<p>除非你故意躲避新聞——這可以理解——否則你應該知道，<strong>特斯拉</strong>(TSLA 2.28%) 的投資者們有很多信息需要消化。從特斯拉未支付賬單並傷害小企業的指控，到首席執行官埃隆·馬斯克的政治巡演引發的消費者反彈（我們不能忘記銷售下滑和全球利潤），這真是一場傾盆大雨。讓我們考慮一下最近的障礙，以及馬斯克獲得 290 億美元豐厚薪酬的情況。</p>
<h2>海外的螺旋</h2>
<p>來自歐洲的七月數據正在逐漸浮現，顯示特斯拉的註冊量比去年下降了 41.6%，儘管整個歐洲的電動車（EV）銷售正在激增。</p>
<p>這延續了電動車製造商在 2025 年上半年面臨的銷售螺旋下降問題。問題在於，下降的原因本應是新款 Model Y 供應有限——但問題似乎比這更深層次。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMzUvbmV3bW9kZWx5XzY1LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMzUvbmV3bW9kZWx5XzY1LmpwZyZ3PTcwMA"/></p>
<p>新款 Model Y。圖片來源：特斯拉。</p>
<p>在中國，特斯拉的故事也類似，這是另一個關鍵市場。與去年相比，其中國製造電動車的銷售在七月下降了 8.4%。這與特斯拉在六月小幅增長形成了對比，而六月的增長當時結束了長達八個月的銷售下滑。</p>
<h2>消費者反彈</h2>
<p>消費者的不滿是真實存在的，馬斯克的政治立場使一些買家轉向新的品牌。根據 S&amp;P Global Mobility 的新數據，這種影響正在對特斯拉曾經無可挑剔的品牌形象產生影響，該機構跟蹤汽車行業的銷售數據。</p>
<p>新數據顯示，特斯拉的消費者忠誠度在 2024 年七月驟降，與馬斯克公開承諾參與反環保政治運動相關。根據路透社的報道，特斯拉的忠誠度在 2024 年六月達到 73% 的峯值，隨後在三月降至 49.9%。無論如何，這都是消費者情緒的快速而戲劇性的下降，實際上將買家驅向了其他品牌。</p>
<h2>鉅額薪酬</h2>
<p>特斯拉董事會授予馬斯克 9600 萬股股票，價值約 290 億美元，旨在讓這位億萬富翁在其多項業務和投資中專注於電動車公司。此次投票是在 2024 年特拉華州法院裁定馬斯克 2018 年薪酬方案無效後進行的，該方案的價值超過 500 億美元。法院表示，批准過程存在缺陷，對股東不公平。</p>
<p>根據《汽車新聞》的報道，專門成立的委員會在考慮新的薪酬方案時表示：“雖然我們認識到埃隆的商業冒險、興趣和其他潛在的時間和注意力需求是廣泛而多樣的……我們相信，這項獎勵將激勵埃隆繼續留在特斯拉。”</p>
<h2>這意味着什麼</h2>
<p>特斯拉及其投資者顯然處於一個十字路口。雖然銷售電動車和零排放信用使這家年輕公司維持運營，但它不斷提醒投資者，其未來可能更多地與人工智能（AI）、機器人技術和機器人出租車服務相關。長期投資者應保持現狀，但也應為接下來的幾個季度做好準備，因為公司正在經歷即將到來的身份危機、機器人出租車的緩慢推進以及老化的產品線。</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>特斯拉麪臨重大挑戰，包括歐洲註冊量下降 41.6% 和中國製造電動車銷量下降 8.4%。這一下滑歸因於供應問題以及消費者對首席執行官埃隆·馬斯克政治立場的反感，導致品牌忠誠度從 73% 降至 49.9%。儘管面臨這些困難，馬斯克通過一項新的股票授予獲得了 290 億美元的收入，此前法院裁定其之前的薪酬方案無效。投資者被建議做好準備，迎接特斯拉在身份危機和市場動態變化中所經歷的動盪時期</p>

