<p><strong>特斯拉</strong>（TSLA 2.80%）的投資者在過去幾個月經歷了一場緊張的旅程。該股在唐納德·特朗普連任的熱情推動下飆升至歷史新高，但自 2024 年 12 月達到 488 美元的峯值後，已回吐所有漲幅。週一收盤時，該股報 238 美元。</p>
<p>一些空頭對埃隆·馬斯克的政治參與表示擔憂，儘管多頭對特斯拉的長期前景依然堅定。在近期暴跌後，這隻股票是否值得購買？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTEzODIvZWxlY3RyaWMtY2FyLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTEzODIvZWxlY3RyaWMtY2FyLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>為什麼特斯拉的股票崩盤了？</h2>
<p>投資者在購買下跌股票之前，必須瞭解導致股票下跌的原因。雖然這個過程從來都不是簡單和精確的，但你需要對公司的情況有一個大致的瞭解。</p>
<p>在特斯拉的案例中，有幾個重要問題推動了近期的股票表現。首先可能是馬斯克與美國政治的密切關係。一方面，他與特朗普的緊密聯繫以及馬斯克領導的政府效率部門倡議可能會讓持不同政治立場的消費者感到不滿，從而影響銷售。馬斯克的多重角色也意味着他有更少的時間來管理特斯拉，這可能會在長期內影響公司。馬斯克還在他創辦的 SpaceX 和他收購的社交媒體平台 X 擔任領導職務。</p>
<p>更糟糕的是，特斯拉最近報告了令人失望的財務表現。2024 年，收入僅增長 1%，而淨收入同比下降 53%。儘管進行了大幅降價，公司交付的汽車數量在 2024 年減少了 1%。特斯拉的疲軟銷售表現表明，電動汽車（EV）行業的競爭加劇，迫使公司迅速採取行動，否則將面臨失去市場份額的風險。</p>
<h2>特斯拉的長期前景依然樂觀</h2>
<p>儘管特斯拉的短期前景似乎不太令人興奮（甚至是負面的，考慮到上述問題），但其長期機會依然豐富。</p>
<p>電動汽車的轉型仍處於初期階段，這一大趨勢的完全展開可能需要數年甚至數十年。作為該行業的領導者，特斯拉在電動汽車逐漸取代內燃機汽車的過程中，處於有利的位置來增長銷售。</p>
<p>此外，特斯拉正在努力降低生產成本，以便能夠以更實惠的價格銷售汽車並獲得市場份額。為此，其每輛車的平均銷售成本在 2024 年第四季度降至新低，並可能進一步下降，利用特斯拉日益增長的運營槓桿。</p>
<p>除了主要銷售電動汽車外，特斯拉還在多個大趨勢中佔據了有利地位，這些趨勢的潛在價值可能超過電動汽車行業。以自動駕駛為例，特斯拉旨在引領機器人出租車行業。它計劃在 2026 年開始在德克薩斯州的超級工廠生產機器人出租車。</p>
<p>另一個在未來幾年可能會顯著增長的領域是可再生能源。特斯拉的產品涵蓋從電池到太陽能電池板和充電網絡的多個領域。我們還不能忘記 Optimus，特斯拉的人形機器人，它可能會改變我們的生活和工作方式。總的來説，這些年輕的業務有潛在的可尋址市場，價值數百億（甚至數萬億）美元。</p>
<p>當然，這假設特斯拉不會失去焦點，並將在未來幾年繼續執行。</p>
<h2>股票價格昂貴</h2>
<p>投資者在購買特斯拉股票時面臨的最大問題之一是其估值。由於投資者對其前景的樂觀，特斯拉的股票幾乎總是以高倍數定價。</p>
<p>但隨着其股票價格的近期下跌，特斯拉是否終於以合理的估值交易？讓我們來看兩個簡單的比率：市銷率（P/S）和市盈率（P/E）。</p>
<p>截至目前，該股的市銷率和市盈率分別為 8.6 和 118。作為對比，谷歌母公司 <strong>Alphabet</strong> 的市銷率和市盈率分別為 6.2 和 20。因此，儘管特斯拉的股票大幅下跌，但考慮到其大部分收入來自汽車銷售，它的估值仍然昂貴，且其倍數高於一家領先科技巨頭的倍數。</p>
<p>換句話説，投資者已經將特斯拉尚未實現的許多前景計入了股價。</p>
<h2>這對投資者意味着什麼</h2>
<p>特斯拉仍然是市場上最令人興奮但又極具爭議的股票之一。電動汽車、自動駕駛和能源解決方案的長期潛力是不可否認的。然而，公司的短期挑戰——從疲軟的財務表現到領導層擔憂和政治爭議——同樣顯著。</p>
<p>在當前的估值下，特斯拉仍然要求溢價。因此，儘管股票的急劇下跌可能會吸引尋求便宜貨的投資者，但風險依然很高，尤其是在競爭加劇和執行不確定性增加的情況下。</p>
<p>除非是高風險偏好的投資者，否則目前應避免購買該股票。</p>

特斯拉

<p>特斯拉的股票從 2024 年 12 月的峯值 488 美元暴跌了 50%，收盤價為 238 美元。對埃隆·馬斯克政治參與的擔憂以及令人失望的財務業績，包括淨收入下降 53% 和收入增長停滯，都是導致股價下跌的原因。儘管面臨這些挑戰，特斯拉在電動車市場、自動駕駛和可再生能源方面的長期前景依然強勁。然而，考慮到其市銷率和市盈率分別為 8.6 和 118，該股票仍被認為價格昂貴，這引發了人們對其估值的質疑，尤其是在競爭日益激烈的情況下</p>

<p><strong>Tesla</strong>'s (TSLA 2.80%) investors have had a nerve-racking ride over the last few months. The stock soared to an all-time high on the back of enthusiasm accompanying Donald Trump's re-election, but it has given back all of those gains since peaking at $488 in December 2024. The stock closed Monday at $238.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>（TSLA 2.80%）的投資者在過去幾個月經歷了一場緊張的旅程。該股在唐納德·特朗普連任的熱情推動下飆升至歷史新高，但自 2024 年 12 月達到 488 美元的峯值後，已回吐所有漲幅。週一收盤時，該股報 238 美元。</p>
