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Johnsonk
Johnsonk
·
02-13
以后只有一个巨头，那就是特斯拉
利润率仅为同侪零头，特斯拉的“美股七巨头”标签还能贴多久？
特斯拉与其他六巨头的财务鸿沟急剧拉大：营业利润率不足5%（同行11%-60%），且是唯一盈利下滑的成员。2026年资本支出翻倍至200亿美元将致自由现金流首次转负，而同行在同等巨额支出下仍将产生数百亿正现金流。马斯克或需通过SpaceX IPO融资以支撑其AI雄心。
利润率仅为同侪零头，特斯拉的“美股七巨头”标签还能贴多久？
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Johnsonk
Johnsonk
·
02-12
刹车失灵搞不动，就换一个思路继续黑
特斯拉国内频发断电故障引车主不满 官方回应态度遭质疑
近日，特斯拉在国内接连发生多起行驶中突然断电的故障事件，引发车主强烈不满。多位车主反映车辆在高速行驶时突然失去动力，存在严重安全隐患。据悉，部分车主在向特斯拉售后反映问题时，仅得到简单检修处理，未获得官方正式道歉或问题说明。车主们对特斯拉处理问题的态度表示心寒，认为企业缺乏对消费者安全的基本重视。
特斯拉国内频发断电故障引车主不满 官方回应态度遭质疑
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Johnsonk
Johnsonk
·
02-09
当年不是说必然倒闭么？怎么做成万亿市值的公司了？
特斯拉的机器人革命也救不了它了？
期间，特斯拉一度暴跌约 40%。特斯拉许下的多项承诺，最终可能都不会像管理层宣传的那样实现。坦白说，感觉特斯拉才开始炒作机器人领域不到一年，但实际上，公司早在2021 年 8 月就开始提这个概念了。在当年的特斯拉 AI 日，马斯克公布了 “特斯拉机器人” 的构想。时至今日，特斯拉技术仍停留在L2 级辅助驾驶，远落后于 Waymo 的 L4 级自动驾驶。乍一看，这对特斯拉似乎是巨大机遇。而特斯拉 2025 年营收已达 948.3 亿美元。
特斯拉的机器人革命也救不了它了？
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Johnsonk
Johnsonk
·
02-04
FSD不能落地，是东大的损失
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Johnsonk
Johnsonk
·
01-31
三个在亏钱的空头表示很气愤，并骂了一句骗人[贱笑] [贱笑] [贱笑]
马斯克：特斯拉Optimus进行产能爬坡，将建设年产1000万台的产线
建设一条年产 1000 万台的产线。
马斯克：特斯拉Optimus进行产能爬坡，将建设年产1000万台的产线
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Johnsonk
Johnsonk
·
01-28
准备准备，可以离职了
10项功能！特斯拉春节OTA大更新曝光：语音唤醒、酷狗音乐、微信互联都来了
看来，大家期待的语音唤醒、酷狗音乐都真快要来了，应该是 Model S3XY 都有。昨天大家也已经有看到网上流传的 OTA 截图了吧，最顶上显示就是酷狗音乐，一些人还认为是 P 的。但就在深夜又有新分享能看到更全面的发行说明了，而且是视频展示，有水印可以基本确定是特斯拉员工车辆上的。共计有 10 项功能，这应该算是今年春节 OTA 大更新内容提前曝光没得跑了。不过，到时候正式推送时的车机软件版本号应该是 2026 开头了。
10项功能！特斯拉春节OTA大更新曝光：语音唤醒、酷狗音乐、微信互联都来了
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Johnsonk
Johnsonk
·
01-26
可笑
特斯拉的最大风险：归于平庸
一家车企能坐拥1.5万亿美元市值，特斯拉的地位可谓无人能及。但特斯拉面临的更隐蔽挑战，或许并非来自某个对手，而是一种更难启齿的状态：平庸感。 核心电动汽车业务的颓势是特斯拉光环褪色最直观的体现。特斯拉电动汽车销量已连续两年下滑。 特斯拉首席执行官埃隆·马斯克近日在社交平台X上发文，释放了又一个隐晦的信号：特斯拉将于2月14日后停止出售FSD，此后仅提供按月订阅服务。
特斯拉的最大风险：归于平庸
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Johnsonk
Johnsonk
·
01-08
并且车主没买商业险
特斯拉辅助驾驶连续避让后追尾 车主：刹车没反应 车门和窗户打不开
但该车道同样有一辆大货车，特斯拉又变到了最右侧的导流线上，结果在前方导流线收窄的地方，车辆刹车不及追尾了前方的大货车，并被挤到了栏杆上。特斯拉车内气囊全部弹出，车门也被挤住打不开，车内甚至已经开始冒烟了，他们两人被困在车内，非常恐怖。此次事故特斯拉负全责，因为车辆没买车损险，车损非常严重，已经报废了。
特斯拉辅助驾驶连续避让后追尾 车主：刹车没反应 车门和窗户打不开
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Johnsonk
Johnsonk
·
01-07
做的人越多，监管放的越快
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Johnsonk
Johnsonk
·
01-06
靠你急成这样，就知道特斯拉要起飞了
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href=\"https://laohu8.com/S/SBAY\">数百亿</a>美元的自由现金流，凸显了两者在财务实力上的巨大鸿沟。</p>\n<p>面对资金消耗的加剧，特斯拉向投资者坦言可能需要“额外资金”。这也引发了市场对其首席执行官马斯克商业<a href=\"https://laohu8.com/S/00776\">帝国</a>重组的关注。随着特斯拉在这一精英集团中的地位日益受到质疑，马斯克可能更需要通过SpaceX等旗下其他业务的资本运作来寻求新的资金支持。</p>\n<h2><strong>估值虚高与基本面背离</strong></h2>\n<p>“美股七巨头”这一概念诞生于2023年，最初用于描述领涨<a href=\"https://laohu8.com/S/161125\">标普500</a>指数的七只股票。然而，这一标签在很大程度上已成为大型科技股的代名词，这使得特斯拉的入选显得颇为突兀。特斯拉的主营业务本质上是电动汽车及电池组的制造与销售，属于制造业范畴。相比之下，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>虽然销售消费电子产品，<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>虽然拥有电商平台，但两者均被公认为盈利能力极强的信息技术巨头。</p>\n<p>尽管特斯拉在电动汽车设计和辅助驾驶系统方面拥有技术优势，但其更具科技色彩的业务——如Robotaxi（自动驾驶出租车）、人形机器人和芯片制造计划——目前更多处于研发阶段，而非成熟的商业业务。</p>\n<p><strong>特斯拉之所以能跻身该行列，主要归因于其高昂的估值，但这恰恰也是其与其他成员最大的不同之处。</strong>据彭博数据，特斯拉的高远期市盈率更多反映了投资者对其转型的梦想，而非现实业绩。过去三年其估值倍数的扩张，有三分之二可以用盈利预期的下降来解释。作为该集团中唯一盈利下滑的成员，特斯拉的基本面支撑显得愈发薄弱。</p>\n<h2><strong>自由现金流不在同一量级</strong></h2>\n<p>现金流是衡量企业实力的真实指标，而在这一点上，特斯拉与其他六家巨头完全不在一个量级。过去五年中，特斯拉的自由现金流总计约为270亿美元。虽然亚马逊同期的自由现金流仅比特斯拉高出约50%，但这主要是因为亚马逊的资本支出规模是特斯拉的九倍。</p>\n<p>更为直观的对比是：<strong>除亚马逊外，“七巨头”中的每一位成员仅在过去一年创造的自由现金流，就远超特斯拉过去五年的总和。</strong></p>\n<p>这种差距在未来几年可能会进一步扩大。特斯拉正试图重塑为自动驾驶和人工智能领域的领导者，其2026年的资本支出预算约为200亿美元。这笔支出将导致其自由现金流大幅转负。然而，这一预算规模仅为Alphabet预计支出的九分之一，且Alphabet在如此巨大的投入下，预计仍将在2026年产生340亿美元的自由现金流。<strong>这意味着，其他科技巨头完全可以用经营现金流覆盖其在AI领域的巨额赌注，而特斯拉则面临严峻的资金压力。</strong></p>\n<h2><strong>利润率仅为同侪零头</strong></h2>\n<p><strong>现金流的巨大差异折射出底层业务模式的不同。</strong>其他六家公司均可被视为各自领域的绝对主导者，拥有极高的护城河。特斯拉虽然是全球第二大电动汽车销售商，但在全球汽车总销量中的占比仅为1.8%。</p>\n<p>更为关键的是，特斯拉在电动汽车领域的高排名并未转化为高利润。据彭博观点分析，特斯拉的营业利润率目前不足5%。作为对比，其余六家巨头的营业利润率范围在11%（亚马逊，处于区间低端）到近60%（英伟达，处于区间高端）之间。这表明，<strong>试图以一家汽车制造公司为基础构建一个科技巨头，起点异常艰难。</strong></p>\n<p>在人工智能和芯片领域的竞争中，特斯拉不仅要面对“七巨头”中其他成员的巨额预算，还要应对Alphabet旗下Waymo的竞争，后者刚筹集了160亿美元用于扩大Robotaxi运营。此外，Open AI据报道正以1万亿美元的估值寻求IPO，竞争环境极其激烈。