<p>Unless you've been purposely hiding from the news -- which would be understandable -- you know that investors in <strong>Tesla</strong>(TSLA 2.28%) have had plenty to digest. Between allegations Tesla isn't paying its bills and hurting small businesses, to facing consumer backlash from CEO Elon Musk's political tour (and we can't forget the sliding sales and global profits), it's been a full downpour. Let's consider the recent speed bumps, as well as Musk being rewarded with a hefty $29 billion payday.</p>
<div class="lb-trans"><p>除非你故意躲避新聞——這可以理解——否則你應該知道，<strong>特斯拉</strong>(TSLA 2.28%) 的投資者們有很多信息需要消化。從特斯拉未支付賬單並傷害小企業的指控，到首席執行官埃隆·馬斯克的政治巡演引發的消費者反彈（我們不能忘記銷售下滑和全球利潤），這真是一場傾盆大雨。讓我們考慮一下最近的障礙，以及馬斯克獲得 290 億美元豐厚薪酬的情況。</p>
</div><h2>The overseas spiral</h2>
<div class="lb-trans"><h2>海外的螺旋</h2>
</div><p>July figures are seeping in from Europe, and they show that Tesla registrations checked in 41.6% lower compared to the prior year, despite sales of electric vehicles (EVs) surging across the Continent.</p>
<div class="lb-trans"><p>來自歐洲的七月數據正在逐漸浮現，顯示特斯拉的註冊量比去年下降了 41.6%，儘管整個歐洲的電動車（EV）銷售正在激增。</p>
</div><p>It's a continuation of the sales spiral the EV maker faced during the first half of 2025. And the problem is that the decline was supposedly due to the new Model Y being in limited supply -- but the issues appear to be deeper than that.</p>
<div class="lb-trans"><p>這延續了電動車製造商在 2025 年上半年面臨的銷售螺旋下降問題。問題在於，下降的原因本應是新款 Model Y 供應有限——但問題似乎比這更深層次。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMzUvbmV3bW9kZWx5XzY1LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828235%2Fnewmodely_65.jpg&amp;op=resize&amp;w=700"/></p>
<p>The new Model Y. Image source: Tesla.</p>
<div class="lb-trans"><p>新款 Model Y。圖片來源：特斯拉。</p>
</div><p>The story is similar in China, another crucial market for Tesla. Its sales of China-made EVs dropped 8.4% in July compared to the prior year. That was a reversal from the small gain Tesla posted in June, which at the time reversed an eight-month losing streak.</p>
<div class="lb-trans"><p>在中國，特斯拉的故事也類似，這是另一個關鍵市場。與去年相比，其中國製造電動車的銷售在七月下降了 8.4%。這與特斯拉在六月小幅增長形成了對比，而六月的增長當時結束了長達八個月的銷售下滑。</p>
</div><h2>The consumer backlash</h2>
<div class="lb-trans"><h2>消費者反彈</h2>
</div><p>The consumer displeasure is real, and Musk's political allegiances have pushed some buyers to new and different brands. There's evidence of the effect this is having on Tesla's once-spotless brand image, according to new data from S&amp;P Global Mobility, which tracks sales data across the automotive industry.</p>
<div class="lb-trans"><p>消費者的不滿是真實存在的，馬斯克的政治立場使一些買家轉向新的品牌。根據 S&amp;P Global Mobility 的新數據，這種影響正在對特斯拉曾經無可挑剔的品牌形象產生影響，該機構跟蹤汽車行業的銷售數據。</p>
</div><p>The new data, shared with Reuters, showed that Tesla's consumer loyalty took a nosedive in July 2024, correlating with Musk's public commitment to an anti-environmental political campaign. According to Reuters, Tesla's loyalty peaked at 73% in June 2024 before bottoming out in March at 49.9%. No matter how you slice it, that's a quick and dramatic decline in consumer sentiment, literally driving buyers to another brand.</p>
<div class="lb-trans"><p>新數據顯示，特斯拉的消費者忠誠度在 2024 年七月驟降，與馬斯克公開承諾參與反環保政治運動相關。根據路透社的報道，特斯拉的忠誠度在 2024 年六月達到 73% 的峯值，隨後在三月降至 49.9%。無論如何，這都是消費者情緒的快速而戲劇性的下降，實際上將買家驅向了其他品牌。</p>
</div><h2>A massive payday</h2>
<div class="lb-trans"><h2>鉅額薪酬</h2>
</div><p>Tesla's board granted Musk 96 million shares, worth roughly $29 billion, in an attempt to keep the billionaire focused on the EV company amid his multiple businesses and ventures. The vote comes after a 2024 Delaware court ruling that voided Musk's 2018 compensation package, which was valued at over $50 billion. The court said the approval process was flawed and unfair to shareholders.</p>
<div class="lb-trans"><p>特斯拉董事會授予馬斯克 9600 萬股股票，價值約 290 億美元，旨在讓這位億萬富翁在其多項業務和投資中專注於電動車公司。此次投票是在 2024 年特拉華州法院裁定馬斯克 2018 年薪酬方案無效後進行的，該方案的價值超過 500 億美元。法院表示，批准過程存在缺陷，對股東不公平。</p>
</div><p>According to <em>Automotive News</em>, the special committee that was formed to consider the new pay package said: &#34;While we recognize Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging ... we are confident that this award will incentivize Elon to remain at Tesla.&#34;</p>
<div class="lb-trans"><p>根據《汽車新聞》的報道，專門成立的委員會在考慮新的薪酬方案時表示：“雖然我們認識到埃隆的商業冒險、興趣和其他潛在的時間和注意力需求是廣泛而多樣的……我們相信，這項獎勵將激勵埃隆繼續留在特斯拉。”</p>
</div><h2>What it all means</h2>
<div class="lb-trans"><h2>這意味着什麼</h2>
</div><p>Tesla and its investors certainly appear to be at a crossroads. While selling EVs and zero-emission credits keeps the lights on for the young company, it constantly reminds investors that its future may be more in line with artificial intelligence (AI), robotics, and robotaxi services. Long-term investors should stay the course but should also prepare for a bumpy few quarters as the company works through its upcoming identity crisis, the slow ramp-up of the robotaxi, and an aging lineup.</p>
<div class="lb-trans"><p>特斯拉及其投資者顯然處於一個十字路口。雖然銷售電動車和零排放信用使這家年輕公司維持運營，但它不斷提醒投資者，其未來可能更多地與人工智能（AI）、機器人技術和機器人出租車服務相關。長期投資者應保持現狀，但也應為接下來的幾個季度做好準備，因為公司正在經歷即將到來的身份危機、機器人出租車的緩慢推進以及老化的產品線。</p>
</div>

Tesla Stumbles, but Elon Musk Gets a Massive Payday

- 特斯拉麪臨銷售下滑，歐洲註冊量同比下降 41.6%。  
- 中國市場銷量也下降 8.4%，消費者忠誠度顯著降低。  
- 馬斯克獲得 290 億美元的股票獎勵以保持專注。  

特斯拉遇挫，但埃隆·馬斯克獲得了鉅額薪酬