</div><p>Some bears are concerned about Elon Musk's political involvement, though the bulls remain steadfast about Tesla's long-term prospects. Is the stock a buy after its recent plunge?</p>
<div class="lb-trans"><p>一些空頭對埃隆·馬斯克的政治參與表示擔憂，儘管多頭對特斯拉的長期前景依然堅定。在近期暴跌後，這隻股票是否值得購買？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTEzODIvZWxlY3RyaWMtY2FyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F811382%2Felectric-car.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Why has Tesla's stock crashed?</h2>
<div class="lb-trans"><h2>為什麼特斯拉的股票崩盤了？</h2>
</div><p>One of the most important things that investors must know before buying a declining stock is what might have caused the stock to fall in the first place. While this exercise is never straightforward and precise, you need a broad idea of what's going on with the company.</p>
<div class="lb-trans"><p>投資者在購買下跌股票之前，必須瞭解導致股票下跌的原因。雖然這個過程從來都不是簡單和精確的，但你需要對公司的情況有一個大致的瞭解。</p>
</div><p>In the case of Tesla, a few significant issues have been driving the recent stock performance. Topping the list is probably Musk's close involvement in U.S. politics. On one hand, his close association with Trump and Musk's leadership of the Department of Government Efficiency initiative may displease consumers with different political stances, which could be hurting sales. Multitasker Musk's active involvement also means that he has less time to run Tesla, which could affect the company in the long term. Musk also has leadership roles at SpaceX, which he founded, and social media platform X, which he bought.</p>
<div class="lb-trans"><p>在特斯拉的案例中，有幾個重要問題推動了近期的股票表現。首先可能是馬斯克與美國政治的密切關係。一方面，他與特朗普的緊密聯繫以及馬斯克領導的政府效率部門倡議可能會讓持不同政治立場的消費者感到不滿，從而影響銷售。馬斯克的多重角色也意味着他有更少的時間來管理特斯拉，這可能會在長期內影響公司。馬斯克還在他創辦的 SpaceX 和他收購的社交媒體平台 X 擔任領導職務。</p>
</div><p>To add salt to the wound, Tesla recently reported disappointing financial performance. Revenue grew just 1%, while net income fell 53% year over year in 2024. The company delivered 1% fewer cars in 2024, and that's despite huge price cuts. Tesla's weak sales performance suggests that competition in the electric vehicle (EV) industry has intensified, requiring the company to act quickly or risk losing its market share.</p>
<div class="lb-trans"><p>更糟糕的是，特斯拉最近報告了令人失望的財務表現。2024 年，收入僅增長 1%，而淨收入同比下降 53%。儘管進行了大幅降價，公司交付的汽車數量在 2024 年減少了 1%。特斯拉的疲軟銷售表現表明，電動汽車（EV）行業的競爭加劇，迫使公司迅速採取行動，否則將面臨失去市場份額的風險。</p>
