<p>最初，當電動車製造商 <strong>特斯拉</strong>（TSLA 3.45%）發佈其第四季度業績時，股價上漲。但在週四市場開盤不久後，股價當天的回報轉為負值。這進一步加劇了近期股價的疲軟。截至目前，股價在過去一個月內下跌超過 11%。</p><p>股價在財報發佈後的波動體現了市場對特斯拉最新季度更新的兩極化看法。</p><p>一方面，特斯拉報告稱其主動監督的全自動駕駛訂閲（FSD）激增。此外，它還宣佈計劃在 2026 年上半年將其仍在測試階段的自動駕駛共享服務擴展到七個主要城市。特斯拉還表示，預計將在年底前開始生產人形機器人。</p><p>另一方面，特斯拉的第四季度財務結果令人失望。收入同比下降 3%，每股收益下降 60%。</p><p>那麼，投資者應該怎麼做？在過去一個月中買入特斯拉股價的回調，希望公司的新舉措能夠取得成效，還是在公司面臨短期挑戰的情況下保持謹慎？</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/ae54974fb3b56adf9162437f557d5e8e?x-oss-process=style/lg" width="3840" height="2160" original-src="https://pub.pbkrs.com/uploads/2026/ae54974fb3b56adf9162437f557d5e8e"/></figure><p>網絡出租車。圖片來源：特斯拉。</p><h2 id="u5yy919ri">特斯拉的軟件和機器人雄心</h2><p>特斯拉在其第四季度更新中披露，活躍的 FSD 訂閲同比增長 38%，這可能是市場最初對特斯拉財報反應積極的關鍵因素之一。</p><p>這與公司在推出其自動駕駛共享服務 Robotaxi 方面的穩步進展，以及計劃在年底前開始生產人形機器人的計劃相結合，顯示出公司在擴大其 人工智能、軟件和基於車隊的收入來源方面取得了更多進展。</p><p>此外，特斯拉在其第四季度更新中重要地表示，預計將在四月開始生產其網絡出租車，這是一款專為自動駕駛設計的車輛，公司表示將不配備方向盤。</p><h2 id="3i2se5jqb">短期障礙</h2><p>但隨着投資者等待這些催化劑的實現，特斯拉的汽車交付和財務狀況正朝着錯誤的方向發展。季度業績受到汽車收入同比下降 11% 的影響，因為該期間的總交付量下降了 16%。此外，特斯拉在其第四季度財報電話會議中表示，計劃在下個季度開始逐步減少高價位的 Model X 和 Model S 車型的生產。</p><p>在季度更新的展望部分，公司顯著地沒有提供 2026 年汽車交付的指導，令投資者對今年的交付情況產生疑問。相反，特斯拉僅表示與其交付量預期相關：</p><blockquote><p>我們專注於最大化工廠的產能利用率。交付和部署將受到我們產品的總需求、供應鏈準備情況以及客户銷售或自有車隊使用之間的分配決策的影響。</p></blockquote><p>最後，值得注意的是，特斯拉的自由現金流也在朝着錯誤的方向發展。其第四季度的自由現金流約為 14 億美元，同比下降 30%。由於公司計劃在人工智能計算基礎設施和製造方面進行大量投資，自由現金流在 2026 年可能會持續受到抑制。管理層預測 2026 年的資本支出將超過 200 億美元，是 2025 年約 85 億美元資本支出的兩倍多。</p><p>展開</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/0caed0aaf9711d594678c43130c4de0b?x-oss-process=style/lg" alt="特斯拉股票報價" width="80" height="80" original-src="https://pub.pbkrs.com/uploads/2026/0caed0aaf9711d594678c43130c4de0b"/></figure><h2 id="9hicn6k3n">NASDAQ: TSLA</h2><p>特斯拉</p><p>今日變動</p><p>(-3.45%) $-14.90</p><p>當前價格</p><p>$416.56</p><h3 id="quataltyw">關鍵數據點</h3><p>市值</p><p>$1.4 萬億</p><p>日內區間</p><p>$414.62 - $440.23</p><p>52 周區間</p><p>$214.25 - $498.83</p><p>成交量</p><p>8200 萬</p><p>平均成交量</p><p>7400 萬</p><p>毛利率</p><p>18.03%</p><p>所有這些意味着，特斯拉的股票高度依賴於其新舉措的表現，即 Robotaxi、即將推出的網絡出租車以及人形機器人的計劃。當然，特斯拉的能源存儲業務繼續表現良好，第四季度部署了 14.2 吉瓦時的存儲，同比增長 29%。因此，能源存儲銷售也應該為公司的長期增長做出良好貢獻。</p><p>但由於財務狀況面臨短期阻力，並且這些新舉措需要大量支出，我對在當前價格買入特斯拉股票持謹慎態度——即使這些令人興奮的舉措即將到來。當前股價的估值極高，正如其 市盈率 所示，截至目前約為 389。</p><p>鑑於特斯拉的估值極高，市場可以説已經將 Robotaxi 的成功推出、高利潤軟件收入的持續快速增長以及其汽車業務的最終復甦的預期價格納入了考慮。考慮到這一點，我認為目前保持觀望是明智的選擇。</p>

