<p><strong>特斯拉</strong>（TSLA 2.00%）是過去 10 年表現最好的股票之一，股東收益接近 2000%，遠超大盤平均水平。然而，過去三年則更加痛苦。儘管仍上漲 40%，特斯拉在過去三年中落後於納斯達克 100 指數的 88% 累計回報，因市場份額損失、利潤縮減以及近期產品失利，電動車（EV）領頭羊的地位受到衝擊。</p><p>今年股價下跌約 14%，投資者開始再次懷疑埃隆·馬斯克和特斯拉股票。這應該讓逆向投資者對潛在的買入機會感到興奮，因為大多數人都在迴避這隻曾經的贏家股票。購買特斯拉股票會是你今年做出的最明智的決定，以對抗這些懷疑者嗎？讓我們深入數字，進一步調查。</p><h2 id="mu9g3jz9n">下降的汽車銷量</h2><p>特斯拉過去股票表現的主要來源於其電動車部門的增長。作為行業的先鋒，特斯拉在幾年前憑藉其 Model 3 和 Y 車型主導了新的電動車銷售，使收入接近 1000 億美元，營業收入超過 100 億美元。現在，這些數字都在朝着錯誤的方向發展。</p><p>上個季度，特斯拉的電動車交付量同比下降 13%，降至 337,000 輛，這一趨勢已經持續了多個季度。加上售價下跌，特斯拉的汽車銷售下降了 20%，上個季度的總營業收入同比下降了 66%，抹去了特斯拉之前的盈利能力。</p><p>在過去 12 個月中，特斯拉的營業收入為 70 億美元，比歷史最高點下降了 50%。中國、歐洲和美國的需求趨勢似乎也指向持續下降，交付預估下滑，二手特斯拉價格下跌，而平均二手車價格上漲，這都是汽車品牌需求的前瞻性指標。總體而言，特斯拉的電動車業務在 2025 年處於糟糕的境地，這就是投資者開始再次懷疑該股票的原因。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/edac4d7c34eb6babce7308425a064dcb?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/edac4d7c34eb6babce7308425a064dcb"/></figure><p>圖片來源：Getty Images。</p><h2 id="rtdi4bk8l">機器人出租車能拯救公司嗎？</h2><p>不過，特斯拉不僅僅依賴電動車銷售。至少，首席執行官埃隆·馬斯克是這麼説的。這位特斯拉的挑釁性和表演性領導者一直在宣傳特斯拉在自動駕駛出租車方面的進展，這意味着利用部署在特斯拉車輛上的攝像頭/傳感器為客户自動駕駛。長期來看，特斯拉希望建立一個類似於 Waymo 的自動駕駛出租車網絡，儘管目前細節尚不明確。</p><p>首先，特斯拉需要證明這項自動駕駛技術確實有效。埃隆·馬斯克最初表示將在 6 月 12 日在奧斯汀推出特斯拉機器人出租車，但後來將其修訂為 6 月 22 日，並聲稱特斯拉機器人出租車將從奧斯汀一路開到洛杉磯。</p><p>雖然自動駕駛汽車聽起來令人興奮，但埃隆·馬斯克已經聲稱特斯拉的技術接近準備好整整十年了。2017 年，他表示一輛特斯拉將從紐約市自動駕駛到洛杉磯，但這從未發生。許多批評特斯拉自動駕駛方法的人指出其使用攝像頭而非激光雷達技術。攝像頭在惡劣天氣下操作起來很棘手。</p><p>機器人出租車網絡具有巨大的經濟潛力，更不用説為社會提供更安全的道路和自動化一項乏味且耗時的任務的巨大價值主張。我願意參與。然而，我們已經有一家領先的自動駕駛公司：Waymo。該出租車網絡每週為客户提供 250,000 次出行，並以驚人的速度增長。特斯拉要趕上 Waymo 將需要付出巨大的努力。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/059340974689aba86125b9d324b952c6?x-oss-process=style/lg" alt="" width="720" height="441" original-src="https://pub.pbkrs.com/uploads/2025/059340974689aba86125b9d324b952c6"/></figure><p>TSLA 市盈率數據來源於 YCharts。</p><h2 id="ucniofczd">關於特斯拉股票的真相</h2><p>埃隆·馬斯克可能會談論特斯拉即將推出的產品將使股票達到新高的事情。然而，現實情況卻大相徑庭。Cybertruck 是一場失敗，正在為公司燒錢，Optimus 機器人距離部署還有數年，而自動駕駛技術近十年來一直是一個虛假的承諾。</p><p>目前，特斯拉是一家銷量下滑、利潤下降、全球競爭加劇的電動車製造商。其股票也並不便宜。在萬億美元的市值下，特斯拉的市盈率為 178，這意味着市場對該公司的盈利增長寄予了厚望，而其盈利目前正朝着完全錯誤的方向發展。這給今天的股東帶來了更大的風險。</p><p>購買特斯拉股票對於今年的投資者來説並不是明智的決定。其股票被高估，並且面臨重大下行風險。</p>

