全球电动车销冠易主，特斯拉的“故事”与比亚迪的“根基”_老虎社区_美港股上老虎

全球电动车销冠易主，特斯拉的“故事”与比亚迪的“根基”

车市睿见02-02 14:19

2025年，比亚迪纯电车销量超特斯拉62万辆，首次问鼎这个细分领域的全球销冠时，为前者奠定成本优势之一的弗迪电池，其电芯正持续装车，运往特斯拉位于上海的储能超级工厂。颁奖台下的故事远比台上复杂，新旧王者的差异在于，马斯克在描绘一个由全自动驾驶和机器人定义的未来“故事”，王传福则带领比亚迪构筑起从电池、电机到半导体无所不包的产业“根基”，二者的发展轨迹正在渐行渐远，但在不同的路线上正在占得先机。▍从...

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/2608907830?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-02 14:19","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2608907830","market":"us","top_or_hot":-1,"title":"全球电动车销冠易主，特斯拉的“故事”与比亚迪的“根基”","media":"车市睿见","content":"<div>\n<p>2025年，比亚迪纯电车销量超特斯拉62万辆，首次问鼎这个细分领域的全球销冠时，为前者奠定成本优势之一的弗迪电池，其电芯正持续装车，运往特斯拉位于上海的储能超级工厂。颁奖台下的故事远比台上复杂，新旧王者的差异在于，马斯克在描绘一个由全自动驾驶和机器人定义的未来“故事”，王传福则带领比亚迪构筑起从电池、电机到半导体无所不包的产业“根基”，二者的发展轨迹正在渐行渐远，但在不同的路线上正在占得先机。▍从...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202142347a6c9037b&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>全球电动车销冠易主，特斯拉的“故事”与比亚迪的“根基”</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全球电动车销冠易主，特斯拉的“故事”与比亚迪的“根基”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-02 14:19 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202142347a6c9037b&s=b><strong>车市睿见</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025年，比亚迪纯电车销量超特斯拉62万辆，首次问鼎这个细分领域的全球销冠时，为前者奠定成本优势之一的弗迪电池，其电芯正持续装车，运往特斯拉位于上海的储能超级工厂。颁奖台下的故事远比台上复杂，新旧王者的差异在于，马斯克在描绘一个由全自动驾驶和机器人定义的未来“故事”，王传福则带领比亚迪构筑起从电池、电机到半导体无所不包的产业“根基”，二者的发展轨迹正在渐行渐远，但在不同的路线上正在占得先机。▍从...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202142347a6c9037b&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":"LU1861220033.SGD","symbol_name":"Blackrock Next Generation Technology A2 SGD-H","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202142347a6c9037b&s=b","article_id":"2608907830","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202142347a6c9037b&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=2608907830","pubTimestamp":1770013196,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2025年，比亚迪纯电车销量超特斯拉62万辆，首次问鼎这个细分领域的全球销冠时，为前者奠定成本优势之一的弗迪电池，其电芯正持续装车，运往特斯拉位于上海的储能超级工厂。▍从实体AI与主业深耕的路径选择战略逻辑的根本差异，决定了特斯拉与比亚迪在业务边界与发展方向上的分化。两者的长期价值均依赖核心能力的持续强化，只是特斯拉押注的是AI技术的跨场景变现潜力，比亚迪坚守的是汽车产业的规模与效率红利。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4581":"高盛持仓","BK4543":"AI","BK4511":"特斯拉概念","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4534":"瑞士信贷持仓","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","TSII":"REX TSLA Growth & Income ETF","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","TSL":"1.25倍做多TSLA ETF-GraniteShares","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4516":"特朗普概念","TSLG":"2倍做多TSLA ETF-Leverage Shares","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4592":"伊斯兰概念","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","TSLI":"2倍做多TSLA ETF-ProShares","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4548":"巴美列捷福持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","TSLO":"2倍上限加速TSLA ETF-Leverage Shares","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","TSLP":"TSLA收益溢价策略ETF-Kurv","LU0823411888.USD":"法巴消费创新基金 Cap","TSLQ":"2倍做空TSLA ETF-Tradr","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","TSLR":"2倍做多TSLA ETF-GraniteShares","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","BK4099":"汽车制造商","TSLS":"1倍做空TSLA ETF-Direxion","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","TSLT":"2倍做多TSLA ETF-T-Rex","BK4555":"新能源车","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","TSLW":"TSLA周配息ETF-Roundhill","LU2063271972.USD":"富兰克林创新领域基金","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","TSLY":"TSLA期权收益策略ETF-YieldMax","BYDDY":"比亚迪ADR","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","TSLZ":"2倍做空TSLA