<p>2025 年，對 <strong>特斯拉</strong>(TSLA -4.97%) 投資者來説，這是一段相當瘋狂的過山車之旅。公司經歷了許多好壞參半的發展，導致其股價在年初的前三個月暴跌，隨後在第三季度反彈了 40%。</p>
<p>好消息是特斯拉公佈了強勁的第三季度業績，但對特斯拉來説壞消息是，<strong>比亞迪</strong>(BYDDY -5.33%) 在全年仍可能遠遠超過其競爭對手。以下是一些重要細節。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5MzAvYnlkX3NlYWxpb25fNDVzX2V4Y2VsbGVuY2VfXzAwODQtY29weS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5MzAvYnlkX3NlYWxpb25fNDVzX2V4Y2VsbGVuY2VfXzAwODQtY29weS5qcGcmdz03MDA"/></p>
<p>比亞迪海豹。圖片來源：比亞迪公司。</p>
<h2>僅看一個季度並不明智</h2>
<p>特斯拉報告稱，第三季度交付量較去年增長了 7%，因為許多消費者在 7500 美元聯邦税收抵免到期之前湧向經銷商購買電動車（EV）。雖然第三季度買家的湧入令人歡迎，但在第四季度，消費者將面臨新的定價現實，除非在特殊租賃情況下，否則不包括税收抵免，這可能會導致需求同樣強勁的低迷。</p>
<p>特斯拉在第三季度的總交付量達到 497,099 輛，生產量為 447,450 輛。由於生產量較去年有所下降，特斯拉能夠在可能的第四季度放緩之前減少一些庫存。進入十月時，庫存過剩的電動車製造商將面臨更艱難的局面，可能需要額外的激勵或折扣來推動產品銷售——這對財務健康和利潤率都不利。</p>
<p>特斯拉的第三季度交付結果足以超出預期。然而，儘管超出預期，特斯拉顯然面臨全球交付放緩的局面。事實上，特斯拉在 2025 年前三季度的交付量達到 120 萬輛，低於 2023 年和 2024 年的 180 萬輛，甚至低於 2022 年的 130 萬輛。</p>
<p>這家電動車製造商的第三季度部分受到歐洲持續銷售下滑的影響，消費者對首席執行官埃隆·馬斯克的政治活動和言論的反感，以及來自 <strong>大眾汽車</strong> 和比亞迪等競爭對手的競爭加劇。</p>
<h2>説到比亞迪</h2>
<p>儘管特斯拉在第三季度售出了創紀錄的車輛數量，但比亞迪公司仍佔據上風。這家中國電動車巨頭在全球範圍內連續四個季度交付的全電動車輛數量超過特斯拉，儘管比亞迪在九月份首次出現了 18 個月以來的總銷售下降。</p>
<p>第三季度為比亞迪創造了一個尚未實現的機會：在整個日曆年中超越特斯拉的電池電動車交付量。在 2025 年前三季度，比亞迪的電動車銷量比特斯拉多出近 39 萬輛。</p>
<p>儘管如此，儘管第三季度業績強勁，但未來對每個全球電動車巨頭來説都充滿了挑戰。在比亞迪方面，該公司在其本土中國市場失去動力，那裏正在進行一場殘酷的價格戰，侵蝕着整個行業的利潤率。請記住，比亞迪在八月底報告時讓投資者感到意外，季度利潤下降了 30%。</p>
<p>在特斯拉方面，由於美國在九月底逐步取消 7500 美元的聯邦税收抵免，特斯拉將面臨極大的困難，難以匹配第三季度的激增。</p>
<h2>比亞迪值得投資嗎？</h2>
<p>比亞迪看到全球的跡象，已將 2025 年的銷售目標下調至 460 萬輛全電動和插電式混合動力汽車。如果你在跟蹤的話，這比之前的目標低了大約 100 萬輛。儘管比亞迪曾經看似不可動搖的護甲受到了一定損害，但該公司仍然在長期內處於良好的發展位置，特別是在中國的價格戰緩解後，無論是通過行業整合還是其他方式。</p>
<p>比亞迪正在將其品牌擴展到更高利潤的超高端車輛，控制其供應鏈，許多車輛零部件在內部生產以實現垂直整合，本地化生產，並在廣泛的市場中調整其車輛。與僅專注於乘用車的傳統電動車製造商相比，比亞迪還為投資者提供了一定的多樣化。比亞迪還銷售公交車、叉車、高速列車，甚至擁有公用事業規模的能源存儲解決方案。</p>
<p>儘管在本土市場面臨逆風，這家中國電動車製造商仍有望在整個日曆年中超越特斯拉的交付量，全球市場定位良好，擁有經過驗證的市場增長戰略，並且考慮到其尚未涉足有價值的美國市場，仍然具有很大的長期上行潛力。比亞迪仍然是汽車行業的優秀投資選擇。</p>

