<p><strong>特斯拉</strong>(TSLA 2.02%) 在顛覆汽車行業方面值得高度讚揚。其電動汽車（EV）系列使其成為一個備受推崇的品牌，以設計和創新的前沿而聞名。儘管過去表現非常良好，但截至 8 月 22 日，其股價仍比峯值低 30%。</p>
<p>也許是時候讓投資者關注其他地方了。這隻在過去五年中上漲了 143% 的汽車股票，是否在未來五年內比特斯拉更值得投資？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2Mzgvc3BvcnRzLWNhci1kcml2aW5nLXJvYWQtbmVhci1tb3VudGFpbnMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="350" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2Mzgvc3BvcnRzLWNhci1kcml2aW5nLXJvYWQtbmVhci1tb3VudGFpbnMuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>特斯拉的熊市論點</h2>
<p>特斯拉如今可能是一家萬億美元的企業，但投資者擔憂的理由並不少。增長受到打擊，第二季度（截至 6 月 30 日）的交付量和收入分別同比下降了 13% 和 12%。更高的利率也無濟於事，因為這使得汽車變得更難以負擔。此外，競爭依然激烈；特斯拉不再是唯一的電動車遊戲，國內和國際競爭對手在行業中也開始嶄露頭角。</p>
<p>管理層已降低價格以維持銷量，這侵蝕了盈利能力。特斯拉在 2022 年報告的營業利潤率為 16.8%。在最新的季度中，這一指標降至 4.1%。這是投資者不希望看到的趨勢。</p>
<p>當然，長期的論點依賴於特斯拉推出全球機器人出租車服務。如果成功執行，這可能會帶來財務上的好處。但就目前而言，未來高度不確定，關於技術進展、監管變化和用户接受度的問題依然存在。</p>
<h2>將奢華帶入汽車行業</h2>
<p>投資者或許可以將注意力轉向 <strong>法拉利</strong>(RACE -0.54%)。這不是一家典型的汽車公司。它本質上是一個頂級奢侈品牌，銷售極其昂貴的車輛，有些車型的價格高達數百萬美元。該公司故意限制生產和交付，主要目的是支持品牌並保持一定的獨特性。</p>
<p>法拉利在第二季度僅售出 3,494 輛。與 <strong>福特</strong> 這樣的大眾汽車製造商相比，後者銷售的車輛數量要多得多。即使是作為高端品牌的特斯拉，銷售的汽車數量也遠遠超過法拉利。</p>
<p>法拉利的增長並沒有引起太多關注，但它穩健且可靠。第二季度收入增長了 4.4%，比 2019 年同期高出 82%。</p>
<p>法拉利的特別之處在於其收入報表的下方。該公司報告第二季度營業利潤率為 30.9%。這與知名消費品牌 <strong>蘋果</strong> 相當。而且遠遠領先於特斯拉的水平。</p>
<p>能夠靈活運用定價權是一個關鍵的戰略優勢。法拉利可以提高其車輛的價格，需求仍然強勁，歷史上就是如此。該公司基本上是為全球最富有的人羣提供服務。他們並不一定擔心收緊預算。展示他們的地位是關鍵，擁有一輛法拉利正是這種展示的一部分。這在經濟衰退的情況下也應當成立。</p>
<p>法拉利的股票遠比特斯拉便宜。前者的市盈率為 48.8，而後者的市盈率高達 195.5。特斯拉似乎總是昂貴，因為投資者會追隨埃隆·馬斯克的言論。這使得它成為一個故事股。投資者可能永遠無法以便宜的估值買入特斯拉。</p>
<p>需要明確的是，法拉利的股票並不便宜。但考慮到其在任何經濟情況下的持久表現、穩定增長和驚人的利潤，我認為在未來五年內，法拉利是更值得擁有的股票。</p>