</p>\n<h2><strong>资金压力与融资依赖</strong></h2>\n<p>这种财务背景为马斯克商业帝国的重组提供了注脚。特斯拉已告知投资者今年将消耗现金，并可能需要筹集资金。据彭博汇编的数据，利用公开股票市场融资已深植于特斯拉的基因之中，其历史上已进行过11次此类融资，这一次数几乎相当于其他六家巨头融资次数总和。</p>\n<p>与此同时，马斯克旗下的xAI据报道每月烧钱约10亿美元。SpaceX虽然去年实现了80亿美元的EBITDA（息税折旧摊销前利润），但这并未扣除其巨大的资本支出。此外，SpaceX近期还承担了xAI的融资压力。尽管特斯拉账面上拥有超过400亿美元现金，但持续的资金消耗以及可能涉及三家公司的合并传闻，可能会让看似镇定的投资者感到不安。</p>\n<p>在此背景下，SpaceX若能成功进行IPO并筹集数百亿美元新资金，对整个马斯克商业版图至关重要。鉴于特斯拉作为“第七巨头”的地位已岌岌可危，马斯克或许迫切需要打造出第八个巨头来支撑其雄心。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>利润率仅为同侪零头，特斯拉的“美股七巨头”标签还能贴多久？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n利润率仅为同侪零头，特斯拉的“美股七巨头”标签还能贴多久？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-13 22:01 北京时间 <a href=https://wallstreetcn.com/articles/3765692><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>特斯拉一直是“美股七巨头”中的异类，而其近期试图向人工智能转型的努力，反而进一步加剧了这种格格不入。尽管该标签主要基于股价表现，但随着基本面数据的恶化，特斯拉与Alphabet、微软和英伟达等科技巨头之间的差距正在迅速拉大。\n据彭博专栏作家Liam Denning分析，特斯拉估值的飙升在很大程度上掩盖了其基本面的疲软。尽管该股享有极高的远期市盈率，但这在很大程度上是因为盈利预期的下降，而非增长的...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3765692\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","TSLZ":"2倍做空TSLA ETF-T-Rex","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"AG\" (USD) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","BK4612":"AI芯片","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) 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ACC","BK4527":"明星科技股","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","TSLW":"TSLA周配息ETF-Roundhill","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD"},"source_url":"https://wallstreetcn.com/articles/3765692","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2611154500","content_text":"特斯拉一直是“美股七巨头”中的异类，而其近期试图向人工智能转型的努力，反而进一步加剧了这种格格不入。尽管该标签主要基于股价表现，但随着基本面数据的恶化，特斯拉与Alphabet、微软和英伟达等科技巨头之间的差距正在迅速拉大。\n据彭博专栏作家Liam Denning分析，特斯拉估值的飙升在很大程度上掩盖了其基本面的疲软。尽管该股享有极高的远期市盈率，但这在很大程度上是因为盈利预期的下降，而非增长的驱动。在过去三年中，特斯拉是“七巨头”中唯一一家报告盈利实际下降的公司，这种估值倍数的扩张更多反映了股价与日益恶化的基本面之间日益严重的脱节。\n这种分化在现金流表现上尤为显著。随着特斯拉计划在2026年将资本支出增加一倍以上至约200亿美元，以支持其自动驾驶和机器人业务，公司自由现金流预计将自2018年以来首次转为负值。相比之下，Alphabet等同行即便在巨额支出的情况下，预计仍将在同年产生数百亿美元的自由现金流，凸显了两者在财务实力上的巨大鸿沟。\n面对资金消耗的加剧，特斯拉向投资者坦言可能需要“额外资金”。这也引发了市场对其首席执行官马斯克商业帝国重组的关注。随着特斯拉在这一精英集团中的地位日益受到质疑，马斯克可能更需要通过SpaceX等旗下其他业务的资本运作来寻求新的资金支持。\n估值虚高与基本面背离\n“美股七巨头”这一概念诞生于2023年，最初用于描述领涨标普500指数的七只股票。然而，这一标签在很大程度上已成为大型科技股的代名词，这使得特斯拉的入选显得颇为突兀。特斯拉的主营业务本质上是电动汽车及电池组的制造与销售，属于制造业范畴。相比之下，苹果虽然销售消费电子产品，亚马逊虽然拥有电商平台，但两者均被公认为盈利能力极强的信息技术巨头。\n尽管特斯拉在电动汽车设计和辅助驾驶系统方面拥有技术优势，但其更具科技色彩的业务——如Robotaxi（自动驾驶出租车）、人形机器人和芯片制造计划——目前更多处于研发阶段，而非成熟的商业业务。\n特斯拉之所以能跻身该行列，主要归因于其高昂的估值，但这恰恰也是其与其他成员最大的不同之处。据彭博数据，特斯拉的高远期市盈率更多反映了投资者对其转型的梦想，而非现实业绩。过去三年其估值倍数的扩张，有三分之二可以用盈利预期的下降来解释。作为该集团中唯一盈利下滑的成员，特斯拉的基本面支撑显得愈发薄弱。\n自由现金流不在同一量级\n现金流是衡量企业实力的真实指标，而在这一点上，特斯拉与其他六家巨头完全不在一个量级。过去五年中，特斯拉的自由现金流总计约为270亿美元。虽然亚马逊同期的自由现金流仅比特斯拉高出约50%，但这主要是因为亚马逊的资本支出规模是特斯拉的九倍。\n更为直观的对比是：除亚马逊外，“七巨头”中的每一位成员仅在过去一年创造的自由现金流，就远超特斯拉过去五年的总和。\n这种差距在未来几年可能会进一步扩大。特斯拉正试图重塑为自动驾驶和人工智能领域的领导者，其2026年的资本支出预算约为200亿美元。这笔支出将导致其自由现金流大幅转负。然而，这一预算规模仅为Alphabet预计支出的九分之一，且Alphabet在如此巨大的投入下，预计仍将在2026年产生340亿美元的自由现金流。这意味着，其他科技巨头完全可以用经营现金流覆盖其在AI领域的巨额赌注，而特斯拉则面临严峻的资金压力。\n利润率仅为同侪零头\n现金流的巨大差异折射出底层业务模式的不同。其他六家公司均可被视为各自领域的绝对主导者，拥有极高的护城河。特斯拉虽然是全球第二大电动汽车销售商，但在全球汽车总销量中的占比仅为1.8%。\n更为关键的是，特斯拉在电动汽车领域的高排名并未转化为高利润。据彭博观点分析，特斯拉的营业利润率目前不足5%。作为对比，其余六家巨头的营业利润率范围在11%（亚马逊，处于区间低端）到近60%（英伟达，处于区间高端）之间。这表明，试图以一家汽车制造公司为基础构建一个科技巨头，起点异常艰难。\n在人工智能和芯片领域的竞争中，特斯拉不仅要面对“七巨头”中其他成员的巨额预算，还要应对Alphabet旗下Waymo的竞争，后者刚筹集了160亿美元用于扩大Robotaxi运营。此外，Open AI据报道正以1万亿美元的估值寻求IPO，竞争环境极其激烈。\n资金压力与融资依赖\n这种财务背景为马斯克商业帝国的重组提供了注脚。特斯拉已告知投资者今年将消耗现金，并可能需要筹集资金。据彭博汇编的数据，利用公开股票市场融资已深植于特斯拉的基因之中，其历史上已进行过11次此类融资，这一次数几乎相当于其他六家巨头融资次数总和。\n与此同时，马斯克旗下的xAI据报道每月烧钱约10亿美元。SpaceX虽然去年实现了80亿美元的EBITDA（息税折旧摊销前利润），但这并未扣除其巨大的资本支出。此外，SpaceX近期还承担了xAI的融资压力。尽管特斯拉账面上拥有超过400亿美元现金，但持续的资金消耗以及可能涉及三家公司的合并传闻，可能会让看似镇定的投资者感到不安。\n在此背景下，SpaceX若能成功进行IPO并筹集数百亿美元新资金，对整个马斯克商业版图至关重要。鉴于特斯拉作为“第七巨头”的地位已岌岌可危，马斯克或许迫切需要打造出第八个巨头来支撑其雄心。","news_type":1,"symbols_score_info":{"TSLS":0.6,"TSLW":0.6,"TSLG":0.6,"TSLT":0.6,"TSLQ":0.6,"TSYY":0.6,"TSLR":0.6,"TSLI":0.6,"TSL":0.6,"TSLA":1.98,"TSDD":0.6,"TSII":0.6,"TSLZ":0.6,"TSLO":0.6,"07766":0.6,"TSLP":0.6,"TSLY":0.6,"CRSH":0.6,"TESL":0.6}},"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":531834060031464,"gmtCreate":1770863222581,"gmtModify":1770863225199,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563357612600728","authorIdStr":"3563357612600728"},"themes":[],"title":"","htmlText":"刹车失灵搞不动，就换一个思路继续黑","listText":"刹车失灵搞不动，就换一个思路继续黑","text":"刹车失灵搞不动，就换一个思路继续黑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/531834060031464","repostId":"2610799984","repostType":2,"repost":{"id":"2610799984","kind":"news","pubTimestamp":1770858060,"share":"https://www.laohu8.com/m/news/2610799984?lang=zh_CN&edition=full","pubTime":"2026-02-12 09:01","market":"us","language":"zh","title":"特斯拉国内频发断电故障引车主不满 官方回应态度遭质疑","url":"https://stock-news.laohu8.com/highlight/detail?id=2610799984","media":"太平洋科技","summary":"近日，特斯拉在国内接连发生多起行驶中突然断电的故障事件，引发车主强烈不满。