</div><h2>Tesla's long-term prospects remain optimistic</h2>
<div class="lb-trans"><h2>特斯拉的長期前景依然樂觀</h2>
</div><p>While Tesla's near-term prospects seem unexciting (even negative, given the issues discussed above), its long-term opportunities remain plentiful.</p>
<div class="lb-trans"><p>儘管特斯拉的短期前景似乎不太令人興奮（甚至是負面的，考慮到上述問題），但其長期機會依然豐富。</p>
</div><p>The EV transition is still in its early innings, and it will take years, if not decades, for this megatrend to fully unfold. As the leader in this industry, Tesla is favorably positioned to grow its sales as electric vehicles gradually replace cars with internal combustion engines.</p>
<div class="lb-trans"><p>電動汽車的轉型仍處於初期階段，這一大趨勢的完全展開可能需要數年甚至數十年。作為該行業的領導者，特斯拉在電動汽車逐漸取代內燃機汽車的過程中，處於有利的位置來增長銷售。</p>
</div><p>Besides, Tesla is working hard to reduce its production cost over time so that it can price its cars more affordably and gain market share. To this end, its average cost of goods sold per car fell to a new low in the fourth quarter of 2024, and could fall even more, leveraging Tesla's growing operating leverage.</p>
<div class="lb-trans"><p>此外，特斯拉正在努力降低生產成本，以便能夠以更實惠的價格銷售汽車並獲得市場份額。為此，其每輛車的平均銷售成本在 2024 年第四季度降至新低，並可能進一步下降，利用特斯拉日益增長的運營槓桿。</p>
</div><p>Beyond its bread and butter selling electric cars, Tesla has positioned itself to ride multiple megatrends that could be worth even more than the EV industry over time. Take autonomous driving, for example. Tesla aims to lead the robotaxi industry. It plans to start producing its robotaxis in 2026 in its gigafactory in Texas.</p>
<div class="lb-trans"><p>除了主要銷售電動汽車外，特斯拉還在多個大趨勢中佔據了有利地位，這些趨勢的潛在價值可能超過電動汽車行業。以自動駕駛為例，特斯拉旨在引領機器人出租車行業。它計劃在 2026 年開始在德克薩斯州的超級工廠生產機器人出租車。</p>
</div><p>Another area that could see a significant boost in the coming years is renewable energy. Tesla has products ranging from batteries to solar panels and charging networks. And let's not forget Optimus, Tesla's humanoid robot that could change how we live and work. Altogether, these young ventures have potential addressable markets worth hundreds of billions (even trillions) of dollars.</p>
<div class="lb-trans"><p>另一個在未來幾年可能會顯著增長的領域是可再生能源。特斯拉的產品涵蓋從電池到太陽能電池板和充電網絡的多個領域。我們還不能忘記 Optimus，特斯拉的人形機器人，它可能會改變我們的生活和工作方式。總的來説，這些年輕的業務有潛在的可尋址市場，價值數百億（甚至數萬億）美元。</p>
</div><p>Of course, this assumes that Tesla will not lose its focus and will continue to execute in the coming years.</p>
<div class="lb-trans"><p>當然，這假設特斯拉不會失去焦點，並將在未來幾年繼續執行。</p>
</div><h2>The stock is pricey</h2>
<div class="lb-trans"><h2>股票價格昂貴</h2>
