<p>在過去幾周，股市顯示出強勁的跡象，因為新的貿易協議正在形成，以響應特朗普總統的關税政策。</p>
<p>在五月，<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 分別上漲了 5% 和 8%。其中一些最大的贏家是人工智能（AI）股票，特別是被稱為 “七大奇蹟” 的股票。在七大奇蹟中，<strong>特斯拉</strong>（TSLA 0.66%）上個月上漲了 23%，使其在同行中脱穎而出。</p>
<p>讓我們深入探討特斯拉最近的上漲，並評估這些漲幅是否可持續。現在是進入市場的好時機嗎？</p>
<h2>目前特斯拉的股價走勢受到兩個因素的驅動</h2>
<p>一般來説，一家公司的股價應該由其基礎業務的表現驅動。然而，特斯拉的業務目前並不在最佳狀態。其電動車（EV）部門——其核心收入和利潤來源——正在減速，來自國內製造商如 <strong>Rivian</strong> 和海外競爭對手如 <strong>比亞迪</strong> 的競爭正在為客户獲取增加新的複雜性。</p>
<p>但特斯拉在 2025 年的股價與實際業務表現並沒有密切相關。相反，投資者根據公司有爭議的首席執行官埃隆·馬斯克的行為對特斯拉股票進行懲罰和獎勵。</p>
<p>在 2025 年的大部分時間裏，埃隆·馬斯克由於擔任特朗普政府的特別政府僱員，特別是在政府效率部（DOGE）中，分散了對特斯拉的關注。</p>
<p>馬斯克在華盛頓的時間引發了爭議，他在 DOGE 的角色加劇了特斯拉在消費者需求方面的挑戰。最近在四月中旬，特斯拉的股價較歷史最高點下跌超過 50%。</p>
<p>在這種背景下，馬斯克最近宣佈他將退出 DOGE，重新將注意力轉向特斯拉。</p>
<p>馬斯克宣佈的時機似乎相當具有戰略性。特斯拉未來最大的潛在增長催化劑之一是其自主駕駛車隊的推出，稱為 Robotaxi。該服務定於 6 月 12 日在德克薩斯州奧斯汀啓動。</p>
<p>隨着馬斯克的注意力回到特斯拉，而備受期待的 Robotaxi 發佈僅在幾天之後，投資者紛紛回購該股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyMTMvZ2V0dHlpbWFnZXMtOTM3NDM5MTcwLTEuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyMTMvZ2V0dHlpbWFnZXMtOTM3NDM5MTcwLTEuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>現在是購買特斯拉股票的好時機嗎？</h2>
<p>隨着馬斯克退出 DOGE，長期看好特斯拉的投資者凱西·伍德（Cathie Wood）和丹·艾夫斯（Dan Ives）正在金融新聞媒體上宣傳特斯拉可能即將迎來新一輪增長的敍述。</p>
<p>伍德重申了她 2600 美元的目標價，而艾夫斯則將自己的預測提高到每股 500 美元。他們一致認為，特斯拉股東可能會迎來顯著的上漲空間。</p>
<p>雖然投資於動量股可能很誘人，但投資者必須放眼更大的圖景。作為提醒，馬斯克本人明確告訴投資者，本月初的 Robotaxi 發佈將是適度的。此外，他暗示 Robotaxi 在未來一年左右不會對特斯拉的業務產生重大財務貢獻。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a44f66d2eb0f98b5559a086662816462.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/a44f66d2eb0f98b5559a086662816462.png"/></p>
<p>數據來源：YCharts。</p>
<p>特斯拉目前的前瞻市盈率（P/E）為 181。這對於任何增長型股票來説都很高，更不用説在第一季度其收入下降的情況下。</p>
<p>投資者已經根據圍繞馬斯克迴歸特斯拉和 Robotaxi 發佈的高度樂觀敍述對股票進行了定價，但仍然存在太多不確定性。我不建議在這個高估值下追逐特斯拉的股票。</p>

