--- title: "華爾街仍然認為特斯拉只是一家汽車製造商。這才是真正的誤解" description: "特斯拉正在從傳統汽車製造商轉變為一家機器人公司，專注於自動駕駛技術。儘管最近面臨財務困難，但投資者應認識到特斯拉的顛覆性創新戰略，這使其能夠重塑交通和能源市場。競爭對手如通用汽車落後，其自動駕駛產品預計要到 2028 年才能推出，而特斯拉現在就提供完全自動駕駛技術。這一向機器人技術的轉變帶來了顯著的競爭優勢和新的市場機會，表明特斯拉應被視為技術創新者，而非傳統汽車製造商" type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/262932303.md" published_at: "2025-10-27T15:11:07.000Z" --- # 華爾街仍然認為特斯拉只是一家汽車製造商。這才是真正的誤解 > 特斯拉正在從傳統汽車製造商轉變為一家機器人公司，專注於自動駕駛技術。儘管最近面臨財務困難，但投資者應認識到特斯拉的顛覆性創新戰略，這使其能夠重塑交通和能源市場。競爭對手如通用汽車落後，其自動駕駛產品預計要到 2028 年才能推出，而特斯拉現在就提供完全自動駕駛技術。這一向機器人技術的轉變帶來了顯著的競爭優勢和新的市場機會，表明特斯拉應被視為技術創新者，而非傳統汽車製造商 Money Investing Wall Street Still Thinks Tesla Makes Cars. That’s The Real Mistake. ByJon Markman , Contributor. Forbes contributors publish independent expert analyses and insights. Analyzing tech stocks through the prism of cultural change. Follow Author Oct 27, 2025, 10:56am EDT Share Save Comment The Innovator’s Dilemma Tesla (TSLA) reported third-quarter financial results last week, and shares traded lower as profits slumped and margins compressed. Look past the weakness. While the current car business struggles with the noise around lost tax credits, investors are missing the crucial signal: Tesla is systematically shedding its identity as a car company. Investors must look beyond the car sales data. Tesla is not an automotive company like Ford (F) or General Motors (GM). It is an agile firm in constant transition, fundamentally evolving into a robotics company through substantial investments in autonomous driving technology. Traditional competitors are missing this pivot at their peril. Since being founded in 2003, Tesla has operated under the philosophy of disruptive innovation. This means introducing products that initially underperform established peers but ultimately capture most of the market. Think about how smartphone cameras supplanted digital cameras through sheer utility and evolution. This situation is perfectly explained by The Innovator’s Dilemma, the 1997 book by Harvard professor Clayton Christensen. He posited that incumbents ignore low-end disruptive innovations until it’s too late. Tesla is the disruptor, reshaping transportation, energy, and robotics while competitors cling to sustaining innovations. Make no mistake, executives at legacy companies like GM are aware of the ultimate threat posed by Tesla’s Full Self-Driving technology. They simply do not recognize the urgency. GM execs stated last week their "hands-off, eyes-off" product might not arrive until 2028. Tesla offers FSD today. By delaying a cogent response to FSD, competitors like GM are ensuring Tesla’s victory in the EV transition. The company can pivot completely: autonomous driving transforms the car into the fundamental, data-collecting, road-going robot. This is a big competitive advantage. MORE FOR YOU This robotic foundation also supports a much larger vision: electrified large trucks, futuristic buses, and the ambitious humanoid robot project that Elon Musk claims will account for 80% of future sales. The transition to a robotics platform is the first step to unlocking massive new markets. Stop valuing Tesla against legacy automakers. The "unrealistic premium" reflects its status as a disruptive robotics firm, not a car business. Invest accordingly: The smart money looks past Q3 noise and buys the company building the smartphone, not the one refining the digital camera. For more Markman delivered straight to your inbox every morning, subscribe to my substack here. I promise its profitable, entertaining and sometimes funny. Editorial Standards Reprints & Permissions LOADING VIDEO PLAYER... 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