马斯克注意力越来越分散，Robotaxi 毫无进展，特斯拉何时反转？

Core Viewpoint - Tesla's stock has experienced significant declines due to disappointing sales reports from Europe and Asia, alongside a broader sell-off in the tech sector [1][2]. Group 1: Sales Performance and Market Conditions - Tesla's stock dropped 15.4% in a single trading day, losing all gains from the post-election rebound [1]. - The company has faced challenges in meeting delivery targets, which has overshadowed any potential benefits from political changes [2]. - Tesla's revenue growth is lagging behind the sector, with a year-over-year growth of only 0.95%, significantly lower than the sector median of 2.84% [4]. Group 2: Competitive Landscape - The electric vehicle market has become increasingly competitive, with 37 publicly listed EV companies in the U.S. alone, and BYD's sales now surpassing Tesla's [2]. - Elon Musk has acknowledged that without advancements in autonomous driving technology, Tesla's value could diminish significantly [3]. Group 3: Future Growth Prospects - The anticipated "robotaxi" service is seen as a potential growth driver, but its rollout has been slow, with no operational services yet in any city [5]. - If successful, the robotaxi service could tap into a market worth approximately $190 billion, but the timeline for widespread implementation is uncertain [6]. Group 4: Financial Metrics - Tesla's earnings per share (EPS) growth has been negative, with a year-over-year decline of 52.56% [4]. - The company's price-to-earnings (P/E) ratios are significantly high, indicating a lack of growth potential, with a non-GAAP P/E of 108.54 [7]. Group 5: Management Challenges - Elon Musk's divided attention among multiple ventures, including SpaceX and Neuralink, raises concerns about his focus on Tesla [9]. - The potential negative impact of Musk's divided responsibilities could lead to a loss of market share to more focused competitors [9]. Group 6: Investment Sentiment - Current sentiment suggests that Tesla's stock lacks appeal for both short and long positions due to stagnant growth and delayed catalysts [10].