多位车主反映车辆在高速行驶时突然失去动力，存在严重安全隐患。据悉，部分车主在向特斯拉售后反映问题时，仅得到简单检修处理，未获得官方正式道歉或问题说明。车主们对特斯拉处理问题的态度表示心寒，认为企业缺乏对消费者安全的基本重视。","content":"<html><body><article><p>近日，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>在国内接连发生多起行驶中突然断电的故障事件，引发车主强烈不满。多位车主反映车辆在高速行驶时突然失去动力，存在严重安全隐患。</p><p>据悉，部分车主在向特斯拉售后反映问题时，仅得到简单检修处理，未获得官方正式道歉或问题说明。车主们对特斯拉处理问题的态度表示心寒，认为企业缺乏对消费者安全的基本重视。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特斯拉国内频发断电故障引车主不满 官方回应态度遭质疑</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉国内频发断电故障引车主不满 官方回应态度遭质疑\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-12 09:01 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212092256a49a0db5&s=b><strong>太平洋科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近日，特斯拉在国内接连发生多起行驶中突然断电的故障事件，引发车主强烈不满。多位车主反映车辆在高速行驶时突然失去动力，存在严重安全隐患。据悉，部分车主在向特斯拉售后反映问题时，仅得到简单检修处理，未获得官方正式道歉或问题说明。车主们对特斯拉处理问题的态度表示心寒，认为企业缺乏对消费者安全的基本重视。</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212092256a49a0db5&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1861558580.USD":"日兴方舟颠覆性创新基金B","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","TSLZ":"2倍做空TSLA ETF-T-Rex","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","BK4574":"无人驾驶","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc 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18:45","market":"us","language":"zh","title":"特斯拉的机器人革命也救不了它了？","url":"https://stock-news.laohu8.com/highlight/detail?id=2610615631","media":"美股研究社","summary":"期间，特斯拉一度暴跌约 40%。特斯拉许下的多项承诺，最终可能都不会像管理层宣传的那样实现。坦白说，感觉特斯拉才开始炒作机器人领域不到一年，但实际上，公司早在2021 年 8 月就开始提这个概念了。在当年的特斯拉 AI 日，马斯克公布了 “特斯拉机器人” 的构想。时至今日，特斯拉技术仍停留在L2 级辅助驾驶，远落后于 Waymo 的 L4 级自动驾驶。乍一看，这对特斯拉似乎是巨大机遇。而特斯拉 2025 年营收已达 948.3 亿美元。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20260209185059078v206pghoh407lhe\"/><p>作者Daniel Jones，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意味着本公众号对文中观点结论认可。</p><p>分析师对这家公司的负面看法，与管理层或整体野心无关，坦白说，分析师对它很多运营层面的做法其实是认可的。分析师坚定看好电动汽车市场，也尤其喜爱它的<strong>能源生产与储能业务</strong>。分析师对特斯拉的核心顾虑，真正集中在两点：</p><p>较小的问题在于，埃隆・马斯克的一系列决策给公司带来了诸多负面影响与包袱；<strong>更大的问题，则是估值</strong>。</p><p>长期以来分析师一直认为，这家公司股价被<strong>严重高估</strong>。事实上，早在 2024年 12月分析师就断言，特斯拉股东在2025年将会过得非常糟糕。期间，特斯拉一度暴跌约 40%。说实话，分析师当时认为它还会继续跌。但马斯克的 “炒作” 最终还是成功煽动了投资者情绪，把价格重新推高。需要明确的是，特斯拉<strong>表现依旧大幅跑输市场</strong>：</p><p>【如需和我们交流可扫码添加进社群】</p><p>· 自 2024 年 12 月左右至今，特斯拉股价基本<strong>零涨幅</strong>，而标普 500 同期上涨 16.6%；</p><p>· 自分析师今年 1 月左右以来，特斯拉下跌 6%，远差于标普 500 仅 0.9% 的跌幅。</p><p>这些都还远不及分析师预期未来终将发生的调整。但要出现那种调整，公司描绘的各种美好 “故事” 必须先破灭。</p><p>特斯拉许下的多项承诺，最终可能都不会像管理层宣传的那样实现。它的<strong>无人驾驶出租车（Robotaxi）野心基本是空谈</strong>，因为相比<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>旗下的 Waymo 等行业头部玩家，特斯拉落后太多。而管理层最近新一轮炒作，转向了<strong>机器人业务</strong>。尽管分析师不否认这块存在一定增长机会，但分析师看不到任何情景，能让机器人业务的表现足以支撑当前估值，更别说推动特斯拉继续上涨。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLcPgia7DNCvbkZ2UW7icKia7iaEBYibLoBH9m2tvI6bkqbEh7NtGPic58BHcsA/640?wx_fmt=png&from=appmsg\"/><p><strong>特斯拉的新故事难成气候</strong></p><p>时间过得真快。坦白说，感觉特斯拉才开始炒作机器人领域不到一年，但实际上，公司早在<strong>2021 年 8 月</strong>就开始提这个概念了。在当年的特斯拉 AI 日，马斯克公布了 “特斯拉机器人（<a href=\"https://laohu8.com/S/TSLA\">Tesla</a> Bot）” 的构想。这项技术在概念上很吸引人，因为它整合了此前从未大规模融合的多项技术：多摄像头视频神经网络、神经网络规划能力、自动标注技术等等。</p><p>一年多后，也就是 2022 年 9 月，首批原型机亮相。这本该是里程碑式的一步，却迅速引发争议。即便两年后，公司展示的机器人实际上仍需人类远程操控辅助。但随着时间推移，公司仍在推进研发。2023 年 12 月，<strong>Optimus（擎天柱）二代</strong>发布，行走更快、手部更灵活，甚至演示了抓取鸡蛋的动作。但即便如此也充满争议，不少人认为依旧使用了远程操控或脚本预设。</p><p>遗憾的是，尽管公司开始在工厂内让机器人执行分拣物品等简单任务，但<strong>没有一台机器人实现真正自主运行</strong>。事实上，在今年 1 月 2025 财年财报电话会议上，马斯克亲口承认，Optimus 机器人在公司任何工厂都<strong>没有从事 “有实际价值” 的工作</strong>。这与前几年的宣传完全相悖。</p><p>比如一年前，马斯克还宣称 2025 年公司将造出约 1 万台机器人，并坚信这些机器人能承担实用工作。但现实是，公司不得不收回此前说法：</p><p>“我们在 Optimus 项目上仍处于非常早期的阶段，仍在研发中。我们让 Optimus 在工厂做过一些基础任务，但随着新版本迭代，旧版本就被弃用了。它并未在工厂大规模实际使用，更多只是让机器人学习。大概率要到今年年底，才可能实现 Optimus 的大规模量产。”</p><p>特斯拉向来<strong>擅长画大饼、兑现乏力</strong>。