马斯克不能没有朱晓彤_老虎社区_美港股上老虎

马斯克不能没有朱晓彤

创业邦01-19

编者按：本文来自微信公众号网易科技（ID：tech_163），作者：定西，创业邦经授权转载。这是一场高风险的对赌。2026年1月，朱晓彤签署了特斯拉新的5年期合约：52万股期权、行权价435.8美元。这本质上是一份典型的“黄金手铐”式激励方案。马斯克的真实目的，是把这位特斯拉内部的“救火队长”与公司未来五年的长期命运深度绑定，以应对愈发激烈的全球市场竞争，以及 Robotaxi 商业化、4680...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2604190172?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-19 10:31","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2604190172","market":"us","top_or_hot":-1,"title":"马斯克不能没有朱晓彤","media":"创业邦","content":"<div>\n<p>编者按：本文来自微信公众号 网易科技（ID：tech_163），作者：定西，创业邦经授权转载。这是一场高风险的对赌。2026年1月，朱晓彤签署了特斯拉新的5年期合约：52万股期权、行权价435.8美元。这本质上是一份典型的“黄金手铐”式激励方案。马斯克的真实目的，是把这位特斯拉内部的“救火队长”与公司未来五年的长期命运深度绑定，以应对愈发激烈的全球市场竞争，以及 Robotaxi 商业化、4680...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260119104502a43af23a&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>马斯克不能没有朱晓彤</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n马斯克不能没有朱晓彤\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-19 10:31 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260119104502a43af23a&s=b><strong>创业邦</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>编者按：本文来自微信公众号 网易科技（ID：tech_163），作者：定西，创业邦经授权转载。这是一场高风险的对赌。2026年1月，朱晓彤签署了特斯拉新的5年期合约：52万股期权、行权价435.8美元。这本质上是一份典型的“黄金手铐”式激励方案。马斯克的真实目的，是把这位特斯拉内部的“救火队长”与公司未来五年的长期命运深度绑定，以应对愈发激烈的全球市场竞争，以及 Robotaxi 商业化、4680...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260119104502a43af23a&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4612","symbol_name":"AI芯片","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260119104502a43af23a&s=b","article_id":"2604190172","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260119104502a43af23a&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2604190172","pubTimestamp":1768789896,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2019年，特斯拉正处于产能地狱和财务危机的双重压力之下，朱晓彤临危受命，全面负责上海工厂的建设和运营。马斯克紧急召唤朱晓彤跨洋支援，他用4个月时间就将工厂周产量提升至3000辆，解决了产能瓶颈。02特斯拉隐忧特斯拉近年高管离职率高达27%，直接向马斯克汇报的高管离职率更是高达44%，朱晓彤是唯一连续留任的核心高管。如何扭转颓势，是马斯克和朱晓彤当前最大的难题。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4612":"AI芯片","TSLS":"1倍做空TSLA ETF-Direxion","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4511":"特斯拉概念","BK4534":"瑞士信贷持仓","LU0097036916.USD":"贝莱德美国增长A2 USD","TSLT":"2倍做多TSLA ETF-T-Rex","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","TSLW":"TSLA周配息ETF-Roundhill","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","TSLY":"TSLA期权收益策略ETF-YieldMax","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","BK4516":"特朗普概念","TSLZ":"2倍做空TSLA ETF-T-Rex","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","SG9999015978.USD":"利安颠覆性创新基金A","BK4592":"伊斯兰概念","LU2063271972.USD":"富兰克林创新领域基金","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","BK4548":"巴美列捷福持仓","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","CRSH":"做空TSLA 期权收益策略ETF-YieldMax","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","TESL":"Simplify Volt TSLA Revolution ETF","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4604":"机器人概念","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4099":"汽车制造商","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4555":"新能源车","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BK4581":"高盛持仓","BK4550":"红杉资本持仓","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","TSLA":"特斯拉","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","BK4551":"寇图资本持仓","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4585":"ETF&股票定投概念","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","UFO":"Procure Space ETF","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","TSDD":"2倍做空TSLA