focus on Robotaxi, FSD, and AI robotics continues to gain momentum. In the future, Tesla's stock price may be driven by factors other than EV sales volume, providing the company with significant visionary potential—this is also why Tesla commands such a high P/E premium.</p>
<div class="lb-trans"><p>我们的答案是肯定的。尽管电动车销售疲软，特斯拉对 Robotaxi、FSD 和人工智能机器人等领域的关注仍在持续发力。未来，特斯拉的股价可能会受到电动车销售量以外的因素驱动，为公司提供显著的前瞻性潜力——这也是特斯拉为何能获得如此高的市盈率溢价的原因。</p>
</div><p>Ultimately, however, we must rely on financial report data as the benchmark. If the upcoming earnings report fails to show progress in Tesla's other business areas, short-term risks for investors may remain elevated.</p>
<div class="lb-trans"><p>然而，最终我们必须依赖财报数据作为基准。如果即将发布的财报未能显示特斯拉其他业务领域的进展，投资者的短期风险可能仍然较高。</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div>

Tesla’s Electric Vehicle Business Is Struggling: Is Now the Right Time to Watch Tesla Stock?

- 特斯拉销售数据欠佳，但仍值得投资者关注即将发布的 2025 年四季度财报。  
- 特斯拉在电动汽车领域的核心优势保持，面临增长停滞和行业竞争加剧。  
- 若财报未能显示其他业务进展，短期投资风险可能仍显著。

特斯拉的电动车业务面临困境：现在是关注特斯拉股票的好时机吗？