自 2025 年 10 月 分析师将特斯拉（Tesla, Inc., TSLA）的评级下调至 卖出 以来，其股价基本横盘震荡。 此后，市场陆续迎来了两份关键 数据 —— 公司第三季度财报与第四季度交付量报告，而这两份数据均持续印证着分析师的空头观点。这些数据远不止表面的交付量下滑那么 简单。从 10 月至今，特斯拉股价维持不变的表现，对投资者而言，堪称一次难得的离场良机。 用 户 群 体 的 疏 远 与 核 心 人 物 风 险 我们不会深入探讨多头最看重的三大炒作概念 —— 完全自动驾驶（FSD）、人工智能与机器人技术。原因很简单，这三项业务至今均未产生 实质性的财务收益，依旧停留在投机阶段。 即便未来其中一项或多项业务能够取得成功，也必须正视一个现实：这些领域的竞争都异常激烈，而特斯拉在切入这些赛道时，已然因创始人 的政治立场卷入争议，导致品牌声誉受损，暴露出显著的 核心人物风险 。近年来，市场上一直流传着 "过度追求政治正确，终将反噬企业经 营" 的说法，而这一道理反过来同样成立。特斯拉因立场问题疏远了至少半数消费者，进而可能损害用户信任 —— 这对公司的发展而言，无 疑是一剂毒药。 【如需和我们交流可扫 ...

设计 | 甄 尤 美 来源 | e l e c t r e k 、 f l e e t e u r o p e 撰文 | 吴 静 编辑 | 黄 大 路 荷兰租赁公司 Mistergreen 正面临破产。 这家以 " 纯特斯拉车队 " 闻名、曾豪赌自动驾驶出租车未来的企业，其财务崩盘犹如一记警钟，揭示了盲目追随埃隆·马斯克（ Elon Musk ）所谓 特斯拉将成为 "增值资产"论调的巨大风险——在二手车市场的凛冽寒风中，这个预言已被现实击得粉碎。 截至目前， 荷兰特斯拉专营汽车租赁公司 Mistergreen 已清偿债券持有人债务，并正在出售其业务 。 年末欢聚，共启新程！ 错误的杠杆投资 MisterGreen 成立于 2019 年 ， 是荷兰电动出行领域的先驱 ，它 通过仅提供特斯拉电动汽车的租赁服务来实现这一目标 。 这是一个大胆的选择 ， 但也是有道理的 ： 当时 ， 特斯拉无疑是最先进的电动汽车制造商 ， 几乎独自引领着电动 汽车 革命 。 六年后的今天，市场格局已天差地别，特斯拉不再是市场的宠儿。以美国市场为例， 最新数据显示 ， 特斯拉 2025 年 11 月在美国的销量达到 39800 辆 ， ...

Core Viewpoint - Elon Musk's recent stock purchase has significantly boosted Tesla's stock price, indicating renewed confidence in the company's operations and alleviating market concerns about Musk's political involvement [1][6]. Group 1: Stock Performance - Tesla's stock price surged over 8% in pre-market trading following Musk's announcement of purchasing over 2.5 million shares on September 12, with a price range between $372.37 and $396.54, totaling approximately $1 billion [1][6]. - As of September 15, Tesla's stock was reported at $426.22 per share, reflecting a pre-market increase of 7.65% [3][4]. Group 2: Sales Performance - In China, the newly launched Model Y L has seen strong demand, with delivery times extending to November 2025, indicating that October's inventory has sold out [9]. - Tesla's sales in China for the first half of the year were 263,400 units, a year-on-year decline of 5.4%, while the overall new energy vehicle market in China grew by 40.3% [9]. - In August, Tesla's wholesale sales in China reached 83,192 units, a month-on-month increase of 22.6% [9]. Group 3: Production Plans - Tesla's German factory plans to increase electric vehicle production due to "very strong sales data," adjusting production plans for Q3 and Q4 [10]. - Despite previous declines in European sales, the increase in production at the German factory suggests a potential turnaround in Tesla's European market performance [10]. Group 4: Executive Compensation - Tesla's board has proposed a new compensation plan for Musk, potentially worth $1 trillion, which is the largest executive compensation plan in U.S. history [6][8]. - The plan includes granting Musk up to 423.7 million restricted stock units, contingent on achieving specific market capitalization and operational targets [8].