特斯拉

2 倍做多 TSLA ETF - T-Rex

2 倍做多特斯拉 ETF - Direxion

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

TESL

<p>特斯拉的股票在過去一個月下跌了超過 11%，原因是其第四季度業績顯示收入下降了 3%，每股收益下降了 60%。儘管全自動駕駛訂閲服務激增，並計劃推出機器人出租車和類人機器人等新舉措，但短期內仍面臨車輛交付下降和現金流擔憂等挑戰。分析師建議保持謹慎，因為特斯拉的估值較高，未來車輛交付的不確定性使其目前成為一個不太吸引人的買入機會</p>

<p>Initially, when electric-car maker <strong>Tesla</strong>( TSLA 3.45%) released its fourth-quarter results, the stock popped. But shortly after the market opened on Thursday, the stock's return for the day turned negative. This has added to the stock's weakness in recent weeks. As of this writing, the stock is down more than 11% over the past month.</p>
<div class="lb-trans"><p>最初，當電動車製造商 <strong>特斯拉</strong>（TSLA 3.45%）發佈其第四季度業績時，股價上漲。但在週四市場開盤不久後，股價當天的回報轉為負值。這進一步加劇了近期股價的疲軟。截至目前，股價在過去一個月內下跌超過 11%。</p>
</div><p>The stock's volatility following the earnings report exemplifies the bifurcated takeaway from Tesla's latest quarterly update.</p>
<div class="lb-trans"><p>股價在財報發佈後的波動體現了市場對特斯拉最新季度更新的兩極化看法。</p>
</div><p>On one hand, Tesla reported a surge in its active supervised full self-driving subscriptions (FSD). Further, it announced plans for its autonomous ride-sharing service, which is still in testing phases, to roll out to seven more major cities in the first half of 2026. And Tesla also said it expects to begin production of a humanoid robot before the end of the year.</p>
<div class="lb-trans"><p>一方面，特斯拉報告稱其主動監督的全自動駕駛訂閲（FSD）激增。此外，它還宣佈計劃在 2026 年上半年將其仍在測試階段的自動駕駛共享服務擴展到七個主要城市。特斯拉還表示，預計將在年底前開始生產人形機器人。</p>
</div><p>Then there's Tesla's fourth-quarter financial results, which were painful to look at. Revenue fell 3% year over year, and earnings per share fell 60%.</p>
<div class="lb-trans"><p>另一方面，特斯拉的第四季度財務結果令人失望。收入同比下降 3%，每股收益下降 60%。</p>
</div><p>So, what should investors do? Buy into the pullback in Tesla's stock price over the past month, hoping that the company's newer initiatives pay off, or exercise caution in light of the company's near-term challenges?</p>
<div class="lb-trans"><p>那麼，投資者應該怎麼做？在過去一個月中買入特斯拉股價的回調，希望公司的新舉措能夠取得成效，還是在公司面臨短期挑戰的情況下保持謹慎？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTM2MDgvaXMtdGVzbGEtc3RvY2stYS1idXktbm93LmpwZyZ3PTM4NDA" alt="Tesla's Cybercab parked on the curb with its doors and hatchback open." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F853608%2Fis-tesla-stock-a-buy-now.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Cybercab. Image source: Tesla.</p>
<div class="lb-trans"><p>網絡出租車。圖片來源：特斯拉。</p>
</div><h2>Tesla's software and robotics ambitions</h2>
<div class="lb-trans"><h2>特斯拉的軟件和機器人雄心</h2>
</div><p>Likely one of the key factors behind the market's initial upbeat reaction to Tesla's earnings report, Tesla disclosed in its fourth-quarter update that its active FSD subscriptions rose 38% year over year.</p>
<div class="lb-trans"><p>特斯拉在其第四季度更新中披露，活躍的 FSD 訂閲同比增長 38%，這可能是市場最初對特斯拉財報反應積極的關鍵因素之一。</p>
