要完成这一目标，特斯拉必须完成商业模式的根本转型——从卖产品到卖服务、从一次性收入转变为获 取持续性收入。这意味着特斯拉必须成为"车轮上的苹果"：汽车硬件只是入口，真正的价值在于其构建 的出行服务生态。薪酬方案锚定的"四大目标"看似独立，实则构成了一个相互强化的生态系统。在这一 系统中，每一辆特斯拉汽车都是潜在的数据采集终端和自动驾驶节点；FSD的技术积累可以复用到 Robotaxi和人形机器人；机器人的感知和决策算法又能反哺自动驾驶。这种技术和数据的交叉复用，创 造了传统汽车企业无法企及的协同价值。除此之外，一旦用户习惯了特斯拉的操作系统、充电网络、服 务体系，转换成本将非常高。特斯拉正在构建类似苹果iOS的封闭生态，通过软件、数据、服务形成强 大的锁定效应。 （马斯克。资料图） 高廷帆（首都经济贸易大学经济学院副教授、中国商业经济学会理事） 当地时间11月6日，特斯拉董事会向马斯克抛出的万亿美元薪酬方案，不仅刷新了全球企业薪酬纪录， 更是一场关于创新型企业治理模式的激进实验。这份为期十年的对赌协议，要求特斯拉市值从1.1万亿 美元攀升至8.5万亿美元、年利润达到4000亿美元，同时在汽车、FSD（完全自动 ...

Core Insights - Musk's trillion-dollar compensation plan represents a milestone in business history, serving as an experiment in innovative corporate governance and a potential paradigm shift in the industry [1][5] - The plan requires Tesla to achieve a market value increase from $1.1 trillion to $8.5 trillion and an annual profit of $400 billion, alongside breakthroughs in four core business areas: automotive, FSD, Robotaxi, and humanoid robots [1][2] Group 1: Compensation Plan Details - The ten-year performance-based agreement is not merely a salary incentive but a blueprint for value creation and valuation logic in the digital economy [1] - Achieving the $400 billion annual profit target is unlikely through traditional vehicle sales alone, necessitating a fundamental shift in Tesla's business model [2] Group 2: Business Model Transformation - Tesla must transition from selling products to providing services, creating a sustainable revenue model akin to "Apple on wheels" [2] - The four targeted areas form an interdependent ecosystem, where each Tesla vehicle acts as a data collection node, enhancing the overall value through technology and data reuse [2] Group 3: Competitive Advantage - Tesla's competitive edge lies in its extensive real-world driving data network, having collected over 10 billion miles of autonomous driving data, which is significantly more than its competitors [2] - The exponential difference in data volume is expected to translate into superior algorithm performance, potentially enabling Tesla to achieve significant advancements [2] Group 4: Challenges and Opportunities - The agreement poses a daunting challenge for Tesla to simultaneously expand production, innovate core technologies, and increase profits, which traditionally conflict with one another [3] - China is identified as a crucial factor in overcoming these challenges, being the largest market for new energy vehicles and possessing a complete supply chain [3] Group 5: Entrepreneurial Spirit and Market Valuation - The compensation plan reflects the market's pricing experiment for "super entrepreneur spirit," recognizing the unique vision and risk tolerance of founder-type entrepreneurs like Musk [4] - At least 50% of Tesla's trillion-dollar market value is attributed to the "Musk premium," indicating that the market is betting on the potential for transformative change rather than current performance [4] Group 6: Implications for Chinese Enterprises - Tesla's compensation scheme offers valuable insights for Chinese companies on balancing innovation and risk while maintaining entrepreneurial spirit within corporate governance [5] - The plan raises questions about how innovative companies can design incentive mechanisms that promote industry revolutions and long-term value creation [5]