Core Viewpoint - The closure of Tesla's Dojo supercomputer project, which had significant investment and was initially seen as a key to achieving full self-driving capabilities, reflects a shift in strategy towards leveraging existing industry solutions rather than pursuing vertical integration in AI technology [4][10][12]. Group 1: Project Closure and Financial Implications - Tesla's Dojo project was officially shut down after over $1 billion in investment, marking a significant pivot in its approach to AI technology [4][10][13]. - The company plans to spend tens of billions on NVIDIA AI chips, increasing its stock from 35,000 to 85,000 units by the end of 2025 [13][30]. Group 2: Challenges of Vertical Integration - The ambitious design of Dojo's chip architecture faced significant challenges, including heat dissipation, power consumption, and system stability, which hindered its performance [16][18]. - Tesla's attempt to create a new chip and software stack simultaneously proved to be an extremely difficult challenge, leading to the project's failure to meet performance targets [16][18]. Group 3: Industry Dynamics and Strategic Shift - The closure of Dojo highlights a broader trend in the AI industry where companies are recognizing the importance of platform ecosystems over isolated technological breakthroughs [21][28]. - NVIDIA's CUDA software ecosystem has become a dominant force in AI development, making it difficult for new entrants to compete without a similar platform [22][23][27]. - By outsourcing its computing infrastructure to NVIDIA, Tesla can refocus its engineering efforts on neural network algorithms and data processing, aligning with the industry's shift towards platform-based competition [27][28][30].

Core Insights - Tesla has upgraded the long-range versions of its Model 3 and Model Y, enhancing battery chemistry and overall vehicle optimization, resulting in increased range without changing usable battery capacity [1] - The Model Y's CLTC range increased from 719 km to 750 km, while the Model 3's range rose from 713 km to 753 km [1] - The price adjustments include a 10,000 yuan increase for the Model 3, which now features a standard "Acceleration Boost" package, reducing its 0-100 km/h time from 4.4 seconds to 3.8 seconds [1] Market Context - The price increase comes amid a competitive landscape where brands like Xiaomi are offering similar configurations at lower prices, highlighting Tesla's unique strategy of price hikes rather than reductions [2] - Tesla faces growth challenges in both the Chinese and global markets, with sales growth slowing and some markets experiencing year-over-year declines [2] - Local competitors like BYD are gaining market share, and new entrants such as NIO and Xpeng are solidifying their positions in the high-end market [2] Strategic Shift - Tesla's recent price increase signals a shift from a volume-driven strategy to a focus on maintaining profit margins and brand value, moving away from aggressive price competition [3][4] - The company aims to stabilize or increase its average selling price (ASP) and profit margins through this "upgrade" strategy, reflecting a broader trend towards quality over quantity [3][4] Product Strategy - The pricing strategy mirrors Apple's approach, emphasizing product value through innovation rather than engaging in price wars [4][6] - The Model 3's price increase is coupled with significant performance enhancements, appealing to consumers who prioritize performance and brand experience over cost [6] Challenges Ahead - Tesla's leadership in the autonomous driving sector is under scrutiny following a disappointing Robotaxi demonstration, which raises doubts about its future narrative and market position [7][9] - As the vision of a fully autonomous fleet becomes uncertain, Tesla must rely more on its automotive business for profitability, making price increases a necessary strategy [9][10] - The company's ability to maintain its brand appeal and competitive edge in a rapidly evolving market will be tested by consumer reactions to these price changes [10]

宁德时代在安徽成立新公司 近日，时代骐骥新能源科技（宣城）有限公司成立，法定代表人为熊洪瑞，注册资本500万人民币，经营范围含新兴能源技术研发、新能源汽 车换电设施销售、在线能源计量技术研发、合同能源管理、电池销售、信息系统运行维护服务、充电桩销售、机动车充电销售等。 3月1日，福鼎时代锂离子电池生产基地5号超级工厂项目正式封顶。 福鼎时代5号超级工厂项目厂房单体建筑面积达23万平方米，布局了4条国际领先的新能源电池超级生产线及智能制造设备，年产能力将达到 25GWh新能源动力电池。项目于2024年10月21日正式开工，预计2025年8月投产。 亿纬锂能增资锂电材料头部企业 天眼查App显示，近日，贝特瑞新材料科技有限公司发生工商变更，新增亿纬锂能为股东，注册资本由5亿人民币增至6亿人民币，同时，法定 代表人及多位高管均发生变更。 资料显示，贝特瑞（四川）新材料科技有限公司成立于2020年5月，法定代表人为田立斌，经营范围含合成材料制造、合成材料销售、石墨及 碳素制品制造、石墨及碳素制品销售、电池制造、塑料制品制造、电子专用材料制造等。 亿纬锂能与三一重卡合作升级 近日，三一重卡与亿纬锂能2025年战略研讨会 ...