特斯拉

法拉利

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>這篇文章比較了特斯拉和法拉利作為未來五年的投資選擇。儘管特斯拉過去表現出色，但面臨着增長放緩、競爭加劇和盈利能力下降等挑戰。相比之下，法拉利作為一個限量生產的奢侈品牌，展現出穩定的增長和強勁的利潤率，使其成為潛在的更好投資。法拉利的市盈率顯著低於特斯拉，這表明它可能提供更多的價值。總體而言，作者認為法拉利是面向未來的投資者更優的股票選擇</p>

<p><strong>Tesla</strong>(TSLA 2.02%) deserves a ton of credit for disrupting the auto industry. Its lineup of electric vehicles (EVs) has made it a highly regarded brand known to be at the cutting edge of design and innovation. Shares have performed very well in the past, although they trade 30% below their peak (as of Aug. 22).</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA 2.02%) 在顛覆汽車行業方面值得高度讚揚。其電動汽車（EV）系列使其成為一個備受推崇的品牌，以設計和創新的前沿而聞名。儘管過去表現非常良好，但截至 8 月 22 日，其股價仍比峯值低 30%。</p>
</div><p>Maybe it's time for investors to look elsewhere. Is this other auto stock, which has climbed 143% in the past five years, a better investment than Tesla over the next five years?</p>
<div class="lb-trans"><p>也許是時候讓投資者關注其他地方了。這隻在過去五年中上漲了 143% 的汽車股票，是否在未來五年內比特斯拉更值得投資？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2Mzgvc3BvcnRzLWNhci1kcml2aW5nLXJvYWQtbmVhci1tb3VudGFpbnMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830638%2Fsports-car-driving-road-near-mountains.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>The bear case for Tesla</h2>
<div class="lb-trans"><h2>特斯拉的熊市論點</h2>
</div><p>Tesla might be a trillion-dollar business these days, but there's no shortage of reasons for investors to worry. Growth has taken a hit, with deliveries and revenue down 13% and 12%, respectively, year over year in Q2 (ended June 30). Higher interest rates don't help, as they make cars less affordable. What's more, competition remains stiff; Tesla is no longer the only EV game in town, with both domestic and international rivals making their presence felt in the industry.</p>
<div class="lb-trans"><p>特斯拉如今可能是一家萬億美元的企業，但投資者擔憂的理由並不少。增長受到打擊，第二季度（截至 6 月 30 日）的交付量和收入分別同比下降了 13% 和 12%。更高的利率也無濟於事，因為這使得汽車變得更難以負擔。此外，競爭依然激烈；特斯拉不再是唯一的電動車遊戲，國內和國際競爭對手在行業中也開始嶄露頭角。</p>
</div><p>Management has cut prices to maintain volumes, which eats into profitability. Tesla reported an operating margin of 16.8% in 2022. During the latest quarter, this metric fell to 4.1%. That's not a trend that investors want to see.</p>
<div class="lb-trans"><p>管理層已降低價格以維持銷量，這侵蝕了盈利能力。特斯拉在 2022 年報告的營業利潤率為 16.8%。在最新的季度中，這一指標降至 4.1%。這是投資者不希望看到的趨勢。</p>
</div><p>Of course, the long-term thesis rests on Tesla introducing a global robotaxi service. If executed successfully, this could be a financial boon. But as things stand right now, the future is highly uncertain, with questions remaining about technical progress, regulatory changes, and user adoption.</p>
<div class="lb-trans"><p>當然，長期的論點依賴於特斯拉推出全球機器人出租車服務。如果成功執行，這可能會帶來財務上的好處。但就目前而言，未來高度不確定，關於技術進展、監管變化和用户接受度的問題依然存在。</p>
</div><h2>Bringing luxury to the auto sector</h2>
<div class="lb-trans"><h2>將奢華帶入汽車行業</h2>