特斯拉

<p>特斯拉的股票最近上漲了 23%，這得益於首席執行官埃隆·馬斯克重新關注公司以及即將推出的 Robotaxi 服務。儘管有這樣的勢頭，特斯拉的核心電動車業務正面臨來自競爭加劇和業績下滑的挑戰。分析師如凱西·伍德和丹·艾夫斯持樂觀態度，分別給出了 2600 美元和 500 美元的目標價。然而，由於前瞻市盈率高達 181 以及 Robotaxi 的財務影響存在不確定性，建議潛在投資者保持謹慎</p>

<p>For the last few weeks, the stock market has shown signs of strength as new trade deals come together in response to President Donald Trump's tariff policies.</p>
<div class="lb-trans"><p>在過去幾周，股市顯示出強勁的跡象，因為新的貿易協議正在形成，以響應特朗普總統的關税政策。</p>
</div><p>In May, the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong> rose 5% and 8%, respectively. Among some of the biggest gainers were artificial intelligence (AI) stocks, particularly those in the &#34;Magnificent Seven.&#34; Within the Magnificent Seven, <strong>Tesla</strong>'s (TSLA 0.66%) 23% surge last month set it apart from its peers.</p>
<div class="lb-trans"><p>在五月，<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 分別上漲了 5% 和 8%。其中一些最大的贏家是人工智能（AI）股票，特別是被稱為 “七大奇蹟” 的股票。在七大奇蹟中，<strong>特斯拉</strong>（TSLA 0.66%）上個月上漲了 23%，使其在同行中脱穎而出。</p>
</div><p>Let's dig into Tesla's recent surge and assess whether these gains are sustainable. Is now the time to get in on the action?</p>
<div class="lb-trans"><p>讓我們深入探討特斯拉最近的上漲，並評估這些漲幅是否可持續。現在是進入市場的好時機嗎？</p>
</div><h2>Tesla's price action is being driven by two things right now</h2>
<div class="lb-trans"><h2>目前特斯拉的股價走勢受到兩個因素的驅動</h2>
</div><p>Generally speaking, a company's share price should be driven by the performance of the underlying business. However, Tesla's business is not in the best shape right now. Its electric vehicle (EV) segment -- its core source of revenue and profits -- is decelerating, and rising competition from domestic manufacturers such as <strong>Rivian</strong> and overseas rivals like <strong>BYD</strong> are adding a new layer of complexity on the customer acquisition front.</p>
<div class="lb-trans"><p>一般來説，一家公司的股價應該由其基礎業務的表現驅動。然而，特斯拉的業務目前並不在最佳狀態。其電動車（EV）部門——其核心收入和利潤來源——正在減速，來自國內製造商如 <strong>Rivian</strong> 和海外競爭對手如 <strong>比亞迪</strong> 的競爭正在為客户獲取增加新的複雜性。</p>
</div><p>But Tesla's stock price throughout 2025 has not been closely related to how the actual business is performing. Rather, investors have been both punishing and rewarding Tesla stock based on actions taken by the company's controversial CEO, Elon Musk.</p>
<div class="lb-trans"><p>但特斯拉在 2025 年的股價與實際業務表現並沒有密切相關。相反，投資者根據公司有爭議的首席執行官埃隆·馬斯克的行為對特斯拉股票進行懲罰和獎勵。</p>
</div><p>For much of 2025, Elon Musk has had his focus diverted away from Tesla due to his role as a special government employee for the Trump administration, specifically in the Department of Government Efficiency (DOGE).</p>
<div class="lb-trans"><p>在 2025 年的大部分時間裏，埃隆·馬斯克由於擔任特朗普政府的特別政府僱員，特別是在政府效率部（DOGE）中，分散了對特斯拉的關注。</p>
</div><p>Musk's time in Washington has been polarizing, and his role with DOGE has contributed to Tesla's mounting challenges with consumer demand. As recently as mid-April, the stock was down over 50% from its all-time high.</p>
<div class="lb-trans"><p>馬斯克在華盛頓的時間引發了爭議，他在 DOGE 的角色加劇了特斯拉在消費者需求方面的挑戰。最近在四月中旬，特斯拉的股價較歷史最高點下跌超過 50%。</p>
</div><p>It is against this backdrop that Musk recently announced he is stepping away from DOGE and turning his focus back to Tesla.</p>
