<p>TradingKey - 儘管特斯拉（TSLA）的銷售數據令人失望，但我們仍然認為特斯拉股票值得關注。我們建議投資者關注其定於 1 月發佈的 2025 年第四季度財報。</p><p>如果即將發佈的財報未能顯示特斯拉其他業務板塊的改善，投資者的短期風險可能仍然很大。</p><h2 id="yelu6xu5q"><strong>I. 特斯拉電動車業務的核心優勢是否依然存在？</strong></h2><h3 id="my1m8fw2"><strong>車輛工程能力</strong></h3><p>特斯拉的核心優勢依然存在；其車輛架構和 FSD 提供了競爭優勢。特斯拉在各種國際碰撞測試中始終獲得高分；其電池組結構、車身剛性和超級鑄造架構在被動安全和整體車輛工程方面保持領先地位。</p><h3 id="s3y75p0fk"><strong>FSD</strong></h3><p>特斯拉的 FSD（全自動駕駛）是一種先進的駕駛輔助系統。它允許車輛自動變道、識別交通信號燈、導航轉彎，並在高速公路和城市道路上跟隨交通；然而，它目前仍需要駕駛員的持續監督和隨時準備干預，並尚未真正實現 “完全自動駕駛”。</p><p>儘管對其商業化路徑存在持續的懷疑，FSD 仍然是全球最具前瞻性的智能資產之一。考慮到其真實用户數據的規模、算法迭代的速度以及端到端模型的方法，特斯拉仍然是全球最接近實現 “可擴展自動駕駛” 的公司之一。</p><h3 id="xb1xcqvdq"><strong>超級充電網絡</strong></h3><p>與大多數汽車製造商主要依賴第三方充電運營商不同，特斯拉是少數幾家建立並運營自己全球充電網絡的電動車製造商之一。迄今為止，其超級充電網絡覆蓋了北美、歐洲、中國和亞太地區的主要市場，形成了大規模、系統化的基礎設施佈局。</p><p>我們仍然認為特斯拉的電動車具有強大的核心優勢。這些優勢的培養使其基本面保持強勁，這也是許多投資者願意支付高溢價的原因，認可其競爭護城河。</p><h2 id="ex67rshe"><strong>II. 為什麼市場開始擔心特斯拉的電動車業務？</strong></h2><p>根據 Teslarati 分享的新數據，在 11 月中國的批發銷售為 86,700 輛後，特斯拉 12 月的批發銷售達到了 97,171 輛，僅次於 2022 年 11 月的 100,291 輛。</p><p>儘管特斯拉第四季度的交付量依然強勁，但全年總批發銷售為 851,732 輛，同比下降 7.1%。這些銷售數據表明，特斯拉的電動車業務可能面臨困難。</p><p>大中華區增長的放緩甚至停滯是市場對特斯拉電動車業務擔憂的主要因素。此外，埃隆·馬斯克在 2025 年對政治的高度參與引發了消費者對特斯拉的抵制，間接影響了電動車的銷售。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/d84c66ea5bb57db4831c7f09eefb2aba?x-oss-process=style/lg" alt="" width="1568" height="846" original-src="https://pub.pbkrs.com/uploads/2026/d84c66ea5bb57db4831c7f09eefb2aba"/></figure><p>此外，行業競爭的加劇也擠壓了特斯拉的市場份額。中國汽車製造商之間的激烈競爭迫使特斯拉降低車輛價格，持續對利潤率施加壓力。如圖所示，特斯拉的電動車利潤率已從 27.1% 的高峰降至第三季度的 17%。</p><h2 id="mb2w128k"><strong>III. 最新銷售數據表明了什麼？</strong></h2><p>儘管來自大中華區的最新銷售數據表明有所穩定，但特斯拉 2025 年第四季度的運營數據揭示，該公司已完全失去了 “全球最暢銷電動車品牌” 的寶座。</p><p>根據特斯拉官方網站的數據，該公司在去年最後三個月交付了 418,227 輛汽車，生產了 434,358 輛；全年交付總量為 1,636,129 輛，生產總量為 1,654,667 輛。最終數據不僅低於大多數分析師的預期，也低於本週早些時候發佈的 “公司編制的共識”。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/a45ee6aa90930196acc9434fdf82241b?x-oss-process=style/lg" alt="" width="1050" height="450" original-src="https://pub.pbkrs.com/uploads/2026/a45ee6aa90930196acc9434fdf82241b"/></figure><p>特斯拉年度銷售的下降實際上與市場預期一致。北美市場的市場份額增長空間有限，而歐洲市場在馬斯克進入政治後急劇下滑。儘管中國已超越北美成為特斯拉最大的單一市場，但那裏的電動車銷售數據也使特斯拉的表現相形見絀。</p><h2 id="eguawdnh"><strong>現在是關注特斯拉股票的合適時機嗎？</strong></h2><p>我們的答案是肯定的。儘管電動車銷售疲軟，特斯拉對 Robotaxi、FSD 和人工智能機器人等領域的關注仍在持續發力。未來，特斯拉的股價可能會受到電動車銷售量以外的因素驅動，為公司提供顯著的前瞻性潛力——這也是特斯拉為何能獲得如此高的市盈率溢價的原因。</p><p>然而，最終我們必須依賴財報數據作為基準。如果即將發佈的財報未能顯示特斯拉其他業務領域的進展，投資者的短期風險可能仍然較高。</p><p>瞭解更多</p>

