Investors say Elon Musk’s company has worrying profit margins. Photo: SLAVEN VLASIC / AFP
题图：投资者表示，埃隆·马斯克（Elon Musk）的公司的利润率令人担忧。照片：SLAVEN VLASIC / AFP
Tesla shares tumbled 12 percent on Wednesday local time, evaporating almost US$100 billion in stock market value after CEO Elon Musk’s talk of humanoid robots and driverless taxis failed to comfort investors worried about the electric car maker’s shrinking profit margins.
【澳纽网编译】特斯拉股价在当地时间周三下跌12%，蒸发了近1000亿美元的股票市值，此前首席执行官埃隆·马斯克（Elon Musk）关于人形机器人和无人驾驶出租车的言论未能安抚投资者对这家电动汽车制造商利润率下降的担忧。
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Tesla posted its lowest quarterly profit margin in five years late on Tuesday local time, with earnings per share missing estimates for the fourth consecutive quarter.
特斯拉当地时间周二晚些时候公布了五年来最低的季度利润率，每股收益连续第四个季度低于预期。
It was the biggest one-day percentage drop in Tesla’s stock since 2020, and it left Tesla’s market capitalization at just under US$700 billion, down from over US$1 trillion in 2021.
这是特斯拉股价自 2020 年以来的最大单日百分比跌幅，使特斯拉的市值略低于 7000 亿美元，低于 2021 年的 1 万亿美元。
Still the world’s most valuable car maker, Tesla’s valuation relies on investor expectations of big future profits driven by yet-to-launch products such as its promised robotaxis and robots.
作为全球市值最高的汽车制造商，特斯拉的估值依赖于投资者对未来巨额利润的预期，这些利润是由尚未推出的产品推动的，例如其承诺的机器人出租车和机器人。
“All of Musk’s enthusiasm on the call, outside of (energy) storage, were for products that don’t exist,” said TD Cowen’s Jeff Osborne.
“马斯克在电话会议上的所有热情，除了（能源）存储之外，都是针对不存在的产品，”TD Cowen的Jeff Osborne说。
Tesla’s weak results, along with a report from Alphabet in which it flagged higher capital expenses, amounted to a poor start to second-quarter reports for Wall Street’s most valuable companies.
特斯拉疲软的业绩，以及Alphabet的一份报告，其中它标记了更高的资本支出，相当于华尔街最有价值的公司第二季度报告的糟糕开端。
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Google parent Alphabet’s stock fell almost 5 percent, and the losses in its shares and Tesla’s sent Wall Street into a deep sell-off as investors worried about pricey valuations.
谷歌母公司Alphabet的股价下跌了近5%，其股票和特斯拉的股价下跌导致华尔街陷入深度抛售，因为投资者担心估值过高。
Tesla’s EV deliveries have fallen for two straight quarters, and it has not introduced a lower-cost model that many expected, causing buyers to turn to rival EV makers. China’s BYD , for instance, widened its sales lead over Tesla in Singapore in the first half of 2024.
特斯拉的电动汽车交付量已经连续两个季度下降，而且它没有推出许多人预期的低成本车型，导致买家转向竞争对手的电动汽车制造商。例如，中国的比亚迪在2024年上半年在新加坡扩大了对特斯拉的销售领先优势。
Tesla has been forced to cut prices and boost incentives to drum up sales of its ageing vehicle line-up. Musk said rivals “have discounted their EVs very substantially, which has made it a bit more difficult for Tesla”.
特斯拉被迫降价并增加激励措施，以促进其老化汽车阵容的销售。马斯克表示，竞争对手“已经大幅打折了他们的电动汽车，这让特斯拉变得更加困难”。
The company said the cheaper models it expects to bring out in the first half of 2025 would result in less cost reduction than previously expected, while delaying a widely awaited event for its robotaxi to October.
该公司表示，预计在2025年上半年推出的更便宜的车型将导致成本降低低于此前的预期，同时将其期待已久的自动驾驶出租车活动推迟到10月。
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“Tesla is not being priced on auto, but autonomy and AI … We believe any payoff from (Tesla’s AI) initiatives (is) further out,” wrote UBS analyst Joseph Spak, reiterating a “sell” rating on the stock.
“特斯拉的定价不是汽车，而是自动驾驶和人工智能……我们认为（特斯拉的人工智能）计划的任何回报都会进一步超出，“瑞银分析师Joseph Spak写道，并重申对该股的”卖出“评级。
AI investment 人工智能投资
Tesla’s stock has recently traded at 85 times its 12-month forward earnings estimates, compared to 7 for legacy automaker Ford Motor.
特斯拉的股票最近交易价格是其12个月远期盈利预期的85倍，而传统汽车制造商福特汽车（Ford Motor）为7倍。
Musk said on Tuesday Tesla’s Optimus humanoid robot had begun performing tasks autonomously in one of its facilities and that he would be shocked if there were no self-driving Tesla vehicles without human supervision next year.
马斯克周二表示，特斯拉的Optimus人形机器人已经开始在其其中一个设施中自主执行任务，如果明年没有没有人类监督的自动驾驶特斯拉汽车，他会感到震惊。
In 2019, Musk told investors that Tesla would be operating a network of robotaxis by 2020.
2019年，马斯克告诉投资者，特斯拉将在2020年之前运营一个机器人出租车网络。
He also launched a poll asking users on X if Tesla should invest US$5 billion in his AI startup xAI – a quarter of which he planned to keep for investors in X. The value of X, formerly Twitter, has plunged since his US$44 billion purchase of the platform.
他还发起了一项民意调查，询问X上的用户特斯拉是否应该向他的人工智能初创公司xAI投资50亿美元，他计划将其中四分之一留给X的投资者。自以 440 亿美元收购该平台以来，X 的前身为 Twitter 的价值暴跌。
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Nearly 1 million people had participated with 68 percent voting in favour of the investment.
近100万人参加了这项投资，其中68%的人投票赞成这项投资。
Wall Street analysts questioned whether Tesla will be able to overcome technical and regulatory hurdles to deploy robotaxis within the next few years. Musk said on Tuesday that Tesla pushed back the unveiling of Tesla’s robotaxi to 10 October from 8 August.
华尔街分析师质疑特斯拉是否能够在未来几年内克服部署自动驾驶出租车的技术和监管障碍。马斯克周二表示，特斯拉将特斯拉自动驾驶出租车的揭幕时间从8月8日推迟到10月10日。
It may take Tesla until the end of the decade, if then, to reach a point where its cars can drive themselves without any human intervention, said TD’s Osborne.
特斯拉可能需要到本世纪末才能达到一个点，即其汽车可以在没有任何人工干预的情况下自动驾驶，TD的Osborne说。
The company’s price cuts and incentives pushed automotive gross margins, excluding regulatory credits, down to 14.6 percent in the second quarter.
该公司的降价和激励措施推动汽车毛利率（不包括监管信贷）在第二季度降至14.6%。
One of the 50 analysts covering the stock cut their rating, while there were three price target increases and two decreases, according to LSEG data.
根据LSEG的数据，覆盖该股的50位分析师中，有一位下调了评级，同时有三次目标价上调和两次下调。
Analysts, on average, rate the stock a “hold,” with a median price target of US$212.50 (NZ$359), the data shows.
数据显示，分析师平均对该股的评级为“持有”，目标价中位数为212.50美元（359新西兰元）。
来源： Reuters -路透社
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