特斯拉（TSLA）股份在2025年跌倒了近32％

这家电动汽车制造商面临着长期的Wedbush Securities的公牛丹·艾夫斯（Dan Ives）称为“品牌龙卷风危机时刻”。

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的长期公牛Dan Ives表示，电动汽车制造商现在正面临“品牌龙卷风危机时刻”。全球销售疲软和对首席执行官埃隆·马斯克（Elon Musk）参与唐纳德·特朗普（Donald Trump）总统的政府的关注，股票的急剧下降引起了人们的关注。

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的车辆交付在主要市场上暴跌，德国的销售额下降了59％，并且2月份的中国注册率同比同比下降了51％。同时，在过去两年中，像Byd（Byddy）这样的竞争对手设法获得了大量市场份额。这些因素促使投资银行（例如摩根大通）将交付预测削减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，马斯克的政治角色引发了消费者的反对，一些抗议者甚至破坏特斯拉车和充电站。特朗普的公众支持 - 包括举办一场活动，在白宫举办汽车并亲自购买汽车 - 对平息投资者的挫败感并没有做到这一点。

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.”

几乎全部46,100个塞伯拉克对有缺陷的面板进行了召回的召回，遇到了麻烦。尽管艾夫斯（Ives）保持了“跑赢大盘”的评级，但他敦促马斯克（Musk）迅速重新关注特斯拉（Tesla），以避免“永久性品牌损失”。

Tesla Is Losing Market Share to BYD

特斯拉将市场份额输给比德

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.

根据彭博社的一份报告，BYD预计在2024年报告的收入为1000亿美元，高于特斯拉去年977亿美元的销售额。这一里程碑是在Byd的加速增长之中，因为该公司的目标是从汽油动力的车辆过渡。在过去的12个月中，BYD报告的收入为941.8亿美元，同比增长了近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.

彭博社解释说，Byd现在与特斯拉在电动汽车销售中竞争。与特斯拉的179万相比，在2024年，比亚德交付了176万台电动汽车。但是，当包括其混合动力汽车在内时，Byd的总交付达到了去年的425万台，几乎与福特（F）的产量相匹配 - 预计2025年的600万辆汽车。

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的股票今年在香港飙升了近60％，此前它揭示了其充电系统的开创性技术，该技术可实现250英里的范围，范围仅为5分钟。

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.

尽管取得了这些成就，但BYD面临着挑战，包括在中国4,000个超级快速充电站的基础设施投资以及由于关税和对中国制造车辆的限制，在欧洲和美国的市场渗透率有限。

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%.

在过去的四个季度中，比德的毛利率为20.6％，高于特斯拉的利润率17.9％。另外，比特斯拉（Tesla）的7.8％相比，比德的营业利润率低于5.9％。

Is Tesla Stock Still Overvalued?

特斯拉股票仍然被高估吗？

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.

与特斯拉的35.8亿美元相比，去年BYD的自由现金流总计51.7亿美元。特斯拉的市值为8000亿美元，而Byd却少了1660亿美元。因此，尽管特斯拉的价格为164倍远期现金流量，但BYD的价格为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.

尽管有持续的回调，但TSLA股票以溢价进行交易。在跟踪特斯拉的40位分析师中，有15个建议“强买”，三个建议“中等买入”，12个建议“持有”，10位推荐“强卖”。 TSLA股票的平均目标价格为338.94美元，比当前交易价格高出21％。