<p><strong>特斯拉</strong>(TSLA -2.19%) 一直以來都是電動車（EV）市場的領導者，但近年來也有幾家新興公司進入了這個領域。目前在國內市場上，<strong>Rivian</strong>(RIVN 1.25%) 的位置相對較好。讓我們考慮一下在未來幾年中，哪隻股票更有可能超越另一隻。</p>
<h2>不僅僅是電動車</h2>
<p>在電動車市場上，特斯拉最近的表現並不理想。雖然這部分可以歸因於純電動車領域競爭加劇和混合動力車日益受歡迎，但特斯拉最近的銷售下滑很大程度上可以直接歸咎於首席執行官埃隆·馬斯克。他作為主要捐贈者參與唐納德·特朗普總統競選的政治活動，以及在特朗普的 “政府效率部”（DOGE）擔任領導角色，激怒了許多自由派人士，導致了對特斯拉汽車的抗議和抵制。最近，他與特朗普發生了重大爭執，這可能使他與另一邊政治光譜的消費者疏遠。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2MzUvZ2V0dHlpbWFnZXMtMjAzMjQyNDYyOS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2MzUvZ2V0dHlpbWFnZXMtMjAzMjQyNDYyOS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images</p>
<p>目前，特斯拉最新的公開銷售數據來自四月份，那時馬斯克與特朗普的爭執尚未發生。該公司的美國銷售下降了 16%，在歐洲則暴跌了 50%。與此同時，儘管公司在中國提供了比以往更大的激勵和折扣，並在該市場推出了 Model Y 車型，但其在中國的銷售仍下降了 9%。</p>
<p>隨着特斯拉在所有主要市場的銷售疲軟，它將希望寄託在其機器人出租車業務上。該公司剛剛在德克薩斯州奧斯汀推出了付費乘客的服務。這目前只是一個小規模的試點項目——乘車僅在一個地理圍欄區域內進行，服務使用僅限於邀請，車輛——全部為 Model Y，而非 CyberCabs——目前在乘客座位上配備安全監控員。</p>
<p>已經有視頻顯示其中一輛機器人出租車短暫駛入了一個指定給反向行駛交通的車道，以及其他違反交通法規的報告，因此關於特斯拉的自動駕駛技術仍然存在疑問。此外，馬斯克造成的品牌損害是否會導致潛在客户避開他的機器人出租車業務也是一個問題。</p>
<h2>追求盈利能力</h2>
<p>儘管馬斯克似乎在不斷疏遠更多潛在消費者，但 Rivian 正試圖利用這一機會。這家年輕的電動車製造商在降低成本方面做得非常出色，現在能夠以正毛利率銷售其受歡迎的 R1 豪華 SUV。它通過改善製造流程和徹底改造電動車的設計實現了這一點。Rivian 降低了材料成本，但更重要的是，它轉向了區域架構，這大大減少了車輛中的電子控制單元（ECU）數量和佈線量。</p>
<p>這種區域架構技術也是該公司能夠與 <strong>大眾汽車</strong> 達成合作（並獲得大量投資）的一個重要原因。這家德國汽車巨頭獲得了所需的技術，而這家較小的電動車新興公司則獲得了現金注入，幫助其加速生產新款低價 R2 SUV。</p>
<p>對於 Rivian 來説，這是一個過渡年，因為它正在重新調整其製造設施，為 2026 年上半年推出 R2 SUV 做準備。預計該 SUV 的起售價約為 45,000 美元，這一價格將使其能夠接觸到比 Rivian 的 R1 車型更廣泛的人羣，後者的起售價超過 70,000 美元，豪華版甚至超過 100,000 美元。</p>
<p>與此同時，Rivian 在一月份獲得了低成本 66 億美元的能源部貸款的最終批准，這將使其能夠繼續在喬治亞州建設新的製造工廠。三月份曾有人擔心特朗普政府可能會試圖撤銷這筆貸款，但隨着美國預算談判的繼續，尚未發生任何確切的事情。如果該設施獲得批准，預計將在 2028 年投入使用，並將幫助公司在製造規模上獲得重要提升，並助力其實現盈利的道路。</p>
<h2>哪隻股票更好？</h2>
<p>特斯拉和 Rivian 都對投資者存在風險。特斯拉的核心業務正在掙扎，它將很多希望寄託在其初步的機器人出租車業務和其他項目上。與此同時，Rivian 仍處於旅程的早期階段，距離實現盈利還有很長的路要走。</p>
<p>儘管如此，我更傾向於 Rivian 這隻股票。馬斯克對特斯拉造成的品牌損害似乎是巨大的，而到目前為止，該公司尚未證明其自動駕駛技術是完全安全的。同時，特斯拉的股價反映出人們相信它在僅僅作為電動車製造商之外會有一些成功。</p>
<p>另一方面，Rivian 正在實現重要的里程碑，例如實現毛利率為正，並得到了兩家大型公司的支持：<strong>亞馬遜</strong>，為其製造電動車送貨車，以及大眾汽車。在這些巨頭的支持和其鉅額聯邦貸款的幫助下，Rivian 應該能夠獲得進一步擴大生產和實現盈利所需的現金。</p>

