<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251202_1319_Investor-Viewing-Tesla-Decline_simple_compose_01kbf0fqczef4s2s32ban820ey.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251202_1319_Investor-Viewing-Tesla-Decline_simple_compose_01kbf0fqczef4s2s32ban820ey.png"/></p>
<p>特斯拉報告了連續第二年的汽車銷售下降，儘管市場最初似乎沒有受到影響，但隨着投資者消化疲軟的交付數字，賣壓加大，圍繞公司未來的敍述也發生了變化。</p>
<p>這家電動車製造商在第四季度交付了 418,227 輛汽車，略低於華爾街約 423,000 輛的預期。</p>
<p>儘管投資者已經預期到更低的數字接近 415,000，但這種寬慰並沒有持續太久。</p>
<p>特斯拉股票在早盤上漲後回落，交易價格約為 445 美元，整體市場也失去了動能，標準普爾 500 指數和道瓊斯工業平均指數均出現下跌。</p>
<h2>季度和全年交付顯示收縮</h2>
<p>第四季度的結果凸顯了特斯拉核心汽車業務的明顯放緩。</p>
<p>該公司在 2025 年第三季度交付了大約 497,000 輛汽車，而在 2024 年第四季度交付了約 496,000 輛汽車，顯示出環比和同比的下降。</p>
<p>全年來看，特斯拉售出了 1,636,129 輛汽車，低於 2024 年的 1,789,226 輛。</p>
<p>該公司的最佳年度業績仍然是 2023 年，當年交付了 1,808,581 輛汽車。</p>
<p>2025 年的結果確認特斯拉已經連續兩年記錄到年度交付下降。</p>
<p>第四季度的下降早已被廣泛預期。聯邦政府在九月份結束了 7500 美元的電動車購車税收抵免，實際上提高了美國電動車的前期成本。</p>
<p>這一政策變化也將需求提前到第三季度，當時特斯拉創下了公司記錄的 497,099 輛交付。</p>
<h2>歐洲銷售壓力加劇</h2>
<p>特斯拉在歐洲面臨的挑戰尤為明顯。在法國，作為僅次於德國和英國的第三大汽車市場，特斯拉的註冊量——通常被視為銷售的代理——在 12 月份下降了 66%，降至 1,942 輛，根據行業機構 PFA 發佈的數據。</p>
<p>全年來看，法國的註冊量下降了 37%。</p>
<p>瑞典的收縮更為明顯。根據瑞典移動公司數據，特斯拉在 12 月份的註冊量下降了 71%，降至 821 輛，全年下降了 70%。</p>
<p>儘管特斯拉在歐洲推出了更便宜的 Model Y 和 Model 3 版本，這一策略本應提振需求，但迄今為止，這些價格調整未能有效扭轉下滑趨勢。</p>
<p>特斯拉在歐洲的放緩自 2024 年底以來一直在持續，受到既有汽車製造商和新進入者競爭加劇、車型老化以及與首席執行官埃隆·馬斯克公開讚揚歐洲右翼政治人物相關的抗議活動的驅動。這些因素共同影響了特斯拉在多個西歐和北歐市場的品牌形象。</p>
<p>截至 11 月，特斯拉在歐洲、英國和歐洲自由貿易協會的市場份額降至 1.7%，低於去年同期的 2.4%。</p>
<h2>超越汽車銷售</h2>
<p>預測特斯拉股票對交付下降的反應變得越來越困難，因為投資者最近似乎對短期汽車銷量的關注減少。</p>
<p>隨着交付數據的公佈，投資者的注意力又轉向了特斯拉的機器人出租車業務，該業務於 6 月在德克薩斯州奧斯汀啓動，前排乘客座位配備了安全監控器。</p>
<p>馬斯克暗示這些監控器未來可能會被移除，這一潛在的里程碑正越來越多地被投資者視為特斯拉長期估值的核心。</p>
<p>特斯拉股票抹去早期漲幅：投資者為何對第四季度交付感到失望的文章最早出現在 Invezz 上。</p>

