分析师：电话会进一步证实，特斯拉仍处于“建设模式”，可能会继续如此

智通财经06:30

【分析师：电话会进一步证实，特斯拉仍处于“建设模式”，可能会继续如此】Karobaar Capital首席投资官Haris Khurshid表示，此次电话会议进一步证实，特斯拉仍处于“建设模式”，且这种状态可能会持续下去。“部分投资者原本指望其投资周期已接近见顶，但管理层释放的信号却是：最沉重的资本支出仍是其核心战略，且回报周期将长达数年。“马斯克在电话会上几乎没有为当季业绩辩护，而是将几乎所有时间都用于解释其资本配置逻辑。他实际上是在要求投资者：将今天的支出视为未来业务的基石，而不是对当前盈利的拖累。”“这次电话会后的核心争论，不再是特斯拉本季度是否花钱太多，而是投资者是否相信这种基础设施建设是‘超前于需求’，还是‘超前于现实’。这最终将决定这一轮资本支出周期究竟能创造巨大的价值，还是仅仅沦为一场昂贵的弯路。”

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