特斯拉

RIVN

<p>特斯拉在電動車市場面臨挑戰，美國銷量下降 16%，歐洲下降 50%，部分原因是首席執行官埃隆·馬斯克的政治參與。相比之下，Rivian 正在改善其製造流程並降低成本，使其能夠盈利銷售 R1 SUV。Rivian 還計劃在 2026 年推出一款價格更低的 R2 SUV，並已獲得 66 億美元的貸款用於新工廠。雖然這兩隻股票都存在風險，但 Rivian 被視為更好的投資選擇</p>

<p><strong>Tesla</strong>(TSLA -2.19%) has long been the leader in the electric vehicle (EV) market, but several upstarts have also entered the picture in recent years. One of the best-positioned in the domestic market at this time is <strong>Rivian</strong>(RIVN 1.25%). Let's consider which stock has a better chance of outperforming the other in the coming years.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA -2.19%) 一直以來都是電動車（EV）市場的領導者，但近年來也有幾家新興公司進入了這個領域。目前在國內市場上，<strong>Rivian</strong>(RIVN 1.25%) 的位置相對較好。讓我們考慮一下在未來幾年中，哪隻股票更有可能超越另一隻。</p>
</div><h2>More than just EVs</h2>
<div class="lb-trans"><h2>不僅僅是電動車</h2>
</div><p>When it comes to the EV market, Tesla has not been fairing well lately. While some of this can be attributed to increased competition in the pure EV space and the rising popularity of hybrid vehicles, much of Tesla's recent sales slump can be laid directly at the feet of CEO Elon Musk. His foray into politics as a major donor to President Donald Trump's campaign and his leadership role at the head of Trump's &#34;Department of Government Efficiency&#34; (DOGE) angered many liberals, leading to protests and boycotts of Tesla vehicles. More recently, he got into a major spat with Trump that may have alienated him from consumers on the other side of the political spectrum as well.</p>
<div class="lb-trans"><p>在電動車市場上，特斯拉最近的表現並不理想。雖然這部分可以歸因於純電動車領域競爭加劇和混合動力車日益受歡迎，但特斯拉最近的銷售下滑很大程度上可以直接歸咎於首席執行官埃隆·馬斯克。他作為主要捐贈者參與唐納德·特朗普總統競選的政治活動，以及在特朗普的 “政府效率部”（DOGE）擔任領導角色，激怒了許多自由派人士，導致了對特斯拉汽車的抗議和抵制。最近，他與特朗普發生了重大爭執，這可能使他與另一邊政治光譜的消費者疏遠。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2MzUvZ2V0dHlpbWFnZXMtMjAzMjQyNDYyOS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822635%2Fgettyimages-2032424629.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><p>Right now, the most recent publicly available Tesla sales data is from April, which was before Musk's fight with Trump. The company's sales sank by 16% in the U.S. and plunged by 50% in Europe. Meanwhile, its sales in China dropped by 9%, even as the company offered bigger incentives and discounts in the country than it had in the past and introduced its Model Y vehicle in that market.</p>
<div class="lb-trans"><p>目前，特斯拉最新的公開銷售數據來自四月份，那時馬斯克與特朗普的爭執尚未發生。該公司的美國銷售下降了 16%，在歐洲則暴跌了 50%。與此同時，儘管公司在中國提供了比以往更大的激勵和折扣，並在該市場推出了 Model Y 車型，但其在中國的銷售仍下降了 9%。</p>
