周五盘前交易中，特斯拉股价上涨约5%，此前埃隆·马斯克发布了新款Roadster——但这并非因为投资者期待这款未来感十足的超级跑车能带来大量销量。作为一款低销量、高端定位的车型，Roadster不会成为公司盈利的主要驱动力，在特斯拉整体业务中占比极小。马斯克长期以来明确表示，他认为特斯拉未来的成功并不取决于传统汽车，而在于自动驾驶和人形机器人。
Tesla stock rose about 5% in premarket trading Friday after Elon Musk unveiled its new Roadster — but not because investors expect big sales of the futuristic supercar. As a low-volume, high-end car, the Roadster won't be a major earnings driver and will be a tiny part of Tesla's business. Musk has long been clear that he doesn't see Tesla's future success in traditional cars, but in autonomous driving and humanoid robots.
特斯拉的股价也极少仅因短期汽车销量而波动。目前特斯拉的股价约为未来调整后每股收益的215倍，这一估值反映了投资者对其核心汽车业务之外增长前景的期待。Roadster所展现的科幻式功能——例如短暂离地并利用受SpaceX启发的冷气体推进器完成空中机动——更多是为了展示公司的工程实力，而非吸引大众购买兴趣。
Tesla stock has rarely traded solely on near-term car sales. Tesla trades at about 215 times forward adjusted earnings, a valuation that reflects investor expectations for growth beyond its core car business. The demo of the Roadster's sci-fi features — like briefly lifting off the ground and performing aerial maneuvers using SpaceX-inspired cold-gas thrusters — was more about showing off the company's engineering muscles than attracting mass buyer interest.
在位于德克萨斯州的SpaceX测试场，特斯拉展示了Roadster借助冷气体推进器完成跳跃、翻滚和可控着陆的过程。该系统利用高压压缩空气产生短暂的推力与操控力，这项技术可能具有更广泛的应用前景，似乎也引起了投资者的兴趣。长期看好特斯拉的吉恩·蒙斯特在X平台上发文称，此次发布“是一次工程实力的展示，除了让传统汽车制造商感到尴尬外，并无商业价值”。
At SpaceX's test site in Texas, Tesla showed the Roadster performing jumps, rolls, and a controlled landing using cold-gas thrusters. The system uses high-pressure compressed air to generate short bursts of thrust and control, a technology that could have much wider applications, and appears to have piqued the interest of investors. Gene Munster, a longtime Tesla bull, said in an X post that the launch was "an engineering flex with no commercial value beyond embarrassing traditional car makers."
蒙斯特补充道：“Roadster活动再次证明，为何埃隆如此渴望将特斯拉与SpaceX合并。”市场普遍预计，特斯拉与马斯克的火箭公司SpaceX将在未来几年实现合并，以此推进这位世界首富打造超级公司的计划。不过，特斯拉此前的产品发布并非总能打动投资者。2019年Cybertruck发布后，其号称防碎的车窗在直播演示中意外破裂，导致股价下跌约6%。
"The Roadster event is the latest example of why Elon can't wait to bring Tesla and SpaceX together," Munster added. It is widely expected that Tesla and SpaceX, Musk's rocket company, will merge in the coming years, building on the world's richest man's plans to create a super company. Tesla's previous product launches have not always impressed investors. Shares fell about 6% after the 2019 Cybertruck unveiling, when the vehicle's supposedly shatterproof windows cracked during a live demonstration.
他们还在特斯拉2024年“We, Robot”活动后下跌了9%，因为投资者认为Cybercab的发布缺乏支撑其自动驾驶雄心所需的细节。周五的反应则形成了对比。Roadster的发布有可能重新激发长期支撑特斯拉高估值的产品叙事，尽管该车本身不太可能对销售产生实质性影响。此次反弹发生在特斯拉在业务和股市方面均出现放缓之际。
They also dropped 9% after Tesla's 2024 "We, Robot" event, as investors judged the Cybercab reveal short on the detail needed to support its autonomous-driving ambitions. Friday's reaction marks a contrast. The Roadster launch has potentially revived the product narrative that has long supported Tesla's premium valuation, even if the car itself is unlikely to meaningfully affect sales. The rally comes as Tesla has stuttered both in its business and the stock market.
特斯拉第二季度收入较去年同期增长26%，交付量超出预期，但盈利能力下降。营业利润率降至1.4%，剔除监管信贷后的汽车毛利率降至16.3%，而随着资本支出增加，自由现金流为负，约为11亿美元。特斯拉的核心电动汽车业务仍受增长放缓和竞争加剧的压力。但周五的走势表明， halo产品仍能通过重新聚焦投资者对特斯拉技术雄心的关注来提振股价。
Tesla's second-quarter revenue rose 26% from a year earlier, and deliveries beat expectations, but profitability declined. Operating margin fell to 1.4%, automotive gross margin excluding regulatory credits dropped to 16.3%, and free cash flow was negative by roughly $1.1 billion as capital spending increased. Tesla's core EV business remains under pressure from slower growth and tougher competition. But Friday's move shows a halo product can still lift the stock by renewing investor attention on Tesla's technology ambitions.