<p>比亞迪公司有望在 2025 年超越特斯拉的電動車（EV）交付量，過去四個季度其全球全電動車交付量已超過特斯拉。儘管最近銷售出現下滑，但比亞迪在 2025 年前三個季度的總銷售量比特斯拉多出近 39 萬輛。然而，兩家公司都面臨挑戰：比亞迪在中國經歷價格戰，而特斯拉則在應對全球交付放緩和聯邦税收抵免結束的問題。儘管面臨這些困難，比亞迪多樣化的產品線和戰略定位表明其長期潛力強勁</p>

<p>It's been a pretty wild roller-coaster ride for <strong>Tesla</strong>(TSLA -4.97%) investors in 2025. The company has dealt with a plethora of developments, both bad and good, sending its share price plunging through the first three months of the year before rebounding 40% during the third quarter.</p>
<div class="lb-trans"><p>2025 年，對 <strong>特斯拉</strong>(TSLA -4.97%) 投資者來説，這是一段相當瘋狂的過山車之旅。公司經歷了許多好壞參半的發展，導致其股價在年初的前三個月暴跌，隨後在第三季度反彈了 40%。</p>
</div><p>The good news is that Tesla posted strong third quarter results, but the bad news for Tesla is that <strong>BYD</strong>(BYDDY -5.33%) is likely still going to far outpace its rival for the full year. Here's a look at the important details.</p>
<div class="lb-trans"><p>好消息是特斯拉公佈了強勁的第三季度業績，但對特斯拉來説壞消息是，<strong>比亞迪</strong>(BYDDY -5.33%) 在全年仍可能遠遠超過其競爭對手。以下是一些重要細節。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5MzAvYnlkX3NlYWxpb25fNDVzX2V4Y2VsbGVuY2VfXzAwODQtY29weS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836930%2Fbyd_sealion_45s_excellence__0084-copy.jpg&amp;op=resize&amp;w=700"/></p>
<p>BYD Sealion. Image source: BYD Co.</p>
<div class="lb-trans"><p>比亞迪海豹。圖片來源：比亞迪公司。</p>
</div><h2>It's not wise to look at just one quarter</h2>
<div class="lb-trans"><h2>僅看一個季度並不明智</h2>
</div><p>Tesla reported a 7% increase in third-quarter deliveries, compared to the prior year, as many consumers flocked to dealerships to purchase electric vehicles (EVs) before the expiration of a $7,500 federal tax credit. While the influx of buyers was welcomed during the third quarter, there will likely be an equally strong lull in demand during the fourth quarter as consumers grapple with a new pricing reality that doesn't include the tax credit unless under special leasing circumstances.</p>
<div class="lb-trans"><p>特斯拉報告稱，第三季度交付量較去年增長了 7%，因為許多消費者在 7500 美元聯邦税收抵免到期之前湧向經銷商購買電動車（EV）。雖然第三季度買家的湧入令人歡迎，但在第四季度，消費者將面臨新的定價現實，除非在特殊租賃情況下，否則不包括税收抵免，這可能會導致需求同樣強勁的低迷。</p>
</div><p>Tesla's total deliveries reached 497,099 during the third quarter, with production at 447,450 vehicles. With production volume declining compared to the prior year, Tesla was able to work down some inventory ahead of the likely fourth-quarter slowdown. EV makers with a large surplus of inventory heading into October would be in a much tougher position and likely require extra incentives or discounts to move product -- not financially healthy, nor supportive of margins.</p>
<div class="lb-trans"><p>特斯拉在第三季度的總交付量達到 497,099 輛，生產量為 447,450 輛。由於生產量較去年有所下降，特斯拉能夠在可能的第四季度放緩之前減少一些庫存。進入十月時，庫存過剩的電動車製造商將面臨更艱難的局面，可能需要額外的激勵或折扣來推動產品銷售——這對財務健康和利潤率都不利。</p>
</div><p>Tesla's third-quarter delivery result was plenty to top estimates. However, despite topping estimates, it's clear Tesla is facing a global slowdown in deliveries. In fact, Tesla's deliveries reached 1.2 million through the first three quarters of 2025, down from 2023 and 2024, which both posted about 1.8 million, and even lower than 2022's 1.3 million.</p>
<div class="lb-trans"><p>特斯拉的第三季度交付結果足以超出預期。然而，儘管超出預期，特斯拉顯然面臨全球交付放緩的局面。事實上，特斯拉在 2025 年前三季度的交付量達到 120 萬輛，低於 2023 年和 2024 年的 180 萬輛，甚至低於 2022 年的 130 萬輛。</p>
</div><p>The EV maker's third quarter was partially held back by a continued sales slump in Europe, which has been plagued by consumer backlash against CEO Elon Musk's political activism and rhetoric, as well as increased competition from competitors such as <strong>Volkswagen</strong> and BYD.</p>
<div class="lb-trans"><p>這家電動車製造商的第三季度部分受到歐洲持續銷售下滑的影響，消費者對首席執行官埃隆·馬斯克的政治活動和言論的反感，以及來自 <strong>大眾汽車</strong> 和比亞迪等競爭對手的競爭加劇。</p>
</div><h2>Speaking of BYD</h2>
<div class="lb-trans"><h2>説到比亞迪</h2>