</div><p>This, combined with the company's steady progress in rolling out its autonomous ride-sharing service, Robotaxi, and its plans to begin producing humanoid robots before the end of the year, shows how the company is making more progress in growing its AI (artificial intelligence), software, and fleet-based revenue streams.</p>
<div class="lb-trans"><p>這與公司在推出其自動駕駛共享服務 Robotaxi 方面的穩步進展，以及計劃在年底前開始生產人形機器人的計劃相結合，顯示出公司在擴大其 人工智能、軟件和基於車隊的收入來源方面取得了更多進展。</p>
</div><p>In addition, Tesla importantly said in its fourth-quarter update that it expects to start producing its Cybercab, a purpose-built autonomous-driving vehicle that the company says will ship without a steering wheel, in April.</p>
<div class="lb-trans"><p>此外，特斯拉在其第四季度更新中重要地表示，預計將在四月開始生產其網絡出租車，這是一款專為自動駕駛設計的車輛，公司表示將不配備方向盤。</p>
</div><h2>Near-term hurdles</h2>
<div class="lb-trans"><h2>短期障礙</h2>
</div><p>But as investors wait for these catalysts to materialize, Tesla's vehicle deliveries and financials are moving in the wrong direction. Weighing on the quarter's results was an 11% year-over-year decline in automotive revenue as total deliveries during the period fell 16%. In addition, Tesla said in its fourth-quarter earnings call that it plans to begin winding down production of its higher-priced Model X and Model S vehicles next quarter.</p>
<div class="lb-trans"><p>但隨着投資者等待這些催化劑的實現，特斯拉的汽車交付和財務狀況正朝着錯誤的方向發展。季度業績受到汽車收入同比下降 11% 的影響，因為該期間的總交付量下降了 16%。此外，特斯拉在其第四季度財報電話會議中表示，計劃在下個季度開始逐步減少高價位的 Model X 和 Model S 車型的生產。</p>
</div><p>And in the outlook section of its quarterly update, the company notably refrained from providing guidance for vehicle deliveries in 2026, leaving investors questioning what deliveries could look like this year. Instead, relating to its volume expectations, Tesla simply said:</p>
<div class="lb-trans"><p>在季度更新的展望部分，公司顯著地沒有提供 2026 年汽車交付的指導，令投資者對今年的交付情況產生疑問。相反，特斯拉僅表示與其交付量預期相關：</p>
</div><blockquote>
<p>We are focused on maximum capacity utilization at our factories. Deliveries and deployments will be impacted by aggregate demand for our products, supply chain readiness and allocation decisions between sale to customers or use for our owned and operated fleet.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>我們專注於最大化工廠的產能利用率。交付和部署將受到我們產品的總需求、供應鏈準備情況以及客户銷售或自有車隊使用之間的分配決策的影響。</p>
</blockquote>
</div><p>Finally, it's worth noting that Tesla's free cash flow is moving in the wrong direction, too. Its fourth-quarter free cash flow was about $1.4 billion, down 30% year over year. And free cash flow will likely remain suppressed throughout 2026, because the company plans to invest heavily in artificial intelligence compute infrastructure and manufacturing. Management forecast 2026 capital expenditures to exceed $20 billion -- more than double its capital expenditures of approximately $8.5 billion in 2025.</p>