特斯拉

2 倍做空特斯拉 ETF - GraniteShares

2 倍做多特斯拉 ETF - Direxion

2 倍做空特斯拉 ETF - Tradr

XI二南特斯-U

南方兩倍做多特斯拉

南方兩倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

<p>特斯拉的股票在過去十年中經歷了顯著增長，但最近表現不佳，落後於納斯達克 100 指數。今年股價下跌 14%，電動車交付量下降，投資者對公司的未來產生了質疑。首席執行官埃隆·馬斯克對無人駕駛出租車的雄心勃勃計劃面臨懷疑，而股票的高市盈率則暗示其被高估。總體來看，特斯拉股票的前景似乎風險較大，因此對於投資者來説，今年買入可能並不明智</p>

<p><strong>Tesla</strong>(TSLA 2.00%) is one of the best-performing stocks of the last 10 years, up close to 2,000% for shareholders and crushing the broad market averages. The last three years have been more painful. Still up 40%, Tesla has trailed the Nasdaq 100 Index's 88% cumulative return in the last three years, with struggles hitting the leader in electric vehicles (EVs) because of market share losses, shrinking margins, and recent product flops.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>（TSLA 2.00%）是過去 10 年表現最好的股票之一，股東收益接近 2000%，遠超大盤平均水平。然而，過去三年則更加痛苦。儘管仍上漲 40%，特斯拉在過去三年中落後於納斯達克 100 指數的 88% 累計回報，因市場份額損失、利潤縮減以及近期產品失利，電動車（EV）領頭羊的地位受到衝擊。</p>
</div><p>Down around 14% this year, investors are beginning to doubt Elon Musk and Tesla stock again. This should have contrarian investors perked up at a potential buying opportunity as most shy away from the once winning stock. Would buying Tesla stock be the smartest decision you make this year to bet against these doubters? Let's dig into the numbers and investigate further.</p>
<div class="lb-trans"><p>今年股價下跌約 14%，投資者開始再次懷疑埃隆·馬斯克和特斯拉股票。這應該讓逆向投資者對潛在的買入機會感到興奮，因為大多數人都在迴避這隻曾經的贏家股票。購買特斯拉股票會是你今年做出的最明智的決定，以對抗這些懷疑者嗎？讓我們深入數字，進一步調查。</p>
</div><h2>Declining car volumes</h2>
<div class="lb-trans"><h2>下降的汽車銷量</h2>
</div><p>The bulk of Tesla's past stock performance has come from the growth of its EV division. Pioneering the industry, Tesla dominated new EV sales for a few years with its Model 3 and Y concepts, leading revenue to come close to $100 billion and operating income to soar past $10 billion. Now, these figures are all moving in the wrong direction.</p>
<div class="lb-trans"><p>特斯拉過去股票表現的主要來源於其電動車部門的增長。作為行業的先鋒，特斯拉在幾年前憑藉其 Model 3 和 Y 車型主導了新的電動車銷售，使收入接近 1000 億美元，營業收入超過 100 億美元。現在，這些數字都在朝着錯誤的方向發展。</p>
</div><p>Last quarter, Tesla's total EV deliveries fell 13% year over year to 337,000, a trend that has occurred for many quarters now. Combined with falling selling prices, Tesla's automotive sales fell 20%, and total income from operations fell 66% year over year last quarter, wiping out a ton of Tesla's prior profitability.</p>
<div class="lb-trans"><p>上個季度，特斯拉的電動車交付量同比下降 13%，降至 337,000 輛，這一趨勢已經持續了多個季度。加上售價下跌，特斯拉的汽車銷售下降了 20%，上個季度的總營業收入同比下降了 66%，抹去了特斯拉之前的盈利能力。</p>
