特斯拉（TSLA）股份在2025年跌倒了近32％

這家電動汽車製造商面臨著長期的Wedbush Securities的公牛丹·艾夫斯（Dan Ives）稱為“品牌龍捲風危機時刻”。

Tesla (TSLA) shares have tumbled nearly 32% in 2025, and long-time bull Dan Ives of Wedbush Securities says the electric vehicle maker is now facing a “brand tornado crisis moment.” The stock’s steep decline has been fueled by weak global sales and mounting concerns over CEO Elon Musk’s involvement in President Donald Trump’s administration.

特斯拉（TSLA）的股票在2025年跌倒了近32％，Wedbush Securities的長期公牛Dan Ives表示，電動汽車製造商現在正面臨“品牌龍捲風危機時刻”。全球銷售疲軟和對首席執行官埃隆·馬斯克（Elon Musk）參與唐納德·特朗普（Donald Trump）總統的政府的關注，股票的急劇下降引起了人們的關注。

The Tarraco codevsno dnsr mk et tesla's vehicle deliveries have plummeted across key markets, with sales in Germany dropping 59% and China registrations falling over 51% year-over-year in February. At the same time, competitors like BYD (BYDDY) have managed to gain significant market share in the last two years. These factors have prompted investment banks such as JPMorgan to slash delivery forecasts by 20%.

Tarraco Codevsno DNSR MK et Tesla的車輛交付在主要市場上暴跌，德國的銷售額下降了59％，並且2月份的中國註冊率同比同比下降了51％。同時，在過去兩年中，像Byd（Byddy）這樣的競爭對手設法獲得了大量市場份額。這些因素促使投資銀行（例如摩根大通）將交付預測削減20％。

Furthermore, Musk’s political role has sparked consumer backlash, with some protesters even vandalizing Tesla vehicles and charging stations. Trump’s public support — which includes hosting an event featuring the cars at the White House and purchasing a vehicle himself — has done little to quell investor frustration.

此外，馬斯克的政治角色引發了消費者的反對，一些抗議者甚至破壞特斯拉車和充電站。特朗普的公眾支持 - 包括舉辦一場活動，在白宮舉辦汽車並親自購買汽車 - 對平息投資者的挫敗感並沒有做到這一點。

The troubles continued with the recall of nearly all 46,100 delivered Cybertrucks over defective panels. While Ives maintains an “Outperform” rating with a $550 price target, he urges Musk to quickly refocus on Tesla to avoid “permanent brand damage.”

幾乎全部46,100個塞伯拉克對有缺陷的面板進行了召回的召回，遇到了麻煩。儘管艾夫斯（Ives）保持了“跑贏大盤”的評級，但他敦促馬斯克（Musk）迅速重新關注特斯拉（Tesla），以避免“永久性品牌損失”。

Tesla Is Losing Market Share to BYD

特斯拉將市場份額輸給比德

According to a Bloomberg report, BYD is expected to report revenue of $100 billion in 2024, higher than Tesla’s sales of $97.7 billion last year. The milestone comes amid BYD’s accelerating growth as the company aims to transition away from gasoline-powered vehicles. In the last 12 months, BYD has reported revenue of $94.18 billion, an increase of almost 18% year-over-year.

根據彭博社的一份報告，BYD預計在2024年報告的收入為1000億美元，高於特斯拉去年977億美元的銷售額。這一里程碑是在Byd的加速增長之中，因為該公司的目標是從汽油動力的車輛過渡。在過去的12個月中，BYD報告的收入為941.8億美元，同比增長了近18％。

Bloomberg explained that BYD now rivals Tesla in EV sales. In 2024, Byd delivered 1.76 million EVs compared to Tesla’s 1.79 million. However, when including its hybrid vehicles, BYD’s total deliveries reached 4.25 million units last year — nearly matching Ford’s (F) output — with projections of 6 million vehicles for 2025.

彭博社解釋說，Byd現在與特斯拉在電動汽車銷售中競爭。與特斯拉的179萬相比，在2024年，比亞德交付了176萬台電動汽車。但是，當包括其混合動力汽車在內時，去年，Byd的總交貨達到了425萬台，幾乎與福特（F）的產出相匹配 - 預計2025年的600萬輛汽車。

BYD’s shares have surged almost 60% this year in Hong Kong after it unveiled groundbreaking technology for its charging system that enables 250 miles of range from just five minutes of charging.

Byd的股票今年在香港飆升了近60％，此前它揭示了其充電系統的開創性技術，該技術可實現250英里的範圍，範圍僅為5分鐘。

Despite these achievements, BYD faces challenges, including infrastructure investments for 4,000 super-fast charging stations in China and limited market penetration in Europe and the U.S. due to tariffs and restrictions on Chinese-made vehicles.

儘管取得了這些成就，但BYD面臨著挑戰，包括在中國4,000個超級快速充電站的基礎設施投資以及由於關稅和對中國製造車輛的限制，在歐洲和美國的市場滲透率有限。

In the last four quarters, BYD’s gross margins have stood at 20.6%, higher than Tesla’s margins of 17.9%. Alternatively, BYD’s operating margin is lower at 5.9%, compared to Tesla’s 7.8%.

在過去的四個季度中，比德的毛利率為20.6％，高於特斯拉的利潤率17.9％。另外，比特斯拉（Tesla）的7.8％相比，比德的營業利潤率低於5.9％。

Is Tesla Stock Still Overvalued?

特斯拉股票仍然被高估嗎？

BYD’s free cash flow in the last year has totaled $5.17 billion compared to Tesla’s $3.58 billion. While Tesla is valued at a market cap of $800 billion, BYD is much smaller at $166 billion. So, while Tesla is priced at 164x forward cash flows, Byd is priced at 25.2x forward FCF.

與特斯拉的35.8億美元相比，去年BYD的自由現金流總計51.7億美元。特斯拉的市值為8000億美元，而Byd卻少了1660億美元。因此，儘管特斯拉的價格為164倍遠期現金流量，但BYD的價格為25.2倍。

Despite the ongoing pullback, TSLA stock trades at a premium. Out of the 40 analysts tracking Tesla, 15 recommend “Strong Buy,” three recommend “Moderate Buy,” 12 recommend “Hold,” and 10 recommend “Strong Sell.” The average target price for TSLA stock is $338.94, 21% above the current trading price.

儘管有持續的回調，但TSLA股票以溢價進行交易。在跟踪特斯拉的40位分析師中，有15個建議“強買”，三個建議“中等買入”，12個建議“持有”，10位推薦“強賣”。 TSLA股票的平均目標價格為338.94美元，比當前交易價格高出21％。