ETF-GraniteShares","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","TSYY":"收益增强TSLA ETF-GraniteShares","LU0056508442.USD":"贝莱德世界科技基金A2","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0823411888.USD":"法巴消费创新基金 Cap","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4527":"明星科技股","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","BK4588":"碎股","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","TSL":"1.25倍做多TSLA ETF-GraniteShares","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","BK4598":"佩洛西持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","TSLG":"2倍做多TSLA ETF-Leverage Shares","TSLI":"2倍做多TSLA ETF-ProShares","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","TSLL":"2倍做多TSLA ETF-Direxion","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0823414478.USD":"法巴经典能源转换基金","BK4574":"无人驾驶","TSLR":"2倍做多TSLA ETF-GraniteShares","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","TSLP":"TSLA收益溢价策略ETF-Kurv","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","TSLQ":"2倍做空TSLA ETF-Tradr","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4543":"AI"},"translate_title":"Musk can't live without Zhu Xiaotong","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLZ":0.6,"TSLT":0.6,"TSLI":0.6,"TSLS":0.6,"CRSH":0.6,"TSLY":0.6,"TSYY":0.6,"TSLR":0.6,"TSLL":0.6,"TSLA":1.98,"UFO":0.6,"TSLG":0.6,"TSDD":0.6,"TSLP":0.6,"TSLQ":0.6,"TSLW":0.6,"TSL":0.6,"TESL":0.6},"content_text":"编者按：本文来自微信公众号 网易科技（ID：tech_163），作者：定西，创业邦经授权转载。这是一场高风险的对赌。2026年1月，朱晓彤签署了特斯拉新的5年期合约：52万股期权、行权价435.8美元。这本质上是一份典型的“黄金手铐”式激励方案。马斯克的真实目的，是把这位特斯拉内部的“救火队长”与公司未来五年的长期命运深度绑定，以应对愈发激烈的全球市场竞争，以及 Robotaxi 商业化、4680 电池量产等一系列关键挑战。但这份潜在高达16亿元人民币的激励，并不好拿。以当前每股股价442美元计算，约合2.3亿美元，折合约16亿元人民币。期权分48个月逐步归属，2031年3月才完全解锁。期权行权价为435.8美元，与授予日特斯拉股价（约445美元）差3%。这意味着朱晓彤必须接着狠狠干五年，不能成为高管流失中的一员。收益也完全取决于特斯拉未来股价的持续上涨，若未显著上涨，期权将丧失价值，有“不增长即废纸”的压力。01朱晓彤其人这位一度被传为马斯克接班人的男人，现年45岁，出生于辽宁沈阳，是华裔新西兰人。在新西兰奥克兰理工大学（Auckland University of Technology）获得信息技术学士学位。随后在美国杜克大学（Duke University）获得工商管理硕士（MBA）学位。他从美国杜克大学毕业后在非洲从事基础设施项目的相关工作，自2014年加入特斯拉，在那之前，他并没有汽车行业从业经验。正因如此，一位中国汽车产业人士告诉网易科技，朱晓彤从不混汽车圈子。但朱晓彤是个狠角色，同事形容他为“疯子”，有时候睡觉的时间控制在两到三个小时，如果太忙了就干脆放弃睡觉。马斯克曾公开表示：“我每天喝8杯咖啡，工作16小时，自认为已达人类极限，没想到中国还有员工一天工作22小时！”朱晓彤没有办公室，和普通员工呆着一起，喜欢站着办公，经常吃住在工厂。2019年，特斯拉正处于产能地狱和财务危机的双重压力之下，朱晓彤临危受命，全面负责上海工厂的建设和运营。在朱晓彤的推动下，上海超级工厂创造了“工业史上的奇迹”。从破土动工到首批国产Model 3交付仅用358天（约10个月），比柏林工厂快3倍，成为特斯拉全球效率最高的工厂，而且成本比美国低65%。特斯拉2025年全球范围内共计交付约163.6万台电动车，其中上海超级工厂交付85.1万台，占全球总交付量的52%。12月10日，上海超级工厂下线第400万台整车；12月31日，特斯拉全球第900万台整车顺利从上海超级工厂下线。而后，朱晓彤又被马斯克叫到德州和柏林“救火”。2022年底，德州超级工厂产能爬坡遇阻，周产量仅1000辆。马斯克紧急召唤朱晓彤跨洋支援，他用4个月时间就将工厂周产量提升至3000辆，解决了产能瓶颈。还有，2025年，特斯拉欧洲销量出现断崖式下滑，德国市场销量暴跌30%，英国暴跌62%。柏林工厂周产量长期卡在1000辆，产能利用率不足40%。马斯克再次将救火任务交给朱晓彤，他带着中国团队飞赴柏林，三个月内将产能提升至3000辆。这是一位没有所谓大厂经验的人，真正用实力达到顶峰的故事。02特斯拉隐忧特斯拉近年高管离职率高达27%，直接向马斯克汇报的高管离职率更是高达44%，朱晓彤是唯一连续留任的核心高管。特斯拉董事会赏罚分明。朱晓彤这次签署的52万股期权激励，几乎是马斯克同款薪酬包。2018年，特斯拉曾给予马斯克一份潜在价值550亿美元的10年期权激励；2025年，特斯拉董事会再次批准了马斯克一份潜在价值高达1万亿美元的薪酬方案。不仅如此，在朱晓彤这次期权激励之前，2023年，特斯拉奖励了他34万股的特斯拉股票，折合约人民币4亿元。这些激励向员工和市场传递管理层稳定的信号，即，特斯拉正在从“创始人驱动”向“制度化治理”转变，通过制度化手段保留核心人才。另一个不容忽视的隐忧在于，特斯拉还能否维持足够强劲、且可持续的增长动能。未来五年，对特斯拉而言将是一段高难度周期。Robotaxi 被马斯克视为押注未来的“终极答案”，其量产落地与商业化运营，被不少投资者和分析师寄望为2026年特斯拉市值重估和增长预期的核心引擎。但无论是规模化部署、监管，还是运营模型跑通，都存在极高不确定性。与此同时，自动驾驶FSD的持续迭代与订阅制变现前景、Optimus人形机器人的量产节奏与成本控制，同样横亘在前。任何一个方向单独拿出来，都是工程、商业和时间三重维度上的“地狱级难题”。而更现实、也更紧迫的问题在于：特斯拉的汽车销量该如何重新拉升，以稳住基本盘。2025年，特斯拉已显现出销量下滑、市场份额被新老竞争对手持续蚕食的趋势。如果主业承压无法止跌回升，那么所有“未来叙事”的容错空间都会被大幅压缩。2025年全年交付约1,636,000 辆，比 2024 年的约 1,789,000 辆下降8-9%。这是特斯拉销量连续第二年下降。四季度交付约418,000 辆，同比下降约15%左右。如何扭转颓势，是马斯克和朱晓彤当前最大的难题。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}