特斯拉

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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>特斯拉的股票在公司報告連續第二年車輛銷售下降後下跌了約 1%，第四季度交付了 418,227 輛汽車，低於華爾街的預期。全年銷售從 2024 年的 1,789,226 輛下降至 1,636,129 輛。銷量下降的原因歸因於 7500 美元電動車税收抵免的結束以及歐洲競爭加劇，註冊量顯著下降。投資者現在將關注點轉向特斯拉的機器人出租車業務，作為未來估值的潛在推動力</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251202_1319_Investor-Viewing-Tesla-Decline_simple_compose_01kbf0fqczef4s2s32ban820ey.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/20251202_1319_Investor-Viewing-Tesla-Decline_simple_compose_01kbf0fqczef4s2s32ban820ey.png"/></p>
<p>Tesla reported a second consecutive annual decline in vehicle sales, and while the market initially appeared unfazed, selling pressure mounted as investors digested the weaker delivery numbers amid a shifting narrative around the company’s future.</p>
<div class="lb-trans"><p>特斯拉報告了連續第二年的汽車銷售下降，儘管市場最初似乎沒有受到影響，但隨着投資者消化疲軟的交付數字，賣壓加大，圍繞公司未來的敍述也發生了變化。</p>
</div><p>The electric-vehicle maker delivered 418,227 vehicles in the fourth quarter, slightly below Wall Street expectations of around 423,000 units.</p>
<div class="lb-trans"><p>這家電動車製造商在第四季度交付了 418,227 輛汽車，略低於華爾街約 423,000 輛的預期。</p>
</div><p>Although investors had braced for an even softer figure closer to 415,000, the relief was short-lived.</p>
<div class="lb-trans"><p>儘管投資者已經預期到更低的數字接近 415,000，但這種寬慰並沒有持續太久。</p>
</div><p>Tesla stock reversed early gains to trade down approximately 1% near $445, while the broader market also lost momentum, with the S&amp;P 500 and Dow Jones Industrial Average turning lower.</p>
<div class="lb-trans"><p>特斯拉股票在早盤上漲後回落，交易價格約為 445 美元，整體市場也失去了動能，標準普爾 500 指數和道瓊斯工業平均指數均出現下跌。</p>
</div><h2>Quarterly and full-year deliveries show contraction</h2>
<div class="lb-trans"><h2>季度和全年交付顯示收縮</h2>
</div><p>The fourth-quarter result underscores a clear slowdown in Tesla’s core automotive business.</p>
<div class="lb-trans"><p>第四季度的結果凸顯了特斯拉核心汽車業務的明顯放緩。</p>
</div><p>The company delivered roughly 497,000 vehicles in the third quarter of 2025 and about 496,000 vehicles in the fourth quarter of 2024, highlighting a sequential and year-on-year decline.</p>
<div class="lb-trans"><p>該公司在 2025 年第三季度交付了大約 497,000 輛汽車，而在 2024 年第四季度交付了約 496,000 輛汽車，顯示出環比和同比的下降。</p>
</div><p>For the full year, Tesla sold 1,636,129 vehicles, down from 1,789,226 in 2024.</p>
<div class="lb-trans"><p>全年來看，特斯拉售出了 1,636,129 輛汽車，低於 2024 年的 1,789,226 輛。</p>
</div><p>The company’s best annual performance remains 2023, when it delivered 1,808,581 vehicles.</p>
<div class="lb-trans"><p>該公司的最佳年度業績仍然是 2023 年，當年交付了 1,808,581 輛汽車。</p>
</div><p>The 2025 outcome confirms that Tesla has now recorded two consecutive years of falling annual deliveries.</p>
<div class="lb-trans"><p>2025 年的結果確認特斯拉已經連續兩年記錄到年度交付下降。</p>
</div><p>The fourth-quarter drop had been widely anticipated. The federal government ended the $7,500 electric-vehicle purchase tax credit in September, effectively raising the upfront cost of EVs in the US.</p>
<div class="lb-trans"><p>第四季度的下降早已被廣泛預期。聯邦政府在九月份結束了 7500 美元的電動車購車税收抵免，實際上提高了美國電動車的前期成本。</p>
</div><p>That policy change also pulled demand forward into the third quarter, when Tesla posted a company record 497,099 deliveries.</p>
<div class="lb-trans"><p>這一政策變化也將需求提前到第三季度，當時特斯拉創下了公司記錄的 497,099 輛交付。</p>
</div><h2>European sales pressure deepens</h2>