<div class="lb-trans"><p>最後，值得注意的是，特斯拉的自由現金流也在朝着錯誤的方向發展。其第四季度的自由現金流約為 14 億美元，同比下降 30%。由於公司計劃在人工智能計算基礎設施和製造方面進行大量投資，自由現金流在 2026 年可能會持續受到抑制。管理層預測 2026 年的資本支出將超過 200 億美元，是 2025 年約 85 億美元資本支出的兩倍多。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1RTTEEucG5nJnc9MTI4" alt="Tesla Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FTSLA.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: TSLA</h2>
<div class="lb-trans"><h2>NASDAQ: TSLA</h2>
</div><p>Tesla</p>
<div class="lb-trans"><p>特斯拉</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-3.45%) $-14.90</p>
<div class="lb-trans"><p>(-3.45%) $-14.90</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$416.56</p>
<div class="lb-trans"><p>$416.56</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$1.4T</p>
<div class="lb-trans"><p>$1.4 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$414.62 - $440.23</p>
<div class="lb-trans"><p>$414.62 - $440.23</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$214.25 - $498.83</p>
<div class="lb-trans"><p>$214.25 - $498.83</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>82M</p>
<div class="lb-trans"><p>8200 萬</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>74M</p>
<div class="lb-trans"><p>7400 萬</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>18.03%</p>
<div class="lb-trans"><p>18.03%</p>
</div><p>All of this means that Tesla stock is highly dependent on the performance of its newer initiatives, namely Robotaxi, the upcoming Cybercab, and its plan for humanoid robots. Of course, Tesla's energy storage business continues to perform nicely, with 14.2 gigawatt-hours of storage deployed in Q4 -- up 29% year over year. So, energy storage sales should contribute nicely to the company's growth over time as well.</p>
<div class="lb-trans"><p>所有這些意味着，特斯拉的股票高度依賴於其新舉措的表現，即 Robotaxi、即將推出的網絡出租車以及人形機器人的計劃。當然，特斯拉的能源存儲業務繼續表現良好，第四季度部署了 14.2 吉瓦時的存儲，同比增長 29%。因此，能源存儲銷售也應該為公司的長期增長做出良好貢獻。</p>
</div><p>But with near-term headwinds in its financials and big spending required for these newer initiatives, I'd be hesitant to buy Tesla stock at its current price -- even with these exciting initiatives on the horizon. Shares currently command an extremely high valuation, as evidenced by their price-to-earnings ratioof about 389 as of this writing.</p>
<div class="lb-trans"><p>但由於財務狀況面臨短期阻力，並且這些新舉措需要大量支出，我對在當前價格買入特斯拉股票持謹慎態度——即使這些令人興奮的舉措即將到來。當前股價的估值極高，正如其 市盈率 所示，截至目前約為 389。</p>
</div><p>Given Tesla's extraordinarily high valuation, the market has arguably already priced in a successful rollout of Robotaxi, continued rapid growth in high-margin software revenue, and an eventual return to growth in its autos business. With this in mind, I think staying on the sidelines for now makes sense.</p>
<div class="lb-trans"><p>鑑於特斯拉的估值極高，市場可以説已經將 Robotaxi 的成功推出、高利潤軟件收入的持續快速增長以及其汽車業務的最終復甦的預期價格納入了考慮。考慮到這一點，我認為目前保持觀望是明智的選擇。</p>
</div>

Tesla Stock Dips as Investors Weigh Its Fourth-Quarter Results: Is This a Buying Opportunity?

- 特斯拉發佈第四季度財報後股價波動，月內下跌超 11%。  
- 公司活躍的自動駕駛訂閲增長 38%，但汽車收入同比下降 11%。  
- 投資者面臨短期挑戰，需對公司新計劃的執行保持謹慎。

特斯拉股價下跌，投資者在權衡其第四季度業績：這是否是一個買入機會？