2016 年，公司明确宣布向自动驾驶方向迈进；2019 年 4 月，马斯克甚至宣称 2020 年将有 100 万辆无人驾驶出租车上路。时至今日，特斯拉技术仍停留在<strong>L2 级辅助驾驶</strong>，远落后于 Waymo 的 L4 级自动驾驶。当然，两家公司路线不同：特斯拉坚持纯视觉方案，而 Waymo 等聚焦地理围栏及配套技术。但即便在这方面，特斯拉也在倒退：其在得州开展的试点项目使用了地理围栏，且不同程度依赖人工干预。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260209185136131v2066v0dhrcayrc\"/><p><strong>转型机器人，更像是 “病急乱投医”</strong></p><p>可想而知，分析师对 Optimus 项目持高度怀疑态度。尽管如此，公司仍在该领域大举行动。就在不久前，管理层宣布，将<strong>停止加州弗里蒙特工厂的 Model S 与 Model X 生产</strong>，把产能转为制造 Optimus 机器人。</p><p>而此时，公司核心业务本就已承压：汽车产量与交付量连续两年下滑，欧洲销量暴跌，美国市场面临通用、<a href=\"https://laohu8.com/S/F\">福特</a>等车企日益激烈的竞争。叠加马斯克极具争议的政治言论，同时得罪了美国左右两派选民，此时转向机器人业务，更像是<strong>核心业务大幅恶化前的最后挣扎</strong>。</p><p>这并不是说人形机器人没有巨大市场潜力。比如去年5月，<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>预测，到2050年全球人形机器人保有量或达10亿台，对应5万亿美元市场规模，其中约90%用于工业及商业场景，主要集中在中国。美国预计约 7770 万台，家庭保有量仅约 8000 万台。</p><p>乍一看，这对特斯拉似乎是巨大机遇。但即便忽略公司过往 “承诺多、兑现少” 的记录，分析师也不认为这是什么重大胜利。摩根士丹利预计，当前单台人形机器人成本约 20 万美元；随着技术进步，成本将逐步下降，2028 年降至 15 万美元，2050 年降至 5 万美元，部分国家甚至可低至 1.5 万美元。</p><p>这样的价格确实能带来可观收入，但对市值高达<strong>1.62 万亿美元</strong>的特斯拉而言，远远不够。马斯克曾将近万亿美元薪酬方案的一部分，与未来十年交付 100 万台机器人挂钩。即便按单台 20 万美元计算，10 年总收入也仅 2000 亿美元，平摊下来每年仅 200 亿美元。而特斯拉 2025 年营收已达 948.3 亿美元。即便假设机器人业务拥有 30% 利润率，在分析师看来极度乐观的情景下，十年累计利润也仅 600 亿美元。</p><p>对个人而言这是巨款，但<strong>完全无法支撑 1.62 万亿的市值</strong>，更何况电动汽车市场竞争只会愈发激烈，新玩家不断涌入，且美国政治环境对电动车技术也逐渐转向不友好。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260209185136635v206yq6tuk6751q\"/><p><strong>结论</strong></p><p>投资者寄予厚望的其他业务，也很难带来显著回报。分析师已经分析过，其无人驾驶出租车注定落后于行业真正领导者。此外，分析师也不认为完全自动驾驶（FSD）订阅业务有多重要。目前该服务月费 99 美元，2025 年底订阅用户增至 110 万，高于一年前的 80 万。公司目标是十年内增至 1000 万，对应年收入约 118.8 亿美元，且大部分为高<span>毛利</span>。但即便如此，要支撑如此高的估值，仍远远不够。</p><p>分析师真的不想总做泼冷水的人，但分析师的专业判断是：<strong>特斯拉目前是风险最高的投资标的之一</strong>。除了帕兰提尔（PLTR）至少还拥有明确的大额营收与现金流增长路径外，在所有市值超 1000 亿美元的公司中，特斯拉是<strong>定价最非理性的一只</strong>。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260209185137051v206kwjvctbmmc3\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特斯拉的机器人革命也救不了它了？</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉的机器人革命也救不了它了？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-09 18:45 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260209185202a48ee2f0&s=b><strong>美股研究社</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者Daniel Jones，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意味着本公众号对文中观点结论认可。分析师对这家公司的负面看法，与管理层或整体野心无关，坦白说，分析师对它很多运营层面的做法其实是认可的。分析师坚定看好电动汽车市场，也尤其喜爱它的能源生产与储能业务。分析师对特斯拉的核心顾虑，真正集中在两点：较小的问题在于，埃隆・马斯克的一系列决策给公司带来了诸多负面影响与包袱；更大的...</p>\n\n<a 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Jones，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意味着本公众号对文中观点结论认可。分析师对这家公司的负面看法，与管理层或整体野心无关，坦白说，分析师对它很多运营层面的做法其实是认可的。分析师坚定看好电动汽车市场，也尤其喜爱它的能源生产与储能业务。分析师对特斯拉的核心顾虑，真正集中在两点：较小的问题在于，埃隆・马斯克的一系列决策给公司带来了诸多负面影响与包袱；更大的问题，则是估值。长期以来分析师一直认为，这家公司股价被严重高估。事实上，早在 2024年 12月分析师就断言，特斯拉股东在2025年将会过得非常糟糕。期间，特斯拉一度暴跌约 40%。说实话，分析师当时认为它还会继续跌。但马斯克的 “炒作” 最终还是成功煽动了投资者情绪，把价格重新推高。需要明确的是，特斯拉表现依旧大幅跑输市场：【如需和我们交流可扫码添加进社群】· 自 2024 年 12 月左右至今，特斯拉股价基本零涨幅，而标普 500 同期上涨 16.6%；· 自分析师今年 1 月左右以来，特斯拉下跌 6%，远差于标普 500 仅 0.9% 的跌幅。这些都还远不及分析师预期未来终将发生的调整。但要出现那种调整，公司描绘的各种美好 “故事” 必须先破灭。特斯拉许下的多项承诺，最终可能都不会像管理层宣传的那样实现。它的无人驾驶出租车（Robotaxi）野心基本是空谈，因为相比谷歌旗下的 Waymo 等行业头部玩家，特斯拉落后太多。而管理层最近新一轮炒作，转向了机器人业务。尽管分析师不否认这块存在一定增长机会，但分析师看不到任何情景，能让机器人业务的表现足以支撑当前估值，更别说推动特斯拉继续上涨。特斯拉的新故事难成气候时间过得真快。坦白说，感觉特斯拉才开始炒作机器人领域不到一年，但实际上，公司早在2021 年 8 月就开始提这个概念了。在当年的特斯拉 AI 日，马斯克公布了 “特斯拉机器人（Tesla Bot）” 的构想。这项技术在概念上很吸引人，因为它整合了此前从未大规模融合的多项技术：多摄像头视频神经网络、神经网络规划能力、自动标注技术等等。一年多后，也就是 2022 年 9 月，首批原型机亮相。这本该是里程碑式的一步，却迅速引发争议。即便两年后，公司展示的机器人实际上仍需人类远程操控辅助。但随着时间推移，公司仍在推进研发。2023 年 12 月，Optimus（擎天柱）二代发布，行走更快、手部更灵活，甚至演示了抓取鸡蛋的动作。但即便如此也充满争议，不少人认为依旧使用了远程操控或脚本预设。遗憾的是，尽管公司开始在工厂内让机器人执行分拣物品等简单任务，但没有一台机器人实现真正自主运行。事实上，在今年 1 月 2025 财年财报电话会议上，马斯克亲口承认，Optimus 机器人在公司任何工厂都没有从事 “有实际价值” 的工作。这与前几年的宣传完全相悖。比如一年前，马斯克还宣称 2025 年公司将造出约 1 万台机器人，并坚信这些机器人能承担实用工作。但现实是，公司不得不收回此前说法：“我们在 Optimus 项目上仍处于非常早期的阶段，仍在研发中。我们让 Optimus 在工厂做过一些基础任务，但随着新版本迭代，旧版本就被弃用了。它并未在工厂大规模实际使用，更多只是让机器人学习。大概率要到今年年底，才可能实现 Optimus 的大规模量产。”特斯拉向来擅长画大饼、兑现乏力。2016 年，公司明确宣布向自动驾驶方向迈进；2019 年 4 月，马斯克甚至宣称 2020 年将有 100 万辆无人驾驶出租车上路。时至今日，特斯拉技术仍停留在L2 级辅助驾驶，远落后于 Waymo 的 L4 级自动驾驶。当然，两家公司路线不同：特斯拉坚持纯视觉方案，而 Waymo 等聚焦地理围栏及配套技术。但即便在这方面，特斯拉也在倒退：其在得州开展的试点项目使用了地理围栏，且不同程度依赖人工干预。转型机器人，更像是 “病急乱投医”可想而知，分析师对 Optimus 项目持高度怀疑态度。尽管如此，公司仍在该领域大举行动。就在不久前，管理层宣布，将停止加州弗里蒙特工厂的 Model S 与 Model X 生产，把产能转为制造 Optimus 机器人。而此时，公司核心业务本就已承压：汽车产量与交付量连续两年下滑，欧洲销量暴跌，美国市场面临通用、福特等车企日益激烈的竞争。