特斯拉

1.25 倍做多特斯拉 ETF - GraniteShares

2 倍做多 TSLA ETF - GraniteShares

2 倍做多特斯拉 ETF - Leverage Shares

2 倍做多 TSLA ETF - T-Rex

2 倍做多特斯拉 ETF - Direxion

TESL

<p>特斯拉的電動車業務面臨挑戰，年度批發銷售下降了 7.1%，競爭加劇影響了市場份額。儘管在車輛工程和強大的超級充電網絡方面具有明顯的核心優勢，但中國市場的增長停滯以及政治爭議對銷售造成了影響。即將發佈的 2025 年第四季度財報將至關重要；如果沒有改善，投資者的短期風險可能會持續。然而，特斯拉對機器人出租車和人工智能機器人技術的關注可能會推動未來的股票表現，從而證明其高市盈率溢價是合理的</p>

<p>TradingKey - Although Tesla (TSLA) sales data have been underwhelming, we still believe Tesla stock warrants attention. We advise investors to focus on its upcoming Q4 2025 earnings report scheduled for release in January.</p>
<div class="lb-trans"><p>TradingKey - 儘管特斯拉（TSLA）的銷售數據令人失望，但我們仍然認為特斯拉股票值得關注。我們建議投資者關注其定於 1 月發佈的 2025 年第四季度財報。</p>
</div><p>If the upcoming earnings report fails to show improvement in Tesla's other business segments, the short-term risks for investors may remain significant.</p>
<div class="lb-trans"><p>如果即將發佈的財報未能顯示特斯拉其他業務板塊的改善，投資者的短期風險可能仍然很大。</p>
</div><h2><strong>I. Do the core advantages of Tesla's EV business still exist?</strong></h2>
<div class="lb-trans"><h2><strong>I. 特斯拉電動車業務的核心優勢是否依然存在？</strong></h2>
</div><h3><strong>Vehicle Engineering Capabilities</strong></h3>
<div class="lb-trans"><h3><strong>車輛工程能力</strong></h3>
</div><p>Tesla's core advantages remain intact; its vehicle architecture and FSD provide a competitive edge. Tesla has consistently earned high scores in various international crash tests; its battery pack structure, body rigidity, and giga-casting architecture maintain a leading position in passive safety and overall vehicle engineering.</p>
<div class="lb-trans"><p>特斯拉的核心優勢依然存在；其車輛架構和 FSD 提供了競爭優勢。特斯拉在各種國際碰撞測試中始終獲得高分；其電池組結構、車身剛性和超級鑄造架構在被動安全和整體車輛工程方面保持領先地位。</p>
</div><h3><strong>FSD</strong></h3>
<div class="lb-trans"><h3><strong>FSD</strong></h3>
</div><p>Tesla's FSD (Full Self-Driving) is an advanced driver-assistance system. It allows vehicles to automatically change lanes, recognize traffic lights, navigate turns, and follow traffic on both highways and urban roads; however, it currently requires constant driver supervision and readiness to intervene, and is not yet true 'fully autonomous driving.'</p>
<div class="lb-trans"><p>特斯拉的 FSD（全自動駕駛）是一種先進的駕駛輔助系統。它允許車輛自動變道、識別交通信號燈、導航轉彎，並在高速公路和城市道路上跟隨交通；然而，它目前仍需要駕駛員的持續監督和隨時準備干預，並尚未真正實現 “完全自動駕駛”。</p>
</div><p>Despite persistent skepticism regarding its commercialization path, FSD remains one of the world's most visionary intelligent assets. Given its scale of real-world user data, speed of algorithmic iteration, and end-to-end model approach, Tesla remains one of the companies closest to achieving 'scalable autonomous driving' globally.</p>
<div class="lb-trans"><p>儘管對其商業化路徑存在持續的懷疑，FSD 仍然是全球最具前瞻性的智能資產之一。考慮到其真實用户數據的規模、算法迭代的速度以及端到端模型的方法，特斯拉仍然是全球最接近實現 “可擴展自動駕駛” 的公司之一。</p>
</div><h3><strong>Supercharger Network</strong></h3>
<div class="lb-trans"><h3><strong>超級充電網絡</strong></h3>