</div><p>While Tesla managed to sell a record number of vehicles during the third quarter, BYD Co. still has the upper hand. China's juggernaut EV maker has now delivered more full-electric vehicles globally than Tesla for four consecutive quarters, and this result was despite BYD registering its first total sales decline in 18 months during September.</p>
<div class="lb-trans"><p>儘管特斯拉在第三季度售出了創紀錄的車輛數量，但比亞迪公司仍佔據上風。這家中國電動車巨頭在全球範圍內連續四個季度交付的全電動車輛數量超過特斯拉，儘管比亞迪在九月份首次出現了 18 個月以來的總銷售下降。</p>
</div><p>The third quarter sets BYD up to do something it has yet to achieve: Outsell Tesla in battery electric vehicles for a full calendar year. Through the first three quarters of 2025, BYD has sold nearly 390,000 more EVs than Tesla.</p>
<div class="lb-trans"><p>第三季度為比亞迪創造了一個尚未實現的機會：在整個日曆年中超越特斯拉的電池電動車交付量。在 2025 年前三季度，比亞迪的電動車銷量比特斯拉多出近 39 萬輛。</p>
</div><p>All that said, and despite strong third-quarter results, the future is filled with speed bumps for each global EV powerhouse. On BYD's end of things, the company is losing momentum in its home Chinese market, where there is an ongoing and brutal price war eroding margins across the industry. Remember that BYD surprised investors with a 30% drop in quarterly profit when it reported in late August.</p>
<div class="lb-trans"><p>儘管如此，儘管第三季度業績強勁，但未來對每個全球電動車巨頭來説都充滿了挑戰。在比亞迪方面，該公司在其本土中國市場失去動力，那裏正在進行一場殘酷的價格戰，侵蝕着整個行業的利潤率。請記住，比亞迪在八月底報告時讓投資者感到意外，季度利潤下降了 30%。</p>
</div><p>On Tesla's end, it will have an incredibly difficult time matching the third-quarter surge as the U.S. phased out the $7,500 federal tax credit at the end of September.</p>
<div class="lb-trans"><p>在特斯拉方面，由於美國在九月底逐步取消 7500 美元的聯邦税收抵免，特斯拉將面臨極大的困難，難以匹配第三季度的激增。</p>
</div><h2>Is BYD a buy?</h2>
<div class="lb-trans"><h2>比亞迪值得投資嗎？</h2>
</div><p>BYD, seeing the signs across the globe, has lowered its sales goal for 2025 to 4.6 million fully electric and plug-in hybrid vehicles. If you're keeping track, that's roughly 1 million vehicles lower than its previous target. Despite the dent in BYD's once seemingly impenetrable armor, the company is still well positioned to thrive long term, especially once the price war in China abates, whether through industry consolidation or other means.</p>
<div class="lb-trans"><p>比亞迪看到全球的跡象，已將 2025 年的銷售目標下調至 460 萬輛全電動和插電式混合動力汽車。如果你在跟蹤的話，這比之前的目標低了大約 100 萬輛。儘管比亞迪曾經看似不可動搖的護甲受到了一定損害，但該公司仍然在長期內處於良好的發展位置，特別是在中國的價格戰緩解後，無論是通過行業整合還是其他方式。</p>
</div><p>BYD is expanding its brands into higher-margin ultra-premium vehicles, controls its supply chain, makes many of its vehicle parts in-house for vertical integration, localizes production, and adapts its vehicles in a wide range of markets. BYD also offers investors a bit of diversification compared to traditional EV makers that focus solely on passenger cars. BYD also sells buses, forklifts, high-speed trains, and even boasts utility-scale energy storage solutions.</p>
<div class="lb-trans"><p>比亞迪正在將其品牌擴展到更高利潤的超高端車輛，控制其供應鏈，許多車輛零部件在內部生產以實現垂直整合，本地化生產，並在廣泛的市場中調整其車輛。與僅專注於乘用車的傳統電動車製造商相比，比亞迪還為投資者提供了一定的多樣化。比亞迪還銷售公交車、叉車、高速列車，甚至擁有公用事業規模的能源存儲解決方案。</p>
</div><p>Despite headwinds in its home market, the Chinese EV maker is poised to surge past Tesla's deliveries for the full calendar year, remains well positioned globally with a proven market growth strategy, and still has plenty of long-term upside considering it has yet to dabble in the valuable U.S. market. BYD remains an excellent investment option in the automotive industry.</p>
<div class="lb-trans"><p>儘管在本土市場面臨逆風，這家中國電動車製造商仍有望在整個日曆年中超越特斯拉的交付量，全球市場定位良好，擁有經過驗證的市場增長戰略，並且考慮到其尚未涉足有價值的美國市場，仍然具有很大的長期上行潛力。比亞迪仍然是汽車行業的優秀投資選擇。</p>
</div>

Is BYD Co. About to Leave Tesla in the Dust?

- 特斯拉在 2025 年經歷了股價波動，第三季度交付量增長 7%。  
- 比亞迪在全球電動車市場持續領先，前三季度銷量超特斯拉 39 萬輛。  
- 儘管面臨挑戰，比亞迪仍具備長期增長潛力，投資前景樂觀。  

比亞迪公司是否即將把特斯拉甩在後面？