<p>TradingKey — 根据特斯拉（TSLA.US）最新披露，其上海超级工厂在 2026 年 2 月的交付量达到了 58,600 辆，同比增长约 91%。在 2025 年，特斯拉全球交付了约 163.6 万辆电动车，其中上海超级工厂交付了 851,000 辆，占全球总交付量的约 52%。这仍然是特斯拉全球最大的生产和出口中心。</p>
<p>关于 2025 年的全年表现，特斯拉的新车交付总量为 163.6 万辆，比 2024 年的 178.9 万辆减少了约 15 万辆，电动车销售经历了周期性的放缓。一些市场参与者认为这与埃隆·马斯克之前关于其政治立场的争议性言论有关。在 2025 年 2 月，马斯克公开表达了对某些德国政党的支持，引发了部分欧洲市场消费者的不满。随后，特斯拉在全球多个地方遭遇抗议，一些销售网点和车主也面临抵制，这对品牌需求产生了短期影响。</p>
<p>进入 2026 年，特斯拉在中国的销售出现了复苏迹象，受益于在中国市场推出的多项促销措施，包括对某些车型的 “五年零利率” 和 “七年低利率” 融资计划。2 月份交付数据的显著反弹在一定程度上缓解了市场对需求疲软的担忧。</p>
<p>与此同时，关于竞争对手，比亚迪在 2 月份的新能车销量为 190,190 辆，同比下降 41.09%，环比从 1 月份的 210,051 辆下降约 9.46%，标志着连续第六个月同比下降。这也是自 2020 年疫情影响以来，单月销量的最大收缩。持续的下滑趋势使市场对其短期需求前景保持谨慎。</p>
<p>销量波动主要受到政策和季节性因素的驱动。一方面，中国在 2025 年底恢复了对新能源车的 5% 购置税，而部分国家补贴也到期，对终端需求产生了一定的抑制作用。另一方面，春节假期的时间变化也干扰了月度数据。2025 年的春节主要在 1 月，而 2026 年的春节则在 2 月，导致同比销售比较存在一定差异。</p>
<p>此外，中国电动车市场的竞争持续加剧。“高性价比” 不再是任何单一制造商的唯一核心优势，价格和车辆配置的竞争愈发激烈。</p>
<p>尽管特斯拉上海工厂的 2 月份交付量同比几乎翻倍，但在绝对销量上仍难以与一些中国制造商竞争。从定价角度来看，特斯拉在中国市场并不一定具有明显优势。同时，中国新能源车制造商近年来持续扩大海外出口，影响了特斯拉现有的全球市场份额。</p>
<p>从长期来看，特斯拉重新获得绝对主导地位的难度在上升。随着公司业务足迹的逐渐扩大，其战略重点也在转变。马斯克在多个公开场合强调，特斯拉不仅是一家电动车公司，还致力于人工智能和机器人技术的研发。</p>
<p>与此同时，中国电动车供应链的成熟度持续提高，通过出口扩大其在全球市场的影响力。未来全球新能源车市场更可能呈现多个平行制造商的竞争格局，而不是单一企业的主导。</p>
<p>尽管如此，电动车业务仍然是特斯拉当前收入结构中最核心的组成部分。如果交付量持续恢复，仍预计会在短期内为公司的股价提供一定支持。然而，从长期来看，特斯拉估值的溢价更多来自于其尚未实现大规模商业化的业务板块的前景，例如其全自动驾驶（FSD）系统和类人机器人。</p>
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特斯拉

1.25 倍做多特斯拉 ETF - GraniteShares

比亚迪

<p>特斯拉上海超级工厂在 2026 年 2 月的交付量同比增长 91%，总计达到 58,600 辆。尽管 2025 年全球交付量有所下降，但由于促销措施，公司在中国市场出现了复苏迹象。然而，电动车市场的竞争正在加剧，比亚迪的销售出现显著下滑。特斯拉的长期主导地位受到日益激烈的竞争和中国电动车供应链成熟的挑战，尽管其电动车业务在短期内仍对收入和股价支持至关重要</p>

