特斯拉市值重回万亿美元，但这一数据引发投资者担忧

Core Insights - Tesla's market value continues to rise despite a significant decline in sales and earnings fundamentals, with a projected P/E ratio of 110 for next year and 167 for 2025 [2][3] - The recent sales data from China indicates a worrying trend, with weekly sales dropping to 3,070 units, a 58% decrease month-over-month and a 69% decrease year-over-year [1][2] - The decline in sales is primarily attributed to the new Model Y, which has seen its weekly sales fall to 1,270 units, the lowest since its launch [1] Sales Performance - Tesla's cumulative sales in China have decreased by 25% compared to the same period last year, which is weaker than the initial weeks of the first quarter [1] - The sales data is particularly concerning as China is Tesla's largest single market, surpassing the importance of the U.S. market [1] Market Competition - Local Chinese electric vehicle brands such as Nio, Xpeng, and Li Auto are experiencing sales growth, indicating that they are less affected by the ongoing U.S.-China trade negotiations [3] - Chinese brands are innovating rapidly, reducing the vehicle development cycle from the industry standard of 6-7 years to just 2-3 years, while Tesla has not fully updated any of its models [5] Consumer Sentiment - Tesla's CEO Elon Musk claims that there is no decline in demand, attributing the sales drop to general economic uncertainty rather than issues with the brand or products [3] - The lack of new models is impacting Tesla's performance in the Chinese market, as potential customers find the updated Model Y unappealing compared to newer offerings from local competitors [5]