叠加马斯克极具争议的政治言论，同时得罪了美国左右两派选民，此时转向机器人业务，更像是核心业务大幅恶化前的最后挣扎。这并不是说人形机器人没有巨大市场潜力。比如去年5月，摩根士丹利预测，到2050年全球人形机器人保有量或达10亿台，对应5万亿美元市场规模，其中约90%用于工业及商业场景，主要集中在中国。美国预计约 7770 万台，家庭保有量仅约 8000 万台。乍一看，这对特斯拉似乎是巨大机遇。但即便忽略公司过往 “承诺多、兑现少” 的记录，分析师也不认为这是什么重大胜利。摩根士丹利预计，当前单台人形机器人成本约 20 万美元；随着技术进步，成本将逐步下降，2028 年降至 15 万美元，2050 年降至 5 万美元，部分国家甚至可低至 1.5 万美元。这样的价格确实能带来可观收入，但对市值高达1.62 万亿美元的特斯拉而言，远远不够。马斯克曾将近万亿美元薪酬方案的一部分，与未来十年交付 100 万台机器人挂钩。即便按单台 20 万美元计算，10 年总收入也仅 2000 亿美元，平摊下来每年仅 200 亿美元。而特斯拉 2025 年营收已达 948.3 亿美元。即便假设机器人业务拥有 30% 利润率，在分析师看来极度乐观的情景下，十年累计利润也仅 600 亿美元。对个人而言这是巨款，但完全无法支撑 1.62 万亿的市值，更何况电动汽车市场竞争只会愈发激烈，新玩家不断涌入，且美国政治环境对电动车技术也逐渐转向不友好。结论投资者寄予厚望的其他业务，也很难带来显著回报。分析师已经分析过，其无人驾驶出租车注定落后于行业真正领导者。此外，分析师也不认为完全自动驾驶（FSD）订阅业务有多重要。目前该服务月费 99 美元，2025 年底订阅用户增至 110 万，高于一年前的 80 万。公司目标是十年内增至 1000 万，对应年收入约 118.8 亿美元，且大部分为高毛利。但即便如此，要支撑如此高的估值，仍远远不够。分析师真的不想总做泼冷水的人，但分析师的专业判断是：特斯拉目前是风险最高的投资标的之一。除了帕兰提尔（PLTR）至少还拥有明确的大额营收与现金流增长路径外，在所有市值超 1000 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[贱笑] [贱笑] ","listText":"三个在亏钱的空头表示很气愤，并骂了一句骗人[贱笑] [贱笑] [贱笑] ","text":"三个在亏钱的空头表示很气愤，并骂了一句骗人[贱笑] [贱笑] [贱笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/527439463555112","repostId":"2607043586","repostType":2,"repost":{"id":"2607043586","kind":"news","pubTimestamp":1769777928,"share":"https://www.laohu8.com/m/news/2607043586?lang=zh_CN&edition=full","pubTime":"2026-01-30 20:58","market":"us","language":"zh","title":"马斯克：特斯拉Optimus进行产能爬坡，将建设年产1000万台的产线","url":"https://stock-news.laohu8.com/highlight/detail?id=2607043586","media":"IT之家","summary":"建设一条年产 1000 万台的产线。","content":"<html><head></head><body><p>1月30日周五， <a href=\"https://laohu8.com/S/TSLA\">特斯拉</a> 盘中“逆市”拉升涨超4%。知情人士透露，在今年上市之前，马斯克旗下SpaceX和xAI正在商讨合并事宜，此次合并将把马斯克的火箭、星链卫星、X社交媒体平台以及Grok人工智能聊天机器人整合到一起。</p><p>此外，外媒综合马斯克的近期发言，介绍了特斯拉 Optimus 4 机器人的生产布局。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f016bb79060f9bc6ed0d5e22a1e4a58d\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p>具体来说，特斯拉 Optimus 机器人首条产线将设在加州弗里蒙特工厂，该产线将具备年产 100 万台人形机器人的能力。后续公司将在得州超级工厂进行产能爬坡，建设一条年产 1000 万台的产线。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88bdfbe1d878ff7e3c782f894f056fc1\" title=\"\" tg-width=\"1440\" tg-height=\"793\"/></p><p>不过，考虑到民众适应机器人需要一段时间，因此马斯克认为“Optimus 初期的产量提升会相对谨慎”，但其依然坚信这款人形机器人最终可能对社会和经济产生深远影响。</p><p>Optimus 本质上会是一款通用型机器人，能够通过观察人类行为来学习。你可以示范一个任务、口头描述一个任务，甚至给它看一段视频，它都能学会去完成。这将是一款能力非常强的机器人。从长期来看，我认为 Optimus 会对美国 GDP 产生非常显著的影响。</p></body></html>","source":"ithome","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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#eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n马斯克：特斯拉Optimus进行产能爬坡，将建设年产1000万台的产线\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-30 20:58 北京时间 <a href=https://www.ithome.com/0/917/980.htm><strong>IT之家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1月30日周五， 特斯拉 盘中“逆市”拉升涨超4%。知情人士透露，在今年上市之前，马斯克旗下SpaceX和xAI正在商讨合并事宜，此次合并将把马斯克的火箭、星链卫星、X社交媒体平台以及Grok人工智能聊天机器人整合到一起。此外，外媒综合马斯克的近期发言，介绍了特斯拉 Optimus 4 机器人的生产布局。具体来说，特斯拉 Optimus 机器人首条产线将设在加州弗里蒙特工厂，该产线将具备年产 ...</p>\n\n<a href=\"https://www.ithome.com/0/917/980.htm\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9753361e4f73430b74709d4b04b8819f","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.ithome.com/0/917/980.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2607043586","content_text":"1月30日周五， 特斯拉 盘中“逆市”拉升涨超4%。知情人士透露，在今年上市之前，马斯克旗下SpaceX和xAI正在商讨合并事宜，此次合并将把马斯克的火箭、星链卫星、X社交媒体平台以及Grok人工智能聊天机器人整合到一起。此外，外媒综合马斯克的近期发言，介绍了特斯拉 Optimus 4 机器人的生产布局。具体来说，特斯拉 Optimus 机器人首条产线将设在加州弗里蒙特工厂，该产线将具备年产 100 万台人形机器人的能力。后续公司将在得州超级工厂进行产能爬坡，建设一条年产 1000 万台的产线。不过，考虑到民众适应机器人需要一段时间，因此马斯克认为“Optimus 初期的产量提升会相对谨慎”，但其依然坚信这款人形机器人最终可能对社会和经济产生深远影响。Optimus 本质上会是一款通用型机器人，能够通过观察人类行为来学习。你可以示范一个任务、口头描述一个任务，甚至给它看一段视频，它都能学会去完成。这将是一款能力非常强的机器人。从长期来看，我认为 Optimus 会对美国 GDP 产生非常显著的影响。","news_type":1,"symbols_score_info":{"TSLA":2}},"isVote":1,"tweetType":1,"viewCount":278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":526472879452944,"gmtCreate":1769561128240,"gmtModify":1769561130842,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563357612600728","authorIdStr":"3563357612600728"},"themes":[],"title":"","htmlText":"准备准备，可以离职了","listText":"准备准备，可以离职了","text":"准备准备，可以离职了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/526472879452944","repostId":"2606756480","repostType":2,"repost":{"id":"2606756480","kind":"news","pubTimestamp":1769552873,"share":"https://www.laohu8.com/m/news/2606756480?lang=zh_CN&edition=full","pubTime":"2026-01-28 06:27","market":"hk","language":"zh","title":"10项功能！