</div><p>With Tesla sales reeling in all of its primary markets, it is pinning its hopes on its robotaxi business. The company just launched the service for paying riders in Austin, Texas. It's a small pilot program so far -- the rides are only taking place within a geofenced area, use of the service is by invitation only, and the vehicles -- all of the Model Ys, not CyberCabs -- are operating for now with a safety monitor in the passenger seat.</p>
<div class="lb-trans"><p>隨着特斯拉在所有主要市場的銷售疲軟，它將希望寄託在其機器人出租車業務上。該公司剛剛在德克薩斯州奧斯汀推出了付費乘客的服務。這目前只是一個小規模的試點項目——乘車僅在一個地理圍欄區域內進行，服務使用僅限於邀請，車輛——全部為 Model Y，而非 CyberCabs——目前在乘客座位上配備安全監控員。</p>
</div><p>Footage has already surfaced of one of those robotaxis driving briefly in a lane designated for traffic going in the opposite direction, among other reports of them violating traffic laws, so questions remain about Tesla's autonomous driving technology. Additionally, there is still the issue of whether the brand damage that Musk has caused will lead to potential customers shunning his robotaxi business, as well.</p>
<div class="lb-trans"><p>已經有視頻顯示其中一輛機器人出租車短暫駛入了一個指定給反向行駛交通的車道，以及其他違反交通法規的報告，因此關於特斯拉的自動駕駛技術仍然存在疑問。此外，馬斯克造成的品牌損害是否會導致潛在客户避開他的機器人出租車業務也是一個問題。</p>
</div><h2>A drive to profitability</h2>
<div class="lb-trans"><h2>追求盈利能力</h2>
</div><p>While Musk is seemingly trying to alienate more and more of his potential consumers, Rivian is looking to take advantage. The younger EV maker has done a great job of reducing its costs and is now able to sell its popular R1 luxury SUV at a positive gross margin. It did this by both improving its manufacturing processes and completely overhauling the EV's design. Rivian lowered its material costs, but more importantly, it switched to a zonal architecture, which significantly reduces the number of electronic control units (ECUs) and the amount of wiring in its vehicles.</p>
<div class="lb-trans"><p>儘管馬斯克似乎在不斷疏遠更多潛在消費者，但 Rivian 正試圖利用這一機會。這家年輕的電動車製造商在降低成本方面做得非常出色，現在能夠以正毛利率銷售其受歡迎的 R1 豪華 SUV。它通過改善製造流程和徹底改造電動車的設計實現了這一點。Rivian 降低了材料成本，但更重要的是，它轉向了區域架構，這大大減少了車輛中的電子控制單元（ECU）數量和佈線量。</p>
</div><p>That zonal architecture technology was also a big reason why the company was able to strike a partnership with (and get a large investment from) <strong>Volkswagen</strong>. The giant German automaker got access to the technology it wanted while the smaller EV upstart got a cash infusion that will help fund the production ramp-up of its new, lower-priced R2 SUV.</p>
<div class="lb-trans"><p>這種區域架構技術也是該公司能夠與 <strong>大眾汽車</strong> 達成合作（並獲得大量投資）的一個重要原因。這家德國汽車巨頭獲得了所需的技術，而這家較小的電動車新興公司則獲得了現金注入，幫助其加速生產新款低價 R2 SUV。</p>
</div><p>This is a transition year for Rivian as it retools its manufacturing facility in preparation for the launch of the R2 SUV in the first half of 2026. The SUV is expected to start around $45,000, which is a price tag that will put it within reach of a much larger demographic than Rivian's R1 model, which starts at over $70,000 and with luxury trims can exceed $100,000.</p>
