<p><strong>特斯拉</strong>(TSLA -5.40%) 投資者面臨一個決定。去年，隨着電動車（EV）專家開始大規模生產，車輛銷售首次下降。值得注意的是，2024 年的淨收入較 2023 年暴跌了 53%。</p>
<p>這兩件事當然是相關的。隨着電動車需求放緩和競爭加劇，銷售下降。這導致了一場價格戰以吸引客户，從而削減了利潤率和收益。</p>
<p>在週四的下跌之後，股票在 2025 年迄今已下跌約 30%。投資者需要決定這種下跌是否提供了買入機會，或者銷售和收益的下滑趨勢是否會繼續。在公司於 4 月 22 日星期二公佈第一季度財務結果時，有一個數字值得關注。</p>
<h2>特斯拉電動車銷售暴跌</h2>
<p>特斯拉剛剛發佈了一個備受期待的數字。由於競爭加劇，第一季度交付的預估一直在下降，而首席執行官埃隆·馬斯克在特朗普政府中的角色引發的爭議也延續到了對特斯拉品牌的抗議。</p>
<p>第一季度的電動車出貨量甚至比預期的還要糟糕。交付量同比下降了 13%，而生產量下降了 16.3%。這導致投資者在特斯拉本月晚些時候公佈完整財務結果時應該關注的重點。</p>
<p>回顧幾個月前，特斯拉第四季度的交付量同比增長了 2%，但汽車收入下降了 8%，運營收入暴跌了 23%。換個角度看，運營利潤率下降了 204 個基點，約 2 個百分點。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1381aa31ddb185621f713db70532b68c.png?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://media.ycharts.com/charts/1381aa31ddb185621f713db70532b68c.png"/></p>
<p>TSLA 運營利潤率（TTM）數據來自 YCharts</p>
<p>運營收入是評估特斯拉核心業務的最佳方式。特斯拉從監管信用中獲得了相當可觀的收入。然而，這些並不算在運營利潤率中，在評估基礎業務時不應考慮。</p>
<p>特斯拉的運營利潤率近年來一直在下降。投資者現在知道第一季度電動車銷售暴跌。如果運營利潤率也繼續下降，股票可能還有更多下行空間。在公司幾周後公佈時，請關注這個數字。</p>

特斯拉

<p>特斯拉（TSLA）投資者面臨一個關鍵決策，因為自大規模生產開始以來，車輛銷售首次出現下滑，2024 年的淨收入與 2023 年相比下降了 53%。為了吸引客户的價格戰導致利潤率大幅削減，導致股票在 2025 年下跌約 30%。第一季度交付量同比下降 13%，引發了對銷售和收益持續下滑的擔憂。投資者應關注即將發佈的財務報告中的運營利潤率，因為進一步的下降可能意味着股票將面臨更多下行風險</p>

<p><strong>Tesla</strong>(TSLA -5.40%) investors have a decision to make. Vehicle sales dropped last year for the first time since the electric vehicle (EV) specialist began mass production. Notably, 2024 net income plunged by 53% versus 2023.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA -5.40%) 投資者面臨一個決定。去年，隨着電動車（EV）專家開始大規模生產，車輛銷售首次下降。值得注意的是，2024 年的淨收入較 2023 年暴跌了 53%。</p>
</div><p>Those two things were related, of course. Sales dropped as demand for EVs slowed and competition grew. That led to a price war to attract customers, which slashed profit margins and earnings.</p>
<div class="lb-trans"><p>這兩件事當然是相關的。隨着電動車需求放緩和競爭加劇，銷售下降。這導致了一場價格戰以吸引客户，從而削減了利潤率和收益。</p>
</div><p>After Thursday's decline, the stock has now dropped by about 30% so far in 2025. Investors need to decide if that decline provides a buying opportunity, or if the downward trend in sales and earnings could continue. There's one number to keep an eye out for when the company reports its first-quarter financial results on Tuesday, April 22.</p>
<div class="lb-trans"><p>在週四的下跌之後，股票在 2025 年迄今已下跌約 30%。投資者需要決定這種下跌是否提供了買入機會，或者銷售和收益的下滑趨勢是否會繼續。在公司於 4 月 22 日星期二公佈第一季度財務結果時，有一個數字值得關注。</p>
</div><h2>Tesla EV sales plunge</h2>
<div class="lb-trans"><h2>特斯拉電動車銷售暴跌</h2>
</div><p>Tesla just released one highly anticipated number. Estimates for first-quarter deliveries had been dropping as competition has ramped up, and controversy over CEO Elon Musk's role in the Trump administration has carried over to protests against the Tesla brand.</p>
<div class="lb-trans"><p>特斯拉剛剛發佈了一個備受期待的數字。由於競爭加劇，第一季度交付的預估一直在下降，而首席執行官埃隆·馬斯克在特朗普政府中的角色引發的爭議也延續到了對特斯拉品牌的抗議。</p>
</div><p>EV shipments were even worse than feared in the first quarter. Deliveries declined 13% year over year, while production was lower by 16.3%. That leads to where investors should focus when Tesla does report its full financial results later this month.</p>
<div class="lb-trans"><p>第一季度的電動車出貨量甚至比預期的還要糟糕。交付量同比下降了 13%，而生產量下降了 16.3%。這導致投資者在特斯拉本月晚些時候公佈完整財務結果時應該關注的重點。</p>
</div><p>Looking back a few months, Tesla's fourth-quarter deliveries increased by 2% year over year, but automotive revenue declined by 8% and income from operations plunged 23%. Looked at another way, operating margin declined by 204 basis points, or about 2 full percentage points.</p>
<div class="lb-trans"><p>回顧幾個月前，特斯拉第四季度的交付量同比增長了 2%，但汽車收入下降了 8%，運營收入暴跌了 23%。換個角度看，運營利潤率下降了 204 個基點，約 2 個百分點。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1381aa31ddb185621f713db70532b68c.png" alt="" original-src="https://media.ycharts.com/charts/1381aa31ddb185621f713db70532b68c.png"/></p>
<p>TSLA Operating Margin (TTM) data by YCharts</p>
<div class="lb-trans"><p>TSLA 運營利潤率（TTM）數據來自 YCharts</p>
</div><p>Operating income is the best way to judge Tesla's core business. Tesla's receives a meaningful amount of revenue from regulatory credits. They are not part of operating margin, though, and shouldn't be considered when evaluating the underlying business.</p>
<div class="lb-trans"><p>運營收入是評估特斯拉核心業務的最佳方式。特斯拉從監管信用中獲得了相當可觀的收入。然而，這些並不算在運營利潤率中，在評估基礎業務時不應考慮。</p>
</div><p>Tesla's operating margin has been on the decline in recent years. Investors now know that EV sales plunged in the first quarter. If operating margin also continued to decline, the stock may have more room on the downside. Watch for that number when the company reports in a few weeks.</p>
<div class="lb-trans"><p>特斯拉的運營利潤率近年來一直在下降。投資者現在知道第一季度電動車銷售暴跌。如果運營利潤率也繼續下降，股票可能還有更多下行空間。在公司幾周後公佈時，請關注這個數字。</p>
</div>

Every Tesla Investor Should Keep an Eye on This Number

- 特斯拉 2024 年淨收入同比下降 53%，銷量首次下滑。  
- 第一季度交付量同比下降 13%，生產量下降 16.3%。  
- 投資者需關注運營利潤是否繼續下滑。  

每位特斯拉投資者都應密切關注這個數字