<p>TradingKey — According to Tesla (TSLA.US) latest disclosures, its Shanghai Gigafactory's delivery volume in February 2026 reached 58,600 units, a significant year-on-year increase of approximately 91%. Throughout 2025, Tesla delivered a total of approximately 1.636 million electric vehicles globally, of which the Shanghai Gigafactory delivered 851,000 units, accounting for approximately 52% of total global deliveries. It remains Tesla's largest production and export hub globally.</p>
<div class="lb-trans"><p>TradingKey — 根据特斯拉（TSLA.US）最新披露，其上海超级工厂在 2026 年 2 月的交付量达到了 58,600 辆，同比增长约 91%。在 2025 年，特斯拉全球交付了约 163.6 万辆电动车，其中上海超级工厂交付了 851,000 辆，占全球总交付量的约 52%。这仍然是特斯拉全球最大的生产和出口中心。</p>
</div><p>Regarding the full-year performance in 2025, Tesla's new vehicle deliveries totaled 1.636 million units, a decrease of approximately 150,000 units from 1.789 million in 2024, as electric vehicle sales experienced a periodic slowdown. Some market participants believe this is related to Elon Musk's previous controversial remarks regarding his political stance. In February 2025, Musk publicly expressed support for certain German political parties, triggering dissatisfaction among consumers in some European markets. This was followed by protests against Tesla in various parts of the world, and some sales outlets and owners also faced boycotts, which exerted a short-term impact on brand demand.</p>
<div class="lb-trans"><p>关于 2025 年的全年表现，特斯拉的新车交付总量为 163.6 万辆，比 2024 年的 178.9 万辆减少了约 15 万辆，电动车销售经历了周期性的放缓。一些市场参与者认为这与埃隆·马斯克之前关于其政治立场的争议性言论有关。在 2025 年 2 月，马斯克公开表达了对某些德国政党的支持，引发了部分欧洲市场消费者的不满。随后，特斯拉在全球多个地方遭遇抗议，一些销售网点和车主也面临抵制，这对品牌需求产生了短期影响。</p>
</div><p>Entering 2026, Tesla's sales in China showed signs of recovery, benefiting from several promotional measures launched in the Chinese market, including &#34;five-year zero-interest&#34; and &#34;seven-year low-interest&#34; financing plans for certain models. The significant rebound in February delivery data has also eased previous market concerns regarding weak demand to some extent.</p>
<div class="lb-trans"><p>进入 2026 年，特斯拉在中国的销售出现了复苏迹象，受益于在中国市场推出的多项促销措施，包括对某些车型的 “五年零利率” 和 “七年低利率” 融资计划。2 月份交付数据的显著反弹在一定程度上缓解了市场对需求疲软的担忧。</p>
</div><p>Meanwhile, regarding competitors, BYD's sales of new energy vehicles in February were 190,190 units, a year-on-year decrease of 41.09% and a month-on-month decline of approximately 9.46% from 210,051 units in January, marking the sixth consecutive month of year-on-year declines. This was also the most significant single-month contraction since the pandemic impact in early 2020. The sustained downward trend has caused the market to remain cautious about its short-term demand outlook.</p>
<div class="lb-trans"><p>与此同时，关于竞争对手，比亚迪在 2 月份的新能车销量为 190,190 辆，同比下降 41.09%，环比从 1 月份的 210,051 辆下降约 9.46%，标志着连续第六个月同比下降。这也是自 2020 年疫情影响以来，单月销量的最大收缩。持续的下滑趋势使市场对其短期需求前景保持谨慎。</p>
</div><p>The fluctuations in sales volume were mainly driven by policy and seasonal factors. On one hand, China resumed a 5% purchase tax on new energy vehicles at the end of 2025, while some national subsidies expired, exerting a certain suppressive effect on terminal demand. On the other hand, the shifting timing of the Lunar New Year holiday also disrupted monthly data. The 2025 Lunar New Year fell primarily in January, whereas the 2026 Lunar New Year occurred in February, causing a certain discrepancy in year-on-year sales comparisons.</p>