特斯拉春节OTA大更新曝光：语音唤醒、酷狗音乐、微信互联都来了","url":"https://stock-news.laohu8.com/highlight/detail?id=2606756480","media":"model 3情报","summary":"看来，大家期待的语音唤醒、酷狗音乐都真快要来了，应该是 Model S3XY 都有。昨天大家也已经有看到网上流传的 OTA 截图了吧，最顶上显示就是酷狗音乐，一些人还认为是 P 的。但就在深夜又有新分享能看到更全面的发行说明了，而且是视频展示，有水印可以基本确定是特斯拉员工车辆上的。共计有 10 项功能，这应该算是今年春节 OTA 大更新内容提前曝光没得跑了。不过，到时候正式推送时的车机软件版本号应该是 2026 开头了。","content":"<html><body><p>看来，大家期待的语音唤醒（嘿，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>）、酷狗音乐都真快要来了，应该是 Model S3XY 都有。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/556C9B66E877EFDBF39AE5F422E2A7F277A47F34_size50_w1080_h459.jpg\"/></p><p>昨天大家也已经有看到网上流传的 OTA 截图了吧，最顶上显示就是酷狗音乐，一些人还认为是 P 的。</p><p>但就在深夜又有新分享能看到更全面的发行说明了，而且是视频展示，有水印可以基本确定是特斯拉员工车辆上的。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/174059F255D655C2059BFCD9BA5489E7F116C256_size295_w580_h699.png\"/></p><p>带来了不少更新内容，如“自动化”应用程序，也就是说可以把不同日常用车当中的一些习惯，都可以创建成你个人的记忆了。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/36B88EAA07F6488BCCAFCAC8E5A116BE0F099042_size145_w574_h557.png\"/></p><p>现在微信也可以互联了，点击导航搜索➡️手机➡️激活按钮启动服务，根据引导在手机端激活服务后，即可将微信里的地址直接发送到您的车辆上（需要有高级车载娱乐服务包）。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/51768702AE243E45C4E05FEADD9A436999561139_size127_w490_h388.png\"/></p><p>这里小编就不一一放各功能介绍图片了，除上述提到外大概说一下还有行车记录仪动态录制时长、QQ 音乐伴唱模式、歌词视觉焕新、超级充电站聚合显示、喷漆车间、附近停车。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/C824E85695F737CAF7B1B868957FBEF1D72554B5_size237_w578_h659.png\"/></p><p>共计有 10 项功能，这应该算是今年春节 OTA 大更新内容提前曝光没得跑了。</p><p>不过，到时候正式推送时的车机软件版本号应该是 2026 开头了。</p><p>那么，以上这些更新哪几项是特友们比较期待的？来简单聊一聊！</p></body></html>","source":"fenghuang_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>10项功能！特斯拉春节OTA大更新曝光：语音唤醒、酷狗音乐、微信互联都来了</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ 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的。但就在深夜又有新分享能看到更全面的发行说明了，而且是视频展示，有水印可以基本确定是特斯拉员工车辆上的。带来了不少更新内容，如“自动化”应用程序，也就是说可以把不同日常用车当中的一些习惯，都可以创建成你个人...</p>\n\n<a href=\"https://tech.ifeng.com/c/8qH1EOxCcsq\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4535":"淡马锡持仓","TSLR":"2倍做多TSLA ETF-GraniteShares","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","TSLS":"1倍做空TSLA ETF-Direxion","BK4511":"特斯拉概念","LU0056508442.USD":"贝莱德世界科技基金A2","LU0823414478.USD":"法巴经典能源转换基金","TSLT":"2倍做多TSLA ETF-T-Rex","BK4550":"红杉资本持仓","BK4551":"寇图资本持仓","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM 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的。但就在深夜又有新分享能看到更全面的发行说明了，而且是视频展示，有水印可以基本确定是特斯拉员工车辆上的。带来了不少更新内容，如“自动化”应用程序，也就是说可以把不同日常用车当中的一些习惯，都可以创建成你个人的记忆了。现在微信也可以互联了，点击导航搜索➡️手机➡️激活按钮启动服务，根据引导在手机端激活服务后，即可将微信里的地址直接发送到您的车辆上（需要有高级车载娱乐服务包）。这里小编就不一一放各功能介绍图片了，除上述提到外大概说一下还有行车记录仪动态录制时长、QQ 音乐伴唱模式、歌词视觉焕新、超级充电站聚合显示、喷漆车间、附近停车。共计有 10 项功能，这应该算是今年春节 OTA 大更新内容提前曝光没得跑了。不过，到时候正式推送时的车机软件版本号应该是 2026 开头了。那么，以上这些更新哪几项是特友们比较期待的？来简单聊一聊！","news_type":1,"symbols_score_info":{"01698":0.6,"TSLG":0.6,"TSYY":0.6,"TSLZ":0.6,"TSL":0.6,"TSLA":1.95,"CRSH":0.6,"07766":0.6,"TSLS":0.6,"TSLR":0.6,"TESL":0.6,"TSLT":0.6,"TSLI":0.6,"TSLW":0.6,"TSLY":0.6,"TSDD":0.6,"TSLQ":0.6,"TSLP":0.6}},"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":525959262033224,"gmtCreate":1769432971205,"gmtModify":1769432973255,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563357612600728","authorIdStr":"3563357612600728"},"themes":[],"title":"","htmlText":"可笑","listText":"可笑","text":"可笑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/525959262033224","repostId":"2606212832","repostType":2,"repost":{"id":"2606212832","kind":"news","pubTimestamp":1769427420,"share":"https://www.laohu8.com/m/news/2606212832?lang=zh_CN&edition=full","pubTime":"2026-01-26 19:37","market":"fut","language":"zh","title":"特斯拉的最大风险：归于平庸","url":"https://stock-news.laohu8.com/highlight/detail?id=2606212832","media":"环球市场播报","summary":"一家车企能坐拥1.5万亿美元市值，特斯拉的地位可谓无人能及。但特斯拉面临的更隐蔽挑战，或许并非来自某个对手，而是一种更难启齿的状态：平庸感。 核心电动汽车业务的颓势是特斯拉光环褪色最直观的体现。特斯拉电动汽车销量已连续两年下滑。 特斯拉首席执行官埃隆·马斯克近日在社交平台X上发文，释放了又一个隐晦的信号：特斯拉将于2月14日后停止出售FSD，此后仅提供按月订阅服务。","content":"<html><body><div>\n<p> 一家车企能坐拥1.5万亿美元市值，<span><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a></span><span></span>的地位可谓无人能及。无论是负面消息，还是此起彼伏的竞争警报，似乎都难以真正撼动其股价。但特斯拉面临的更隐蔽挑战，或许并非来自某个对手，而是一种更难启齿的状态：平庸感。</p>\n<p> 核心电动汽车业务的颓势是特斯拉光环褪色最直观的体现。