</div><p>Unlike most automakers that rely primarily on third-party charging operators, Tesla is one of the few EV manufacturers to build and operate its own global charging network. To date, its Supercharger network covers major markets in North America, Europe, China, and the Asia-Pacific, creating a large-scale, systematic infrastructure layout.</p>
<div class="lb-trans"><p>與大多數汽車製造商主要依賴第三方充電運營商不同，特斯拉是少數幾家建立並運營自己全球充電網絡的電動車製造商之一。迄今為止，其超級充電網絡覆蓋了北美、歐洲、中國和亞太地區的主要市場，形成了大規模、系統化的基礎設施佈局。</p>
</div><p>We still believe Tesla's EVs possess strong core advantages. The cultivation of these strengths keeps its fundamentals robust, which is also the reason many investors are willing to pay a high premium, recognizing its competitive moat.</p>
<div class="lb-trans"><p>我們仍然認為特斯拉的電動車具有強大的核心優勢。這些優勢的培養使其基本面保持強勁，這也是許多投資者願意支付高溢價的原因，認可其競爭護城河。</p>
</div><h2><strong>II. Why is the market starting to worry about Tesla's EV business?</strong></h2>
<div class="lb-trans"><h2><strong>II. 為什麼市場開始擔心特斯拉的電動車業務？</strong></h2>
</div><p>According to new data shared by Teslarati, following wholesale sales of 86,700 units in China in November, Tesla's December wholesale sales reached 97,171 units, second only to the 100,291 units recorded in November 2022.</p>
<div class="lb-trans"><p>根據 Teslarati 分享的新數據，在 11 月中國的批發銷售為 86,700 輛後，特斯拉 12 月的批發銷售達到了 97,171 輛，僅次於 2022 年 11 月的 100,291 輛。</p>
</div><p>While Tesla's fourth-quarter deliveries remained strong, total annual wholesale sales were 851,732 units, down 7.1% year-over-year. These sales figures suggest that Tesla's electric vehicle business may be facing difficulties.</p>
<div class="lb-trans"><p>儘管特斯拉第四季度的交付量依然強勁，但全年總批發銷售為 851,732 輛，同比下降 7.1%。這些銷售數據表明，特斯拉的電動車業務可能面臨困難。</p>
</div><p>The slowdown or even stagnation of growth in Greater China is a primary factor for market concern regarding Tesla's EV business. Furthermore, Elon Musk's heavy involvement in politics in 2025 has triggered consumer boycotts against Tesla, indirectly impacting EV sales.</p>
<div class="lb-trans"><p>大中華區增長的放緩甚至停滯是市場對特斯拉電動車業務擔憂的主要因素。此外，埃隆·馬斯克在 2025 年對政治的高度參與引發了消費者對特斯拉的抵制，間接影響了電動車的銷售。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260121/TSLA-Sales-e350b6b861924d4aafa84aafcf05bd8f.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260121/TSLA-Sales-e350b6b861924d4aafa84aafcf05bd8f.jpg"/></p>
<p>Additionally, intensifying industry competition has squeezed Tesla's market share. Hyper-competition among Chinese automakers has forced Tesla to lower vehicle prices, putting sustained pressure on margins. As shown in the chart, Tesla's EV profit margin has dropped from a peak of 27.1% to 17% in the third quarter.</p>
<div class="lb-trans"><p>此外，行業競爭的加劇也擠壓了特斯拉的市場份額。中國汽車製造商之間的激烈競爭迫使特斯拉降低車輛價格，持續對利潤率施加壓力。如圖所示，特斯拉的電動車利潤率已從 27.1% 的高峰降至第三季度的 17%。</p>
</div><h2><strong>III. What do the latest sales data indicate?</strong></h2>
<div class="lb-trans"><h2><strong>III. 最新銷售數據表明了什麼？</strong></h2>
