All right, welcome back to this week's edition of the Tech Corner.
好的，歡迎回到本週的「科技角落」。
00:07
I'm George Stilis, Senior Markets contributor here with the Schwab Network.
我是 George Stilis，嘉信理財網路的資深市場撰稿人。
00:10
Today we're going to be revisiting Tesla Incorporated.
今天我們要再次探討特斯拉公司。
00:12
If you want to watch the original video back in June on Tesla, you can click the link above.
如果您想回顧六月份關於特斯拉的原始影片，可以點擊上方連結。
00:17
Tesla is a globally recognized leader in the design development and manufacturing of electric vehicles and energy products.
特斯拉是電動車和能源產品設計、開發與製造領域的全球公認領導者。
00:23
The company operates primarily in two segments.
該公司主要經營兩大業務部門。
00:26
It's automotive segment as well as this energy generation and storage segment.
分別是其汽車業務部門以及能源發電與儲存業務部門。
00:29
Now, the automotive segment, which you may be familiar with, includes a wide range of electric vehicles, including the popular Model 3 and Model Y, as well as higher end variants like the Model S and Cybertruck.
您可能熟悉的汽車業務部門，涵蓋了廣泛的電動車款，包括受歡迎的 Model 3 和 Model Y，以及 Model S 和 Cybertruck 等高階車型。
00:39
Now, this segment also encompasses commercial electric vehicles with the upcoming Tesla Cybertruck.
此外，該部門也涵蓋商用電動車，包括即將推出的特斯拉 Cybertruck。
00:44
Now, these vehicles are well known for their performance integrated advanced technologies like full self-driving software capabilities.
這些車輛以其卓越性能和整合的先進技術而聞名，例如全自動駕駛軟體功能。
00:50
The energy generation and storage segment offers products like Powerwall and Megapack, which are widely used for residential commercial and utility scale energy storage solutions.
This segment also includes the installation sale of solar energy systems for residential commercial, as well as those utility grade projects.
該部門還包括為住宅、商業以及公用事業級專案提供太陽能系統的安裝與銷售。
01:07
Now, taking into consideration the competitive landscape for Tesla, the company faces competition from several established and merging players, both in the automotive and technology services industry space.
考慮到特斯拉的競爭格局，該公司在汽車和科技服務產業領域面臨來自數家老牌和新興業者的競爭。
01:17
In the automotive space, you can think of key competitors like General Motors and Ford, which also is US automakers, and are making themselves more president in the electric vehicle markets.
Now, BYD Incorporated is a major Chinese automaker that has overtaken Tesla in global EV volume, which highlights its competitive edge in the electric vehicle sector.
Now, when it comes to other manufacturers specifically in the US and EVs, we have to think about Riving and Lucid, both in the luxury EV auto space, as well as light trucks and SUVs.
And lastly, when we think about technology competitors, we have to think about Alphabet, symbol Google, and their Waymo Division, which is an autonomous vehicle technology company.
Now, Tesla's unique value proposition still lies in its integrated approach to both automotive and energy solution.
特斯拉獨特的價值主張仍在於其對汽車和能源解決方案的整合式方法。
01:58
It is one of the largest electric vehicle sellers in the world today, and it holds a significant portion of the EV market in the United States with about 41% of the market share as of at the end of Q3 2025.
Now, the secular story for Tesla remains is how Tesla continues to innovate in AI and robotics, with projects like the RoboTaxi network and the humanoid robot co-optimists, which is poised to leverage its extensive experience in artificial intelligence and real world applications.
Revenue actually beat the estimates and grew sequentially 11.6% year over year, beating the estimates by about $1.4 billion.
營收實際超出預期，較去年同期增長11.6%，並較預期高出約14億美元。
03:01
CapEx was also lower sequentially quarter to about $2.25 billion versus around $2.4 billion in the second quarter of 2025.
資本支出（CapEx）也較上一季度下降，約為22.5億美元，而2025年第二季度約為24億美元。
03:09
This is important because many of the large CapEx spending companies have actually underperformed the market as of late.
這一點很重要，因為近期許多資本支出龐大的公司實際上表現不及市場。
03:15
More importantly for Tesla, free cash flow for the quarter actually grew to close to $4 billion versus around $150 million for the previous quarter.
對特斯拉而言更重要的是，該季度自由現金流實際增長至近40億美元，而上一季度約為1.5億美元。
03:23
Lastly, the company also topped delivery expectations with over 497,000 units moved in Q3, but again, this is mostly due to a surge in buying activity before the expiration of the consumer EV tax credits.