<div class="lb-trans"><p>销量波动主要受到政策和季节性因素的驱动。一方面，中国在 2025 年底恢复了对新能源车的 5% 购置税，而部分国家补贴也到期，对终端需求产生了一定的抑制作用。另一方面，春节假期的时间变化也干扰了月度数据。2025 年的春节主要在 1 月，而 2026 年的春节则在 2 月，导致同比销售比较存在一定差异。</p>
</div><p>Furthermore, competition in the Chinese electric vehicle market continues to intensify. &#34;High cost-performance&#34; is no longer the sole core advantage of any single manufacturer, as competition over pricing and vehicle configurations grows increasingly fierce.</p>
<div class="lb-trans"><p>此外，中国电动车市场的竞争持续加剧。“高性价比” 不再是任何单一制造商的唯一核心优势，价格和车辆配置的竞争愈发激烈。</p>
</div><p>Although the February delivery volume of Tesla's Shanghai plant nearly doubled year-on-year, its scale still struggles to compete with some Chinese manufacturers in terms of absolute sales volume. From a pricing perspective, Tesla does not necessarily hold a clear advantage in the Chinese market. Meanwhile, Chinese new energy vehicle manufacturers have continued to expand their overseas exports in recent years, impacting Tesla's existing global market share.</p>
<div class="lb-trans"><p>尽管特斯拉上海工厂的 2 月份交付量同比几乎翻倍，但在绝对销量上仍难以与一些中国制造商竞争。从定价角度来看，特斯拉在中国市场并不一定具有明显优势。同时，中国新能源车制造商近年来持续扩大海外出口，影响了特斯拉现有的全球市场份额。</p>
</div><p>From a long-term perspective, the difficulty for Tesla to regain absolute dominance is rising. As the company's business footprint gradually expands, its strategic focus is also shifting. Musk has emphasized on several public occasions that Tesla is not just an electric vehicle company, but is also committed to the research and development of artificial intelligence and robotics technology.</p>
<div class="lb-trans"><p>从长期来看，特斯拉重新获得绝对主导地位的难度在上升。随着公司业务足迹的逐渐扩大，其战略重点也在转变。马斯克在多个公开场合强调，特斯拉不仅是一家电动车公司，还致力于人工智能和机器人技术的研发。</p>
</div><p>At the same time, the maturity of China's electric vehicle supply chain continues to improve, expanding its influence in the global market through exports. The future global new energy vehicle market is more likely to feature a competitive landscape with multiple parallel manufacturers rather than dominance by a single enterprise.</p>
<div class="lb-trans"><p>与此同时，中国电动车供应链的成熟度持续提高，通过出口扩大其在全球市场的影响力。未来全球新能源车市场更可能呈现多个平行制造商的竞争格局，而不是单一企业的主导。</p>
</div><p>Nevertheless, the electric vehicle business remains the most core component of Tesla's current revenue structure. If delivery volumes continue to recover, they are still expected to provide some support for the company's stock price in the short term. However, from a longer-term perspective, the premium in Tesla's valuation is derived more from the prospects of its business segments that have yet to achieve large-scale commercialization, such as its Full Self-Driving (FSD) system and humanoid robots.</p>
<div class="lb-trans"><p>尽管如此，电动车业务仍然是特斯拉当前收入结构中最核心的组成部分。如果交付量持续恢复，仍预计会在短期内为公司的股价提供一定支持。然而，从长期来看，特斯拉估值的溢价更多来自于其尚未实现大规模商业化的业务板块的前景，例如其全自动驾驶（FSD）系统和类人机器人。</p>
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</div>

Tesla Shanghai Factory February Deliveries Nearly Double Year-on-Year. Can Demand Resilience Help It Regain Electric Vehicle Dominance?

- 特斯拉上海超级工厂 2026 年 2 月交付量达 58,600 辆，同比增长约 91%。  
- 2025 年，特斯拉全球交付约 163.6 万辆电动车，上海工厂占 52%。  
- 竞争加剧及政策影响可能压制未来销量增长，市场前景扑朔迷离。

TradingKey

比亚迪股份

比亚迪(ADR)

Simplify Volt TSLA Revolution ETF

2 倍做多 TSLA ETF - T-Rex

2 倍做多 TSLA ETF - GraniteShares

2 倍做多特斯拉 ETF - Direxion

华宝智能电动汽车ETF

2 倍做多特斯拉 ETF - Leverage Shares

华夏中证新能源汽车ETF

2 倍做空特斯拉 ETF - GraniteShares

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

特斯拉上海工厂 2 月份的交付量同比几乎翻了一番。需求的韧性能否帮助特斯拉重新获得电动车市场的主导地位？