</div><p>Over the last 12 months, Tesla posted $7 billion in operating income, down 50% from all-time highs. Trends in demand across China, Europe, and the United States seem to point to continued declines as well, with delivery estimates falling and used Tesla prices dipping while average used car prices rise, a forward indicator of demand for an automotive brand. Overall, Tesla's EV business is in a terrible spot in 2025, which is why investors are beginning to doubt the stock again.</p>
<div class="lb-trans"><p>在過去 12 個月中，特斯拉的營業收入為 70 億美元，比歷史最高點下降了 50%。中國、歐洲和美國的需求趨勢似乎也指向持續下降，交付預估下滑，二手特斯拉價格下跌，而平均二手車價格上漲，這都是汽車品牌需求的前瞻性指標。總體而言，特斯拉的電動車業務在 2025 年處於糟糕的境地，這就是投資者開始再次懷疑該股票的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1ODYvZWxlY3RyaWMtdmVoaWNsZXMtMi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821586%2Felectric-vehicles-2.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>Will robotaxis save the company?</h2>
<div class="lb-trans"><h2>機器人出租車能拯救公司嗎？</h2>
</div><p>Tesla is more than just EV sales, though. At least, that is what CEO Elon Musk claims. The provocative and showman leader of Tesla has been hyping Tesla's developments in self-driving taxis, which means utilizing the cameras/sensors deployed on Tesla vehicles to autonomously drive cars for its customers. In the long run, Tesla hopes to build a self-driving taxi network similar to Waymo, although details are not clear today.</p>
<div class="lb-trans"><p>不過，特斯拉不僅僅依賴電動車銷售。至少，首席執行官埃隆·馬斯克是這麼説的。這位特斯拉的挑釁性和表演性領導者一直在宣傳特斯拉在自動駕駛出租車方面的進展，這意味着利用部署在特斯拉車輛上的攝像頭/傳感器為客户自動駕駛。長期來看，特斯拉希望建立一個類似於 Waymo 的自動駕駛出租車網絡，儘管目前細節尚不明確。</p>
</div><p>First, Tesla needs to prove that this self-driving technology actually works. Elon Musk originally said it would debut a Tesla robotaxi in Austin on June 12 but has since revised this to June 22 while also claiming that a Tesla robotaxi will take a trip all the way from Austin to Los Angeles as well.</p>
<div class="lb-trans"><p>首先，特斯拉需要證明這項自動駕駛技術確實有效。埃隆·馬斯克最初表示將在 6 月 12 日在奧斯汀推出特斯拉機器人出租車，但後來將其修訂為 6 月 22 日，並聲稱特斯拉機器人出租車將從奧斯汀一路開到洛杉磯。</p>
</div><p>While self-driving cars sounds exciting, Elon Musk has been claiming Tesla's technology is close to ready for a decade now. In 2017, he said a Tesla would drive itself from New York City to Los Angeles, and it never happened. Many critics of Tesla's approach to autonomous driving point to its use of cameras instead of LIDAR technology. Cameras are tricky to operate when there is bad weather.</p>
<div class="lb-trans"><p>雖然自動駕駛汽車聽起來令人興奮，但埃隆·馬斯克已經聲稱特斯拉的技術接近準備好整整十年了。2017 年，他表示一輛特斯拉將從紐約市自動駕駛到洛杉磯，但這從未發生。許多批評特斯拉自動駕駛方法的人指出其使用攝像頭而非激光雷達技術。攝像頭在惡劣天氣下操作起來很棘手。</p>