<div class="lb-trans"><p>對於 Rivian 來説，這是一個過渡年，因為它正在重新調整其製造設施，為 2026 年上半年推出 R2 SUV 做準備。預計該 SUV 的起售價約為 45,000 美元，這一價格將使其能夠接觸到比 Rivian 的 R1 車型更廣泛的人羣，後者的起售價超過 70,000 美元，豪華版甚至超過 100,000 美元。</p>
</div><p>In January, meanwhile, Rivian received final approval for a low-cost $6.6 billion Department of Energy loan that will allow it to continue building a new manufacturing plant in Georgia. There was some concern in March that the Trump administration might try to rescind the loan, but nothing definite has happened as U.S. budget negotiations continue. That facility, if given the go-ahead, is now expected to be up and running in 2028, and should help the company gain vital scale in its manufacturing and aid it on its path toward profitability.</p>
<div class="lb-trans"><p>與此同時，Rivian 在一月份獲得了低成本 66 億美元的能源部貸款的最終批准，這將使其能夠繼續在喬治亞州建設新的製造工廠。三月份曾有人擔心特朗普政府可能會試圖撤銷這筆貸款，但隨着美國預算談判的繼續，尚未發生任何確切的事情。如果該設施獲得批准，預計將在 2028 年投入使用，並將幫助公司在製造規模上獲得重要提升，並助力其實現盈利的道路。</p>
</div><h2>Which stock is the better stock?</h2>
<div class="lb-trans"><h2>哪隻股票更好？</h2>
</div><p>Both Tesla and Rivian come with risks to investors. Tesla's core business is flailing, and it's pinning a lot of hope on its nascent robotaxi business and other ventures. Rivian, meanwhile, is in the early innings of its journey and still has a long road to traverse before it can achieve profitability.</p>
<div class="lb-trans"><p>特斯拉和 Rivian 都對投資者存在風險。特斯拉的核心業務正在掙扎，它將很多希望寄託在其初步的機器人出租車業務和其他項目上。與此同時，Rivian 仍處於旅程的早期階段，距離實現盈利還有很長的路要走。</p>
</div><p>That said, I prefer Rivian of the two stocks. The brand damage Musk has done to Tesla appears to be immense, and thus far, the company has not proven that its autonomous driving technology is completely safe. At the same time, Tesla's stock price reflects a belief that it will have some success outside of just being an EV maker.</p>
<div class="lb-trans"><p>儘管如此，我更傾向於 Rivian 這隻股票。馬斯克對特斯拉造成的品牌損害似乎是巨大的，而到目前為止，該公司尚未證明其自動駕駛技術是完全安全的。同時，特斯拉的股價反映出人們相信它在僅僅作為電動車製造商之外會有一些成功。</p>
</div><p>Rivian, on the other hand, has been hitting important milestones such as becoming gross margin positive, and is backed by two large companies: <strong>Amazon</strong>, for which it makes EV delivery vans, and Volkswagen. Between the backing of those giants and its large federal loan, Rivian should have the cash it will need to further scale up its production and become profitable.</p>
<div class="lb-trans"><p>另一方面，Rivian 正在實現重要的里程碑，例如實現毛利率為正，並得到了兩家大型公司的支持：<strong>亞馬遜</strong>，為其製造電動車送貨車，以及大眾汽車。在這些巨頭的支持和其鉅額聯邦貸款的幫助下，Rivian 應該能夠獲得進一步擴大生產和實現盈利所需的現金。</p>
</div>

Better EV Stock: Rivian vs. Tesla

- 特斯拉在電動車市場面臨競爭，銷售下滑明顯。  
- Rivian 通過降低成本和改進設計，成功實現正毛利。  
- Rivian 獲得大額貸款和合作夥伴支持，助力未來盈利。  

哪隻電動汽車股票更好：Rivian 與特斯拉