<p>特斯拉在向長期承諾的自動駕駛未來邁出了又一步，開始在奧斯汀進行 <strong>無人出租車測試</strong>，且沒有安全監控人員。公司高管分享的這一更新表明，他們對特斯拉開發的全自動駕駛技術更加自信，並且這與管理層計劃在年底前在美國各城市推出 <strong>無人出租車服務</strong> 的路線圖相一致。</p>
<p>正在考慮參與試點項目的城市包括拉斯維加斯、鳳凰城、達拉斯、休斯頓和邁阿密，預計奧斯汀將在今年年底前完全取消安全觀察員。</p>
<h2>高盛看到進展</h2>
<p>對此消息，高盛確認其對特斯拉的中性評級，並維持 <strong>400 美元的目標價</strong>。這一目標顯著低於當前股票交易水平，後者 <strong>約為 475 美元</strong>，儘管特斯拉的交易價格 <strong>接近其 52 周高點</strong>。</p>
<p>高盛雖然承認取消安全監控人員是一個重要的里程碑，但表示在沒有明確的增長和利潤證據之前，不會因在沒有安全監控的情況下運營而持有該股票以獲取收益。</p>
<h2>盈利能力是個問題</h2>
<p>從高盛的角度來看，技術驗證的影響將超過特斯拉自動駕駛推進的商業方面。該公司的過去十二個月的毛利率 <strong>略高於 17%</strong>，該公司稱盈利能力是投資者需要關注的關鍵因素。</p>
<p>特斯拉最終可能通過全自動駕駛訂閲和無人出租車服務實現自動駕駛，這將成為長期增長引擎。然而，高盛預測，由於競爭加劇，最終將限制利潤擴張的影響，財務表現將受到限制。</p>
<h2>股票定價完美</h2>
<p>特斯拉的估值一直是投資案例中的複雜問題。目前其市值 <strong>超過 1.6 萬億美元</strong>，前瞻市盈率為 330，其中大部分自動駕駛未來的收益已經被股票吸收。</p>
<p>高盛的所謂中性立場反映了其對市場執行、監管限制和來自競爭對手的壓力可能阻礙特斯拉在當前即將結束的定價週期內完全滿足市場預期的擔憂。</p>
<h2>全球市場信號混雜</h2>
<p>除了自動駕駛問題外，特斯拉的主要汽車部門在全球範圍內發出混合信號。製造商在歐洲推出了更便宜的 Model 3 版本以刺激需求。然而，英國和西班牙的註冊數量與去年相比有所下降。與此同時，特斯拉在中國迅速增長，11 月份的出貨量 <strong>增加了近 9.9%</strong>，在挪威也創下了年度新紀錄。</p>
<p>業績的不均衡明顯展示了特斯拉所處的走鋼絲的局面，因為它支持其人工智能和自動駕駛願景，同時又在應對不同地區需求的起伏。</p>
<h2>總結</h2>
<p>特斯拉在沒有安全監督人員的情況下測試無人出租車是一個重要的技術進步。然而，高盛的反應表明，這樣的進展不足以解釋當前水平的上漲空間。</p>
<p>在特斯拉證明自動駕駛技術的實施是盈利且可持續之前，該股票將面臨突破性創新與複雜估值需求之間的撕扯，這是一個無法解決的數學問題。暫時，高盛保持距離，預計未來的交付將與當前市場預期持平，甚至超過。</p>

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>特斯拉在奧斯丁開始了無人出租車測試，且沒有安全監控，顯示出對其全自動駕駛技術的信心。高盛維持對特斯拉的中性評級和 400 美元的目標價，指出對盈利能力和競爭的擔憂。特斯拉的估值仍然較高，其表現因地區而異。高盛在改變立場之前，期待明確的增長和盈利證據</p>

<p>Tesla has made yet another noticeable step towards the long-promised autonomous future by starting the <strong>robotaxi testing in Austin</strong> without safety monitors. The update, which was shared by company executives, indicates that they have more confidence in the Full Self-Driving technology developed by Tesla and it is in line with the management’s roadmap to introduce <strong>robotaxi services in various U.S cities</strong> by the end of the year.</p>
<div class="lb-trans"><p>特斯拉在向長期承諾的自動駕駛未來邁出了又一步，開始在奧斯汀進行 <strong>無人出租車測試</strong>，且沒有安全監控人員。公司高管分享的這一更新表明，他們對特斯拉開發的全自動駕駛技術更加自信，並且這與管理層計劃在年底前在美國各城市推出 <strong>無人出租車服務</strong> 的路線圖相一致。</p>
</div><p>The cities being considered for the pilot program include Las Vegas, Phoenix, Dallas, Houston, and Miami, with Austin likely to get rid of safety observers entirely by the end of this year.</p>
<div class="lb-trans"><p>正在考慮參與試點項目的城市包括拉斯維加斯、鳳凰城、達拉斯、休斯頓和邁阿密，預計奧斯汀將在今年年底前完全取消安全觀察員。</p>
</div><h2>Goldman Sees Progress</h2>
<div class="lb-trans"><h2>高盛看到進展</h2>
</div><p>In reaction to the news, Goldman Sachs affirmed its Neutral rating and maintained the <strong>$400 price target</strong> for Tesla shares. This target is significantly lower than the current trading level of the stock, which is <strong>around $475</strong>, even though Tesla is trading <strong>close to its 52-week high</strong>.</p>
<div class="lb-trans"><p>對此消息，高盛確認其對特斯拉的中性評級，並維持 <strong>400 美元的目標價</strong>。這一目標顯著低於當前股票交易水平，後者 <strong>約為 475 美元</strong>，儘管特斯拉的交易價格 <strong>接近其 52 周高點</strong>。</p>
</div><p>Goldman, although acknowledging that the removal of safety monitors is a significant milestone, indicates that it will not be holding the stock for gains due to operating without safety monitors, until clear evidence regarding the growth and profits comes out.</p>
<div class="lb-trans"><p>高盛雖然承認取消安全監控人員是一個重要的里程碑，但表示在沒有明確的增長和利潤證據之前，不會因在沒有安全監控的情況下運營而持有該股票以獲取收益。</p>
</div><h2>Profitability is a Concern</h2>
<div class="lb-trans"><h2>盈利能力是個問題</h2>
</div><p>From Goldman’s viewpoint, the impact of the technology’s validation will prevail over the commercial aspect of Tesla’s autonomous push. The company’s trailing twelve-month gross margin is <strong>slightly above 17%</strong>, and the firm calls profitability the key factor for investors to pay attention to.</p>