<div class="lb-trans"><p>在這種背景下，馬斯克最近宣佈他將退出 DOGE，重新將注意力轉向特斯拉。</p>
</div><p>The timing of Musk's announcement appears quite strategic. One of the biggest potential growth catalysts for Tesla's future is the introduction of its autonomous driving fleet, dubbed Robotaxi. The service is scheduled to launch on June 12 in Austin, Texas.</p>
<div class="lb-trans"><p>馬斯克宣佈的時機似乎相當具有戰略性。特斯拉未來最大的潛在增長催化劑之一是其自主駕駛車隊的推出，稱為 Robotaxi。該服務定於 6 月 12 日在德克薩斯州奧斯汀啓動。</p>
</div><p>With Musk's attention back on Tesla and the highly anticipated Robotaxi launch just days away, investors are pouring back into the stock.</p>
<div class="lb-trans"><p>隨着馬斯克的注意力回到特斯拉，而備受期待的 Robotaxi 發佈僅在幾天之後，投資者紛紛回購該股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyMTMvZ2V0dHlpbWFnZXMtOTM3NDM5MTcwLTEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820213%2Fgettyimages-937439170-1.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>Is now a good time to buy Tesla stock?</h2>
<div class="lb-trans"><h2>現在是購買特斯拉股票的好時機嗎？</h2>
</div><p>In tandem with Musk stepping away from DOGE, longtime Tesla bulls Cathie Wood of Ark Invest and Dan Ives of Wedbush Securities have been making the rounds on financial news outlets to hype the narrative that Tesla could be on the brink of a new wave of growth.</p>
<div class="lb-trans"><p>隨着馬斯克退出 DOGE，長期看好特斯拉的投資者凱西·伍德（Cathie Wood）和丹·艾夫斯（Dan Ives）正在金融新聞媒體上宣傳特斯拉可能即將迎來新一輪增長的敍述。</p>
</div><p>Wood doubled down on her $2,600 price target, while Ives raised his own forecast to a cool $500 per share. They agree that significant upside could be in store for Tesla shareholders.</p>
<div class="lb-trans"><p>伍德重申了她 2600 美元的目標價，而艾夫斯則將自己的預測提高到每股 500 美元。他們一致認為，特斯拉股東可能會迎來顯著的上漲空間。</p>
</div><p>While investing in momentum stocks can be tempting, investors must zoom out and think about the bigger picture. As a reminder, Musk himself explicitly told investors the initial Robotaxi launch this month will be modest. Moreover, he alluded to Robotaxi not being a major financial contributor to Tesla's business for another year or so.</p>
<div class="lb-trans"><p>雖然投資於動量股可能很誘人，但投資者必須放眼更大的圖景。作為提醒，馬斯克本人明確告訴投資者，本月初的 Robotaxi 發佈將是適度的。此外，他暗示 Robotaxi 在未來一年左右不會對特斯拉的業務產生重大財務貢獻。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a44f66d2eb0f98b5559a086662816462.png" alt="" original-src="https://media.ycharts.com/charts/a44f66d2eb0f98b5559a086662816462.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>Tesla is currently trading at a forward-price-to-earnings (P/E) multiple of 181. That is high for any growth stock, let alone one that saw its revenue decline in the first quarter.</p>
<div class="lb-trans"><p>特斯拉目前的前瞻市盈率（P/E）為 181。這對於任何增長型股票來説都很高，更不用説在第一季度其收入下降的情況下。</p>
</div><p>Investors have already priced the stock according to a heavily bullish narrative surrounding Musk's return to Tesla and the Robotaxi launch, but too much uncertainty remains. I wouldn't recommend chasing Tesla stock at this lofty valuation.</p>
<div class="lb-trans"><p>投資者已經根據圍繞馬斯克迴歸特斯拉和 Robotaxi 發佈的高度樂觀敍述對股票進行了定價，但仍然存在太多不確定性。我不建議在這個高估值下追逐特斯拉的股票。</p>
</div>

Tesla Stock Is Going Parabolic. Is Now the Time to Buy?

- 特斯拉股價在馬斯克重返公司後上漲，投資者重新關注。  
- 預計特斯拉的 Robotaxi 服務將於 6 月 12 日推出，可能推動增長。  
- 但特斯拉的基本面仍面臨挑戰，股價估值過高。  

特斯拉的股票走勢呈現拋物線形態。現在是否是買入的好時機？