</div><p>It might be a good idea for investors to turn their attention to <strong>Ferrari</strong>(RACE -0.54%). This isn't your typical car company. It's essentially a top luxury brand that sells extremely expensive vehicles, with some models going for millions of dollars. The business intentionally keeps a limit on production and deliveries, with the main goal being to support the brand and maintain a level of exclusivity.</p>
<div class="lb-trans"><p>投資者或許可以將注意力轉向 <strong>法拉利</strong>(RACE -0.54%)。這不是一家典型的汽車公司。它本質上是一個頂級奢侈品牌，銷售極其昂貴的車輛，有些車型的價格高達數百萬美元。該公司故意限制生產和交付，主要目的是支持品牌並保持一定的獨特性。</p>
</div><p>Ferrari sold just 3,494 units in Q2. Compare this to a mass-market automaker like <strong>Ford</strong>, which sells a much greater number of vehicles. Even Tesla, which is a premium brand, sells far more cars than Ferrari.</p>
<div class="lb-trans"><p>法拉利在第二季度僅售出 3,494 輛。與 <strong>福特</strong> 這樣的大眾汽車製造商相比，後者銷售的車輛數量要多得多。即使是作為高端品牌的特斯拉，銷售的汽車數量也遠遠超過法拉利。</p>
</div><p>Ferrari's growth isn't turning heads, but it's solid and dependable. Revenue increased 4.4% during the second quarter, and it was 82% higher than in the same period of 2019.</p>
<div class="lb-trans"><p>法拉利的增長並沒有引起太多關注，但它穩健且可靠。第二季度收入增長了 4.4%，比 2019 年同期高出 82%。</p>
</div><p>What makes Ferrari special comes further down the income statement. The company reported a Q2 operating margin of 30.9%. That's in line with well-known consumer brand <strong>Apple</strong>. And it's light years ahead of what Tesla registers.</p>
<div class="lb-trans"><p>法拉利的特別之處在於其收入報表的下方。該公司報告第二季度營業利潤率為 30.9%。這與知名消費品牌 <strong>蘋果</strong> 相當。而且遠遠領先於特斯拉的水平。</p>
</div><p>Being able to flex its pricing power is a key strategic advantage. Ferrari can raise the prices of its vehicles, and demand will still be robust, as has been the case historically. The company is basically catering to the wealthiest people on the planet. They aren't necessarily concerned about tightening their budgets. It's all about showcasing their status, something that owning a Ferrari helps with. This should be true even in a recessionary scenario.</p>
<div class="lb-trans"><p>能夠靈活運用定價權是一個關鍵的戰略優勢。法拉利可以提高其車輛的價格，需求仍然強勁，歷史上就是如此。該公司基本上是為全球最富有的人羣提供服務。他們並不一定擔心收緊預算。展示他們的地位是關鍵，擁有一輛法拉利正是這種展示的一部分。這在經濟衰退的情況下也應當成立。</p>
</div><p>Ferrari shares are much cheaper than Tesla's. The former trades at a price-to-earnings ratio of 48.8, while the latter trades at a sky-high 195.5 multiple. It seems Tesla is always expensive, as investors buy into whatever Elon Musk says. This makes it a story stock. Investors might never get to buy Tesla at a bargain valuation.</p>
<div class="lb-trans"><p>法拉利的股票遠比特斯拉便宜。前者的市盈率為 48.8，而後者的市盈率高達 195.5。特斯拉似乎總是昂貴，因為投資者會追隨埃隆·馬斯克的言論。這使得它成為一個故事股。投資者可能永遠無法以便宜的估值買入特斯拉。</p>
</div><p>To be clear, Ferrari shares aren't cheap. But given its durable performance in any economic scenario, steady growth, and incredible profits, I view it as the better stock to own over the next five years.</p>
<div class="lb-trans"><p>需要明確的是，法拉利的股票並不便宜。但考慮到其在任何經濟情況下的持久表現、穩定增長和驚人的利潤，我認為在未來五年內，法拉利是更值得擁有的股票。</p>
</div>

Is This Supercharged Auto Stock a Better Buy Than Tesla Over the Next 5 Years?

- 特斯拉麪臨增長放緩和競爭加劇，Q2 交付和收入分別下降 13% 和 12%。  
- 法拉利以高端奢侈品牌著稱，Q2 營業利潤率為 30.9%。  
- 法拉利的穩定增長和強大定價能力使其成為更好的投資選擇。  

這隻超級充電汽車股票在未來五年內是否比特斯拉更具投資價值？