<div class="lb-trans"><p>從高盛的角度來看，技術驗證的影響將超過特斯拉自動駕駛推進的商業方面。該公司的過去十二個月的毛利率 <strong>略高於 17%</strong>，該公司稱盈利能力是投資者需要關注的關鍵因素。</p>
</div><p>Tesla could eventually see autonomy through both Full Self-Driving subscriptions and robotaxi services, which will become a long-term growth engine. However, Goldman predicts that the impact on the financials will be limited due to the rising competition that will eventually put a cap on margin expansion.</p>
<div class="lb-trans"><p>特斯拉最終可能通過全自動駕駛訂閲和無人出租車服務實現自動駕駛，這將成為長期增長引擎。然而，高盛預測，由於競爭加劇，最終將限制利潤擴張的影響，財務表現將受到限制。</p>
</div><h2>Stock Priced for Perfection</h2>
<div class="lb-trans"><h2>股票定價完美</h2>
</div><p>Valuation of Tesla has always been a cause of complication for the investment cases. It is presently <strong>above the $1.6 trillion market cap</strong>, and has a forward price-to-earnings ratio of 330, where the greater part of the autonomous future earnings has already been absorbed in the stock.</p>
<div class="lb-trans"><p>特斯拉的估值一直是投資案例中的複雜問題。目前其市值 <strong>超過 1.6 萬億美元</strong>，前瞻市盈率為 330，其中大部分自動駕駛未來的收益已經被股票吸收。</p>
</div><p>The so-called neutral position of Goldman reflects its fear that market execution, regulatory restrictions, and pressures from competitors could obstruct Tesla in its path to completely fulfill the expectations of the market during the current pricing period that is about to end.</p>
<div class="lb-trans"><p>高盛的所謂中性立場反映了其對市場執行、監管限制和來自競爭對手的壓力可能阻礙特斯拉在當前即將結束的定價週期內完全滿足市場預期的擔憂。</p>
</div><h2>Mixed Signals Across Global Markets</h2>
<div class="lb-trans"><h2>全球市場信號混雜</h2>
</div><p>Besides the self-driving issue, Tesla’s primary car sector is generating mixed signals around the world. The manufacturer has rolled out a cheaper version of its Model 3 in Europe in order to trigger demand. However, the number of registrations has decreased compared to last year in the UK and Spain. In the meanwhile, Tesla is growing rapidly in China, where the shipment for November has <strong>increased by almost 9.9%</strong>, and in Norway, where it has set a new record for the year.</p>
<div class="lb-trans"><p>除了自動駕駛問題外，特斯拉的主要汽車部門在全球範圍內發出混合信號。製造商在歐洲推出了更便宜的 Model 3 版本以刺激需求。然而，英國和西班牙的註冊數量與去年相比有所下降。與此同時，特斯拉在中國迅速增長，11 月份的出貨量 <strong>增加了近 9.9%</strong>，在挪威也創下了年度新紀錄。</p>
</div><p>The unevenness in performance blatantly showcases the tight-rope walking situation that Tesla is in, as it supports its artificial intelligence and autonomy visions, while at the same time it is dealing with the ups and downs of different regional demands.</p>
<div class="lb-trans"><p>業績的不均衡明顯展示了特斯拉所處的走鋼絲的局面，因為它支持其人工智能和自動駕駛願景，同時又在應對不同地區需求的起伏。</p>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>總結</h2>
</div><p>Testing of robotaxis without safety supervisors by Tesla is a significant technical advancement. However, the response from Goldman Sachs indicates that such progress is not sufficient enough to explain upside at current levels.</p>
<div class="lb-trans"><p>特斯拉在沒有安全監督人員的情況下測試無人出租車是一個重要的技術進步。然而，高盛的反應表明，這樣的進展不足以解釋當前水平的上漲空間。</p>
</div><p>Until Tesla proves that the implementation of self-driving technology is profitable and sustainable, the stock will find itself torn between groundbreaking innovations and complicated valuation demand, which is an unresolvable math issue. For the time being, Goldman is keeping its distance, anticipating that future delivery will be on par with, if not exceeding, the current market expectations.</p>
<div class="lb-trans"><p>在特斯拉證明自動駕駛技術的實施是盈利且可持續之前，該股票將面臨突破性創新與複雜估值需求之間的撕扯，這是一個無法解決的數學問題。暫時，高盛保持距離，預計未來的交付將與當前市場預期持平，甚至超過。</p>
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高盛對特斯拉推進機器人出租車計劃保持中立態度