<div class="lb-trans"><h2>歐洲銷售壓力加劇</h2>
</div><p>Tesla’s challenges have been particularly visible in Europe. In France, the region’s third-largest car market after Germany and Britain, Tesla registrations—often used as a proxy for sales—fell 66% in December to 1,942 vehicles, according to data released by industry body PFA.</p>
<div class="lb-trans"><p>特斯拉在歐洲面臨的挑戰尤為明顯。在法國，作為僅次於德國和英國的第三大汽車市場，特斯拉的註冊量——通常被視為銷售的代理——在 12 月份下降了 66%，降至 1,942 輛，根據行業機構 PFA 發佈的數據。</p>
</div><p>For the full year, registrations in France declined 37%.</p>
<div class="lb-trans"><p>全年來看，法國的註冊量下降了 37%。</p>
</div><p>Sweden saw an even sharper contraction. Tesla registrations dropped 71% in December to 821 vehicles, according to Mobility Sweden, and fell 70% over the full year.</p>
<div class="lb-trans"><p>瑞典的收縮更為明顯。根據瑞典移動公司數據，特斯拉在 12 月份的註冊量下降了 71%，降至 821 輛，全年下降了 70%。</p>
</div><p>These declines come despite Tesla rolling out cheaper versions of its Model Y and Model 3 across Europe, a strategy that had been expected to revive demand.</p>
<div class="lb-trans"><p>儘管特斯拉在歐洲推出了更便宜的 Model Y 和 Model 3 版本，這一策略本應提振需求，但迄今為止，這些價格調整未能有效扭轉下滑趨勢。</p>
</div><p>So far, those pricing adjustments have failed to meaningfully reverse the downturn.</p>
<div class="lb-trans"><p>特斯拉在歐洲的放緩自 2024 年底以來一直在持續，受到既有汽車製造商和新進入者競爭加劇、車型老化以及與首席執行官埃隆·馬斯克公開讚揚歐洲右翼政治人物相關的抗議活動的驅動。這些因素共同影響了特斯拉在多個西歐和北歐市場的品牌形象。</p>
</div><p>Tesla’s European slowdown has been unfolding since late 2024, driven by intensifying competition from both established automakers and new entrants, an ageing vehicle lineup, and protests linked to CEO Elon Musk’s public praise of European right-wing political figures. Together, these factors have weighed on brand perception in several Western and Northern European markets.</p>
<div class="lb-trans"><p>截至 11 月，特斯拉在歐洲、英國和歐洲自由貿易協會的市場份額降至 1.7%，低於去年同期的 2.4%。</p>
</div><p>Up to November, Tesla’s market share across Europe, Britain and the European Free Trade Association slipped to 1.7%, down from 2.4% in the same period a year earlier.</p>
<div class="lb-trans"><h2>超越汽車銷售</h2>
</div><h2>Beyond car sales</h2>
<div class="lb-trans"><p>預測特斯拉股票對交付下降的反應變得越來越困難，因為投資者最近似乎對短期汽車銷量的關注減少。</p>
</div><p>Predicting Tesla’s stock reaction to delivery declines has become increasingly difficult, as investors, in recent times, have appeared less focused on near-term vehicle volumes.</p>
<div class="lb-trans"><p>隨着交付數據的公佈，投資者的注意力又轉向了特斯拉的機器人出租車業務，該業務於 6 月在德克薩斯州奧斯汀啓動，前排乘客座位配備了安全監控器。</p>
</div><p>With deliveries now reported, investor attention is turning back to Tesla’s robotaxi business, launched in Austin, Texas, in June with safety monitors in the front passenger seat.</p>
<div class="lb-trans"><p>馬斯克暗示這些監控器未來可能會被移除，這一潛在的里程碑正越來越多地被投資者視為特斯拉長期估值的核心。</p>
</div><p>Musk has suggested those monitors could be removed in the future, a potential milestone that investors are increasingly viewing as central to Tesla’s longer-term valuation.</p>
<div class="lb-trans"><p>特斯拉股票抹去早期漲幅：投資者為何對第四季度交付感到失望的文章最早出現在 Invezz 上。</p>
</div><p>The post Tesla stock erases early gains: why investors turned sour on Q4 deliveries appeared first on Invezz</p>

Tesla stock erases early gains: why investors turned sour on Q4 deliveries

- 特斯拉連續第二年銷量下滑，2025 年交付約 1,636,129 輛，較 2024 年減少。
- 第四季度交付 418,227 輛，低於市場預期，股價下跌約 1%。
- 歐洲市場壓力加大，特斯拉在法國和瑞典的註冊銷量顯著下降。

特斯拉股票抹去了早期的漲幅：投資者為何對第四季度的交付感到失望