最後
03:34
Now, when it comes to Tesla, there are many positives we have to consider.
接著，談到特斯拉，我們有許多正面因素需要考量。
03:37
First off, the company's Robotaxi Initiative, although in the early stages, is seen as a significant growth driver with potential revolutionized urban transportation offering a new revenue stream.
Tesla's cyber cabin optimist segments are projected to drive significant revenue growth, with cyber cap potentially reaching $54 billion in revenue by 2030, supported by strong, free cash flow and innovation driven potential.
This is important because a cyber cab division, which is still in research and development, hasn't generated any revenue as of yet.
這很重要，因為 Cyber Cab 部門仍在研發中，至今尚未產生任何收入。
04:06
The energy storage segment is experiencing rapid growth and margin expansion as well.
能源儲存部門也正在經歷快速增長和利潤擴張。
04:11
This positions the company strategically to capitalize on the growing demand for energy solutions driven by the artificial intelligence data center needs.
這使該公司能夠策略性地利用對由人工智慧數據中心需求驅動的能源解決方案日益增長的需求。
04:18
Tesla's AI chip roadmap, with the potential to drive major cost savings and Robotaxi operations, could add an additional $11 billion in incremental annual profits by 2028.
Now, despite many of these pauses for Tesla, we also have to address some of the lingering concerns. First off, Tesla's autonomous driving technology, particularly the full self-driving feature, faces significant regulatory and technical hurdles, with recent tests showing the system is not necessarily ready for mass market deployment.
Ambicious projects like Robotaxi and humanoid robotics are capital intensive and face skepticism regarding their near-term profitability and feasibility, potentially straining the company's financial resources in the near term. Evaluation is always presented as a concern by many analysts.
If you take a look at the valuation on a multiple basis, considering the forward earnings multiple over 283 times, this is certainly much higher than the sector meaning of 18, but also much higher than the five-year average of the company is 150 times earnings multiple.
This is indicative of an expensive stock compared to its peers in historical average.
這表明與同業和歷史平均水平相比，這是一支昂貴的股票。
05:25
Now, with the stock trading with the high expectations on full autonomy, this suggests that high multiple leaves less room for disappointment if timeline slip or regulation tightens.
Now, from a growth perspective, next year, Tesla is only expected to grow around 4% in sales year over year. This is significantly below its five-year average of nearly 30%.
從成長角度來看，特斯拉預計明年銷售額年增長率僅約4%。這遠低於其近30%的五年平均水平。
05:44
Now, there are many things to consider why this is the case, but possibly this is based on decelerating year-over-year total vehicle sales and lower product pricing due to rising competition from other foreign and domestic ED manufacturers. All right, now let's take a look at the technical analysis picture for Tesla. Despite hitting a new 52-week high and all-time high of approximately
$495, Tesla has actually been underperforming the broad market over the last 52 weeks, only higher by approximately 2%. However, year to date, the stock is higher by nearly 21%.
Now, near-term price momentum is quite strong. With the stock up over 50% in the past six months and 23% over the past 30 days alone, the daily momentum is rising and is illustrated by a positive and rising MACD in RSI above 50, yet the RSI still remains below 70, which suggests near-term
price momentum may continue as recent price movement does not appear extended. Lastly, from a moving average standpoint, the stock price is above the 50-day moving average, suggesting intermediate trend is still positive and intact, while the alignment of price above the 20-day moving average suggests a near-term price action remains bullish. Now, in summary,
we know that Tesla is a globally recognized brand with the potential to enhance global productivity with advancements in scalable autonomous driving, artificial intelligence, robotics, and battery technologies. Now, Tesla remains a premier physical AI and growth story, while electric vehicles and energy are in the present. We have to consider
robot taxi and Optimus robots, which are embedded in a long-duration secular growth story for Tesla.
無人計程車和擎天柱機器人，它們融入了特斯拉的長期結構性成長故事中。
07:13
The recent Austin driverless testing headline strengthens a bull narrative, and Tesla continues to lay the groundwork for a multi-city expansion. Lastly, the company's commitment to integrating artificial intelligence with its automotive and energy products may further enhance its competitive edge for years to come. All right, that's it for this week's
edition of the Tech Corner. Don't forget to like and subscribe to the Schwab Network.
科技角落節目就到這裡。別忘了點讚並訂閱施瓦布網路。
07:33
Please join me again next week. We'll be talking about e-commerce and technology giant Amazon Inc. Thanks again for joining us. I'm George Sills. We'll see you next week.