特斯拉电动汽车销量已连续两年下滑。2025年，<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>在纯电动汽车销量上完成反超。行业分析机构考克斯汽车（Cox Automotive）的最新数据显示，即便特斯拉推出了简配版Model 3和Model Y车型，试图在电动车税收抵免退坡后重振需求，但2025年第四季度在美国市场的销量仍下滑15%。</p>\n<p> 特斯拉首席执行官埃隆·马斯克近日在社交平台X上发文，释放了又一个隐晦的信号：特斯拉将于2月14日后停止出售FSD，此后仅提供按月订阅服务。</p>\n<p> FSD即完全自动驾驶（监管版），本质上仍是一套高级驾驶辅助系统，并不具备完全自主驾驶能力。多年来，它一直以选装升级的形式出售，目前一次性购买价格为8000美元。自2021年起，特斯拉推出订阅方案，当前月费为99美元。</p>\n<p> 特斯拉的一举一动总能引发热议，这次也不例外，究其根源还是马斯克过往的种种豪言。2020年，他曾放话称，随着软件持续迭代优化，这套当时还未标注“监管版”的FSD选装包，价值将水涨船高，最终有望突破10万美元大关。然而，现实世界中的科技产品，尤其是依赖芯片、被装进四个轮子里的技术，价值几乎总是沿着相反方向演进，而且往往速度不慢。理论上，更好的软件或许能改变这一轨迹，但特斯拉自身的行动显然并未印证这一点。</p>\n<p> FSD的定价并非一成不变：2019年时售价一度低至5000美元，随后几经上调，最高涨到1.5万美元。订阅模式推出后，价格一路回落至如今水平。如今，特斯拉索性取消了买断选项，尽管这一方式相当于提前锁定近十年的订阅收入。</p>\n<p> 这并不像一项会不断升值的资产，更像一项普通服务：价格随技术能力、竞争格局与市场环境而浮动。</p>\n<p> 这一转向的背景，是<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>在拉斯维加斯消费电子展上掀起的涟漪。这家芯片巨头推出了开源人工智能模型Alpamayo，用于开发自动驾驶汽车，并将其与英伟达现有的软硬件工具整合，为车企提供一套“即装即用”的高级驾驶辅助系统解决方案，未来甚至有望拓展至完全自动驾驶。</p>\n<p> 马斯克回应称，英伟达不过是在复制特斯拉的路线。从某种程度上来说，确实如此。英伟达采用的机器学习自动驾驶方案与特斯拉思路相近，同样需要花费漫长时间，在真实道路环境中反复验证。</p>\n<p> 但更深层的问题在于，一家并不打算造车的科技公司，正试图打造自动驾驶领域的“安卓系统”，向所有愿意付费的车企开放。这为传统车企提供了一条低资本投入的捷径，却也意味着，一个持续增长的车辆价值来源将不可避免地外溢给一家市值已超过全球汽车产业总和的供应商。对底特律而言，这是一把双刃剑，尤其是在其价值体系仍高度依赖内燃机的背景下。</p>\n<p> 对特斯拉而言，情况可能更糟。随着电动车业务明显受挫，支撑其估值的，越来越多来自市场对其在自动驾驶领域建立统治地位的预期。特斯拉的股票，本质上是一种叙事。正如自动驾驶专家、风投机构New Industry Management联合创始人亚历克斯·罗伊（Alex Roy）所言，特斯拉拥有强大的“叙事主导权”。马斯克塑造公众对汽车科技认知的能力之强，甚至延伸到对相关术语本身的定义，以至于不断逼近的竞争，也未能撼动特斯拉200倍以上的市盈率。</p>\n<p> 但竞争往往伴随着另一种更隐秘的力量：大宗商品化。近一年前，<a href=\"https://laohu8.com/S/002594\">比亚迪</a>已在中国市场将高级驾驶辅助系统列为多数车型的标配；如今英伟达的入局，又为汽车功能“从高价噱头沦为标配”的老路添上了新注脚。别忘了，作为FSD前身的Autopilot，曾经也是售价数千美元的选装项，如今早已成为标配。在经历多轮降价后，FSD转而完全采用可随时取消的订阅模式，本身就是一种信号。</p>\n<p> 如果特斯拉的技术优势无可匹敌，这种变化或许不足为惧。但正如我此前所写，特斯拉对其所谓“定义行业、引领全球”的核心技术，一直披露有限，令人费解。</p>\n<p> 更何况，距离特斯拉在奥斯汀推出FSD自动驾驶出租车一周年的节点仅剩五个月。必须坦率地说，与马斯克此前的承诺相比，那次“上线”近乎滑稽，而公司最近又一次错过了移除前排安全驾驶员的时间节点。</p>\n<p> 如果这种不温不火的节奏持续到2026年6月，那些长期看多特斯拉的投资者，是否会开始对“特斯拉真正引领自动驾驶”的叙事产生动摇？罗伊指出，只要不发生灾难性事故，特斯拉仍有空间展示进展、维系叙事，比如在保留安全员的情况下，将服务扩展至更多城市。考虑到特斯拉近乎宗教般的号召力，这或许已足以托住股价。马斯克当然也可以进一步加码“机器人叙事”，只是那条赛道上，同样已不乏竞争者。</p>\n<p> 但除了信徒之外，外界已然看清：特斯拉在无人驾驶领域许下的种种承诺，与其实际进展相去甚远；与此同时，市场竞争日益激烈，行业“常态化”的苗头也已显现。既然特斯拉已在电动车领域失去无可争议的领导地位和定价权，又凭什么假定，它能在新领域免疫于同样的规律？</p>\n<p> 企业可以在某个（任何）领域大获成功，但当竞争加剧、光环褪色时，它仍可能辜负市场的炽热期望。评估特斯拉的自动驾驶业务时，决定性的不只是市场份额假设，也在于价格与定价能力。在如此高估值的状态下，最大的风险或许并非轰然坠落，而是缓慢而熟悉地，滑向平庸。</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：刘明亮 </p>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特斯拉的最大风险：归于平庸</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ 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class=\"title\">\n特斯拉的最大风险：归于平庸\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-26 19:37 北京时间 <a href=https://finance.sina.com.cn/stock/usstock/c/2026-01-26/doc-inhirukv8967185.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>一家车企能坐拥1.5万亿美元市值，特斯拉的地位可谓无人能及。无论是负面消息，还是此起彼伏的竞争警报，似乎都难以真正撼动其股价。但特斯拉面临的更隐蔽挑战，或许并非来自某个对手，而是一种更难启齿的状态：平庸感。\n 核心电动汽车业务的颓势是特斯拉光环褪色最直观的体现。特斯拉电动汽车销量已连续两年下滑。2025年，比亚迪在纯电动汽车销量上完成反超。行业分析机构考克斯汽车（Cox Automotive）的...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2026-01-26/doc-inhirukv8967185.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2063271972.USD":"富兰克林创新领域基金","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","BK4550":"红杉资本持仓","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4588":"碎股","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY 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INC"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2026-01-26/doc-inhirukv8967185.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2606212832","content_text":"一家车企能坐拥1.5万亿美元市值，特斯拉的地位可谓无人能及。无论是负面消息，还是此起彼伏的竞争警报，似乎都难以真正撼动其股价。但特斯拉面临的更隐蔽挑战，或许并非来自某个对手，而是一种更难启齿的状态：平庸感。\n 核心电动汽车业务的颓势是特斯拉光环褪色最直观的体现。特斯拉电动汽车销量已连续两年下滑。2025年，比亚迪在纯电动汽车销量上完成反超。行业分析机构考克斯汽车（Cox Automotive）的最新数据显示，即便特斯拉推出了简配版Model 3和Model Y车型，试图在电动车税收抵免退坡后重振需求，但2025年第四季度在美国市场的销量仍下滑15%。\n 特斯拉首席执行官埃隆·马斯克近日在社交平台X上发文，释放了又一个隐晦的信号：特斯拉将于2月14日后停止出售FSD，此后仅提供按月订阅服务。\n FSD即完全自动驾驶（监管版），本质上仍是一套高级驾驶辅助系统，并不具备完全自主驾驶能力。多年来，它一直以选装升级的形式出售，目前一次性购买价格为8000美元。自2021年起，特斯拉推出订阅方案，当前月费为99美元。\n 特斯拉的一举一动总能引发热议，这次也不例外，究其根源还是马斯克过往的种种豪言。2020年，他曾放话称，随着软件持续迭代优化，这套当时还未标注“监管版”的FSD选装包，价值将水涨船高，最终有望突破10万美元大关。然而，现实世界中的科技产品，尤其是依赖芯片、被装进四个轮子里的技术，价值几乎总是沿着相反方向演进，而且往往速度不慢。理论上，更好的软件或许能改变这一轨迹，但特斯拉自身的行动显然并未印证这一点。\n FSD的定价并非一成不变：2019年时售价一度低至5000美元，随后几经上调，最高涨到1.5万美元。