</div><p>A robotaxi network has huge economic promise, not to mention a giant value proposition for society in the way of safer roads and automating a boring and time-consuming task. Sign me up. However, we already have a leading, self-driving company: Waymo. The taxi network does 250,000 weekly trips for customers and is growing at a blistering pace. It will take a herculean feat for Tesla to catch up to Waymo.</p>
<div class="lb-trans"><p>機器人出租車網絡具有巨大的經濟潛力，更不用説為社會提供更安全的道路和自動化一項乏味且耗時的任務的巨大價值主張。我願意參與。然而，我們已經有一家領先的自動駕駛公司：Waymo。該出租車網絡每週為客户提供 250,000 次出行，並以驚人的速度增長。特斯拉要趕上 Waymo 將需要付出巨大的努力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/979e4b210676669fb48f781fbf213b2c.png" alt="" original-src="https://media.ycharts.com/charts/979e4b210676669fb48f781fbf213b2c.png"/></p>
<p>TSLA PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>TSLA 市盈率數據來源於 YCharts。</p>
</div><h2>The truth about Tesla stock</h2>
<div class="lb-trans"><h2>關於特斯拉股票的真相</h2>
</div><p>Elon Musk may talk to the moon and back about Tesla's upcoming products that will take the stock to new heights. The reality on the ground is much different. The Cybertruck is a flop and burning money for the company, Optimus robots are years away from deployment, and self-driving technology has been a false promise for close to a decade.</p>
<div class="lb-trans"><p>埃隆·馬斯克可能會談論特斯拉即將推出的產品將使股票達到新高的事情。然而，現實情況卻大相徑庭。Cybertruck 是一場失敗，正在為公司燒錢，Optimus 機器人距離部署還有數年，而自動駕駛技術近十年來一直是一個虛假的承諾。</p>
</div><p>At the moment, Tesla is an EV manufacturer with falling sales, declining margins, and increasing competition globally. Its stock is not cheap either. At a trillion-dollar market cap, Tesla has a price-to-earnings (P/E) ratio of 178, which is pricing in huge earnings growth for the company when its earnings are currently moving in the completely wrong direction. This presents even more risk for shareholders today.</p>
<div class="lb-trans"><p>目前，特斯拉是一家銷量下滑、利潤下降、全球競爭加劇的電動車製造商。其股票也並不便宜。在萬億美元的市值下，特斯拉的市盈率為 178，這意味着市場對該公司的盈利增長寄予了厚望，而其盈利目前正朝着完全錯誤的方向發展。這給今天的股東帶來了更大的風險。</p>
</div><p>Buying Tesla stock would not be a smart decision for investors this year. Its shares are overvalued and have major downside risk from here.</p>
<div class="lb-trans"><p>購買特斯拉股票對於今年的投資者來説並不是明智的決定。其股票被高估，並且面臨重大下行風險。</p>
</div>

Could Buying Tesla Stock Today Be the Smartest Decision You Make This Year?

- 特斯拉股價在過去十年上漲近 2,000%，但近三年表現不佳，僅上漲 40%。  
- 最近季度，特斯拉電動車交付量同比下降 13%，運營收入下降 66%。  
- 特斯拉麪臨銷售下滑、利潤下降及競爭加劇，股票被認為高估，風險加大。  

今年購買特斯拉股票可能是你做出的最明智的決定嗎？