华尔街正犯一个大错：还把特斯拉当成汽车公司

Core Viewpoint - Tesla is systematically shedding its identity as a traditional car manufacturer and is transitioning into a robotics company, which investors are overlooking despite recent profit declines and tightening margins [2][3]. Group 1: Tesla's Transformation - Investors should not focus solely on vehicle sales data, as Tesla is not merely an automotive company like Ford or General Motors, but a flexible and continuously evolving entity [3]. - Tesla has been investing heavily in autonomous driving technology, fundamentally shifting towards becoming a robotics company, which traditional competitors are failing to recognize [3][4]. - The concept of disruptive innovation, as explained by Harvard professor Clayton Christensen, illustrates how traditional companies often overlook disruptive innovations from lower-end markets until it is too late, a situation Tesla is currently exploiting [3]. Group 2: Competitive Landscape - Executives from traditional automakers like General Motors are aware of the threat posed by Tesla's Full Self-Driving (FSD) technology but have not recognized the urgency of the situation [4]. - General Motors has indicated that its hands-free, eyes-free autonomous driving product may not be available until 2028, while Tesla's FSD technology is already operational [4]. - Tesla's transition to a data-collecting road robot through autonomous driving technology will provide a significant competitive advantage, allowing it to reshape the automotive landscape [4]. Group 3: Future Vision - Tesla's vision extends beyond passenger vehicles to include electric heavy-duty trucks, futuristic buses, and humanoid robots, which Elon Musk claims will account for 80% of future sales [4]. - The shift towards a robotics platform is seen as the first step in opening up a vast new market for Tesla [4]. - Investors should adjust their strategies to view Tesla as a disruptive robotics company rather than a traditional automotive manufacturer, as the perceived "unrealistic premium" reflects its positioning as a "disruptive robotics enterprise" [4].