订阅模式推出后，价格一路回落至如今水平。如今，特斯拉索性取消了买断选项，尽管这一方式相当于提前锁定近十年的订阅收入。\n 这并不像一项会不断升值的资产，更像一项普通服务：价格随技术能力、竞争格局与市场环境而浮动。\n 这一转向的背景，是英伟达在拉斯维加斯消费电子展上掀起的涟漪。这家芯片巨头推出了开源人工智能模型Alpamayo，用于开发自动驾驶汽车，并将其与英伟达现有的软硬件工具整合，为车企提供一套“即装即用”的高级驾驶辅助系统解决方案，未来甚至有望拓展至完全自动驾驶。\n 马斯克回应称，英伟达不过是在复制特斯拉的路线。从某种程度上来说，确实如此。英伟达采用的机器学习自动驾驶方案与特斯拉思路相近，同样需要花费漫长时间，在真实道路环境中反复验证。\n 但更深层的问题在于，一家并不打算造车的科技公司，正试图打造自动驾驶领域的“安卓系统”，向所有愿意付费的车企开放。这为传统车企提供了一条低资本投入的捷径，却也意味着，一个持续增长的车辆价值来源将不可避免地外溢给一家市值已超过全球汽车产业总和的供应商。对底特律而言，这是一把双刃剑，尤其是在其价值体系仍高度依赖内燃机的背景下。\n 对特斯拉而言，情况可能更糟。随着电动车业务明显受挫，支撑其估值的，越来越多来自市场对其在自动驾驶领域建立统治地位的预期。特斯拉的股票，本质上是一种叙事。正如自动驾驶专家、风投机构New Industry Management联合创始人亚历克斯·罗伊（Alex Roy）所言，特斯拉拥有强大的“叙事主导权”。马斯克塑造公众对汽车科技认知的能力之强，甚至延伸到对相关术语本身的定义，以至于不断逼近的竞争，也未能撼动特斯拉200倍以上的市盈率。\n 但竞争往往伴随着另一种更隐秘的力量：大宗商品化。近一年前，比亚迪已在中国市场将高级驾驶辅助系统列为多数车型的标配；如今英伟达的入局，又为汽车功能“从高价噱头沦为标配”的老路添上了新注脚。别忘了，作为FSD前身的Autopilot，曾经也是售价数千美元的选装项，如今早已成为标配。在经历多轮降价后，FSD转而完全采用可随时取消的订阅模式，本身就是一种信号。\n 如果特斯拉的技术优势无可匹敌，这种变化或许不足为惧。但正如我此前所写，特斯拉对其所谓“定义行业、引领全球”的核心技术，一直披露有限，令人费解。\n 更何况，距离特斯拉在奥斯汀推出FSD自动驾驶出租车一周年的节点仅剩五个月。必须坦率地说，与马斯克此前的承诺相比，那次“上线”近乎滑稽，而公司最近又一次错过了移除前排安全驾驶员的时间节点。\n 如果这种不温不火的节奏持续到2026年6月，那些长期看多特斯拉的投资者，是否会开始对“特斯拉真正引领自动驾驶”的叙事产生动摇？罗伊指出，只要不发生灾难性事故，特斯拉仍有空间展示进展、维系叙事，比如在保留安全员的情况下，将服务扩展至更多城市。考虑到特斯拉近乎宗教般的号召力，这或许已足以托住股价。马斯克当然也可以进一步加码“机器人叙事”，只是那条赛道上，同样已不乏竞争者。\n 但除了信徒之外，外界已然看清：特斯拉在无人驾驶领域许下的种种承诺，与其实际进展相去甚远；与此同时，市场竞争日益激烈，行业“常态化”的苗头也已显现。既然特斯拉已在电动车领域失去无可争议的领导地位和定价权，又凭什么假定，它能在新领域免疫于同样的规律？\n 企业可以在某个（任何）领域大获成功，但当竞争加剧、光环褪色时，它仍可能辜负市场的炽热期望。评估特斯拉的自动驾驶业务时，决定性的不只是市场份额假设，也在于价格与定价能力。在如此高估值的状态下，最大的风险或许并非轰然坠落，而是缓慢而熟悉地，滑向平庸。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：刘明亮","news_type":1,"symbols_score_info":{"TESL":0.6,"TSLA":1.96,"TSLW":0.6,"TSLP":0.6,"TSLG":0.6,"TSLI":0.6,"TSLZ":0.6,"TSLQ":0.6,"TSLR":0.6,"TSLT":0.6,"TSLS":0.6,"TSL":0.6,"CRSH":0.6,"TSDD":0.6,"TSLY":0.6,"07766":0.6,"TSYY":0.6}},"isVote":1,"tweetType":1,"viewCount":205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":519602110502248,"gmtCreate":1767877242874,"gmtModify":1767877245081,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563357612600728","authorIdStr":"3563357612600728"},"themes":[],"title":"","htmlText":"并且车主没买商业险","listText":"并且车主没买商业险","text":"并且车主没买商业险","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/519602110502248","repostId":"2601369690","repostType":2,"repost":{"id":"2601369690","kind":"news","pubTimestamp":1767873971,"share":"https://www.laohu8.com/m/news/2601369690?lang=zh_CN&edition=full","pubTime":"2026-01-08 20:06","market":"us","language":"zh","title":"特斯拉辅助驾驶连续避让后追尾 车主：刹车没反应 车门和窗户打不开","url":"https://stock-news.laohu8.com/highlight/detail?id=2601369690","media":"快科技","summary":"但该车道同样有一辆大货车，特斯拉又变到了最右侧的导流线上，结果在前方导流线收窄的地方，车辆刹车不及追尾了前方的大货车，并被挤到了栏杆上。特斯拉车内气囊全部弹出，车门也被挤住打不开，车内甚至已经开始冒烟了，他们两人被困在车内，非常恐怖。此次事故特斯拉负全责，因为车辆没买车损险，车损非常严重，已经报废了。","content":"<html><body><article><p>快科技1月8日消息，据报道，近日，安徽岳西高速上，一辆<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>发生追尾事故，车主对车辆的辅助驾驶系统也产生了质疑。</p><p>行车记录仪<a href=\"https://laohu8.com/S/VIDE\">视频显示</a>，这辆特斯拉本来在最左侧的超车道行驶，前方大客车突然变道，特斯拉刹车不及，紧急变道至右侧车道。</p><p>但该车道同样有一辆大货车，特斯拉又变到了最右侧的导流线上，<strong>结果在前方导流线收窄的地方，车辆刹车不及追尾了前方的大货车，并被挤到了栏杆上。</strong></p><p>车主介绍，当时他开了辅助驾驶系统，他看到要追尾第一反应是踩刹车，但系统却让他避让，踩刹车没有反应，导致最后追尾，并被大货车挤着拖行了几十米。</p><p>特斯拉车内气囊全部弹出，车门也被挤住打不开，车内甚至已经开始冒烟了，他们两人被困在车内，非常恐怖。</p><p>最后，是大货车司机砸碎了车玻璃，他们才逃了出来。此次事故特斯拉负全责，<strong>因为车辆没买车损险，车损非常严重，已经报废了。</strong></p><p>车主表示，如果当时是他在开车，发生这样的事故他愿意承担事故责任。但现在的情况时，车辆是由辅助驾驶来开的，车辆失控才造成事故。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260108201322229d163i88xupy3xmm\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特斯拉辅助驾驶连续避让后追尾 车主：刹车没反应 车门和窗户打不开</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉辅助驾驶连续避让后追尾 车主：刹车没反应 车门和窗户打不开\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-08 20:06 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260108201331a70304a5&s=b><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技1月8日消息，据报道，近日，安徽岳西高速上，一辆特斯拉发生追尾事故，车主对车辆的辅助驾驶系统也产生了质疑。行车记录仪视频显示，这辆特斯拉本来在最左侧的超车道行驶，前方大客车突然变道，特斯拉刹车不及，紧急变道至右侧车道。但该车道同样有一辆大货车，特斯拉又变到了最右侧的导流线上，结果在前方导流线收窄的地方，车辆刹车不及追尾了前方的大货车，并被挤到了栏杆上。车主介绍，当时他开了辅助驾驶系统，他看到...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260108201331a70304a5&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","BK4598":"佩洛西持仓","BK4551":"寇图资本持仓","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1066053197.SGD":"HSBC GIF GLOBAL 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