</div><p>Although recent sales data from Greater China show some stabilization, Tesla's Q4 2025 operational data reveal that the company has completely lost its throne as the 'world's top-selling EV brand.'</p>
<div class="lb-trans"><p>儘管來自大中華區的最新銷售數據表明有所穩定，但特斯拉 2025 年第四季度的運營數據揭示，該公司已完全失去了 “全球最暢銷電動車品牌” 的寶座。</p>
</div><p>According to data from Tesla's official website, the company delivered 418,227 vehicles and produced 434,358 in the last three months of last year; for the full year, deliveries totaled 1,636,129 units with production at 1,654,667 units. The final figures were not only lower than most analysts' expectations but also below the 'company-compiled consensus' released earlier this week.</p>
<div class="lb-trans"><p>根據特斯拉官方網站的數據，該公司在去年最後三個月交付了 418,227 輛汽車，生產了 434,358 輛；全年交付總量為 1,636,129 輛，生產總量為 1,654,667 輛。最終數據不僅低於大多數分析師的預期，也低於本週早些時候發佈的 “公司編制的共識”。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260121/TSLA-Gross-profit-margin-b217f86e6074407984430df2b339924e.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260121/TSLA-Gross-profit-margin-b217f86e6074407984430df2b339924e.jpg"/></p>
<p>The decline in Tesla's annual sales actually aligns with market expectations. There is limited room for market share growth in North America, while growth in the European market plummeted following Musk's entry into politics. Although China has surpassed North America as Tesla's largest single market, the EV sales figures there have also caused Tesla's performance to pale in comparison.</p>
<div class="lb-trans"><p>特斯拉年度銷售的下降實際上與市場預期一致。北美市場的市場份額增長空間有限，而歐洲市場在馬斯克進入政治後急劇下滑。儘管中國已超越北美成為特斯拉最大的單一市場，但那裏的電動車銷售數據也使特斯拉的表現相形見絀。</p>
</div><h2><strong>Is now the right time to watch Tesla stock?</strong></h2>
<div class="lb-trans"><h2><strong>現在是關注特斯拉股票的合適時機嗎？</strong></h2>
</div><p>Our answer is yes. Despite sluggish EV sales, Tesla's focus on Robotaxi, FSD, and AI robotics continues to gain momentum. In the future, Tesla's stock price may be driven by factors other than EV sales volume, providing the company with significant visionary potential—this is also why Tesla commands such a high P/E premium.</p>
<div class="lb-trans"><p>我們的答案是肯定的。儘管電動車銷售疲軟，特斯拉對 Robotaxi、FSD 和人工智能機器人等領域的關注仍在持續發力。未來，特斯拉的股價可能會受到電動車銷售量以外的因素驅動，為公司提供顯著的前瞻性潛力——這也是特斯拉為何能獲得如此高的市盈率溢價的原因。</p>
</div><p>Ultimately, however, we must rely on financial report data as the benchmark. If the upcoming earnings report fails to show progress in Tesla's other business areas, short-term risks for investors may remain elevated.</p>
<div class="lb-trans"><p>然而，最終我們必須依賴財報數據作為基準。如果即將發佈的財報未能顯示特斯拉其他業務領域的進展，投資者的短期風險可能仍然較高。</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>瞭解更多</p>
</div>

Tesla’s Electric Vehicle Business Is Struggling: Is Now the Right Time to Watch Tesla Stock?

- 特斯拉銷售數據欠佳，但仍值得投資者關注即將發佈的 2025 年四季度財報。  
- 特斯拉在電動汽車領域的核心優勢保持，面臨增長停滯和行業競爭加劇。  
- 若財報未能顯示其他業務進展，短期投資風險可能仍顯著。

特斯拉的電動車業務面臨困境：現在是關注特斯拉股票的好時機嗎？