</div><p>One of the biggest problems investors face when buying Tesla stock is its valuation. Tesla's stock has almost always been priced at rich multiples thanks to investors' optimism about its prospects.</p>
<div class="lb-trans"><p>投資者在購買特斯拉股票時面臨的最大問題之一是其估值。由於投資者對其前景的樂觀，特斯拉的股票幾乎總是以高倍數定價。</p>
</div><p>But with its recent decline in stock price, is Tesla finally trading at a reasonable valuation? Let's look at two simple ratios: price to sales (P/S) and price to earnings (P/E).</p>
<div class="lb-trans"><p>但隨着其股票價格的近期下跌，特斯拉是否終於以合理的估值交易？讓我們來看兩個簡單的比率：市銷率（P/S）和市盈率（P/E）。</p>
</div><p>As of this writing, the stock trades at P/S and P/E ratios of 8.6 and 118, respectively. For perspective, Google parent <strong>Alphabet</strong>'s P/S and P/E ratios are 6.2 and 20. So while Tesla's stock has declined massively, it is still pricey considering the bulk of its revenue is from selling cars, yet it trades at multiples higher than those of a leading tech giant.</p>
<div class="lb-trans"><p>截至目前，該股的市銷率和市盈率分別為 8.6 和 118。作為對比，谷歌母公司 <strong>Alphabet</strong> 的市銷率和市盈率分別為 6.2 和 20。因此，儘管特斯拉的股票大幅下跌，但考慮到其大部分收入來自汽車銷售，它的估值仍然昂貴，且其倍數高於一家領先科技巨頭的倍數。</p>
</div><p>In other words, investors have priced many of Tesla's yet-to-materialize prospects into the stock price.</p>
<div class="lb-trans"><p>換句話説，投資者已經將特斯拉尚未實現的許多前景計入了股價。</p>
</div><h2>What it means for investors</h2>
<div class="lb-trans"><h2>這對投資者意味着什麼</h2>
</div><p>Tesla remains one of the most exciting yet polarizing stocks in the market. The long-term potential in EVs, autonomous driving, and energy solutions is undeniable. Still, the company's near-term challenges -- from weak financial performance to leadership concerns and political controversies -- are equally significant.</p>
<div class="lb-trans"><p>特斯拉仍然是市場上最令人興奮但又極具爭議的股票之一。電動汽車、自動駕駛和能源解決方案的長期潛力是不可否認的。然而，公司的短期挑戰——從疲軟的財務表現到領導層擔憂和政治爭議——同樣顯著。</p>
</div><p>At its current valuation, Tesla still demands a premium. So, while the stock's sharp decline may tempt investors looking for a bargain, the risks remain high, especially given growing competition and execution uncertainties.</p>
<div class="lb-trans"><p>在當前的估值下，特斯拉仍然要求溢價。因此，儘管股票的急劇下跌可能會吸引尋求便宜貨的投資者，但風險依然很高，尤其是在競爭加劇和執行不確定性增加的情況下。</p>
</div><p>Except for those with high-risk appetites, investors should avoid the stock for now.</p>
<div class="lb-trans"><p>除非是高風險偏好的投資者，否則目前應避免購買該股票。</p>
</div>

Tesla Stock Is Down by 50%. Time to Buy?

- 特斯拉股價從 2024 年 12 月的高點 $488 回落至 $238。  
- 馬斯克的政治參與和財務表現不佳影響了銷售。  
- 儘管長期前景樂觀，短期風險仍高，投資者應謹慎。

特斯拉股票已經下跌了 50%。現在是買入的好時機嗎？