ETF-T-Rex","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","BK4550":"红杉资本持仓","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","BK4588":"碎股","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4551":"寇图资本持仓","BK4598":"佩洛西持仓","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","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","LU0056508442.USD":"贝莱德世界科技基金A2","LU0823414478.USD":"法巴经典能源转换基金","CRSH":"做空TSLA 期权收益策略ETF-YieldMax","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","07766":"南方两倍做多特斯拉","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","01211":"比亚迪股份","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","BK4604":"机器人概念","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","TESL":"Simplify Volt TSLA Revolution ETF","BK4527":"明星科技股","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","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","TSYY":"收益增强TSLA ETF-GraniteShares","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","BK4612":"AI芯片","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","TSDD":"2倍做空TSLA ETF-GraniteShares","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","TSLA":"特斯拉","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4574":"无人驾驶","002594":"比亚迪","LU1548497426.USD":"安联环球人工智能AT Acc","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC"},"translate_title":"The world's electric vehicle sales top changed hands, Tesla's \"story\" and BYD's \"foundation\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLT":0.6,"01211":1.96,"TSLG":0.6,"TSL":0.6,"TSLR":0.6,"CRSH":0.6,"TSLZ":0.6,"TSII":0.6,"07766":0.6,"TSLY":0.6,"TSLQ":0.6,"TSLI":0.6,"002594":1.96,"TSLO":0.6,"TSLA":1.95,"BYDDY":1.96,"TSDD":0.6,"TSYY":0.6,"TESL":0.6,"TSLW":0.6,"TSLP":0.6,"TSLS":0.6},"content_text":"2025年，比亚迪纯电车销量超特斯拉62万辆，首次问鼎这个细分领域的全球销冠时，为前者奠定成本优势之一的弗迪电池，其电芯正持续装车，运往特斯拉位于上海的储能超级工厂。颁奖台下的故事远比台上复杂，新旧王者的差异在于，马斯克在描绘一个由全自动驾驶和机器人定义的未来“故事”，王传福则带领比亚迪构筑起从电池、电机到半导体无所不包的产业“根基”，二者的发展轨迹正在渐行渐远，但在不同的路线上正在占得先机。▍从实体AI与主业深耕的路径选择战略逻辑的根本差异，决定了特斯拉与比亚迪在业务边界与发展方向上的分化。特斯拉的转型并非始于2025 Q4，但财报中明确的“实体AI”叙事，标志着其彻底脱离传统车企框架——在马斯克的规划中，电动汽车已不再是终极目标，而是承载AI技术落地的核心载体，自动驾驶、人形机器人与算力基础设施构成未来增长“三驾马车”，其底层逻辑是将汽车转化为数据采集、算法训练与服务变现的智能终端；而比亚迪则始终以汽车业务为核心增长引擎，战略核心是“全产业链垂直整合+全球化扩张”，在其发展框架中，汽车业务是涵盖上游锂矿、核心零部件到下游整车制造的完整生态，“重资产、全链条”模式旨在通过技术自主性与成本优势，巩固新能源汽车市场的主导地位。技术路径的选择折射出这种分化：特斯拉将资源集中于AI技术的跨场景落地，自动驾驶是其战略核心支点，FSD系统已升级至V14版本，通过纯视觉神经网络优化驾驶决策，2026年2月起全球取消一次性买断模式，全面转向99美元/月的订阅制，同时专为无人驾驶设计的Cybercab车型将于2026年4月量产，采用“Unboxed”解构式制造工艺，目标生产成本控制在3万美元以下，目前已在奥斯汀启动200辆无安全员测试。而比亚迪的技术深耕始终围绕汽车主业，从上游锂矿开采、电池材料研发，到中游刀片电池、DM5.0超级混动系统生产，再到下游整车制造，构建起覆盖全价值链的产业体系，刀片电池凭借高安全性与长寿命实现规模化应用并对外供应，DM5.0技术使其在插混市场保持28.9%的全球份额，即便面临吉利、长城等竞品冲击仍稳居领先。业务延伸的方向更凸显两者差异：特斯拉以人形机器人Optimus实现AI能力的跨场景拓展，计划推出的Optimus3型号搭载与汽车同源的FSD芯片和视觉系统，全身自由度达45个，先应用于内部工厂重复性劳动，再拓展至外部客户，已获得亚马逊2万台订单，单机成本目标压至2-2.5万美元。比亚迪的业务延伸始终未脱离汽车关联领域，在巩固纯电与插混双线布局的同时，适度拓展储能业务，构建起覆盖10万元至50万元价格带的产品矩阵，从入门级秦PLUS、元PLUS到高端腾势、仰望品牌，2025年纯电销量达225.67万辆，首次超越特斯拉登顶全球销冠，插混销量达228.87万辆，国内市占率超35%。算力布局上，特斯拉采取激进的自研与自建策略，下一代AI5芯片性能较AI4提升40倍，计划2027年量产，同时推进“巨型芯片工厂”建设，Dojo超级计算机与xAI的Grok3模型深度整合；比亚迪则聚焦汽车相关算力需求，通过内部协同优化智驾系统，提升产品智能化水平，避免资源分散到非核心领域。▍短期业绩承压与长期价值的平衡战略选择的差异直接导致两家企业在业绩表现、盈利模式与估值逻辑上的显著分化，而如何平衡短期压力与长期价值，成为两者共同面临的课题。特斯拉的“实体AI”转型伴随着明显的短期业绩承压，2025年第三季度净利润同比缩水近四成，归母净利率降至4.9%，核心原因是对AI、机器人等业务的大规模投入，该季度研发费用与资本开支合计高达38.8亿美元，下一季度资本开支进一步增至28.7亿美元，同时FSD付费渗透率低迷、Optimus量产推迟等问题导致“未来叙事”兑现受阻。比亚迪虽专注于成熟的汽车主业，但也面临增长挑战，2025年第二季度归母净利润同比下降30%，为三年多来首次季度利润下滑，9月销量同比缩水近6个百分点，行业价格战导致卖车毛利率降至18.7%，单车净利仅0.5万元，高度垂直一体化的重资产模式在市占率短期下滑时，导致2025年二季度单车成本环比上涨1万元，部分抵消了产品涨价收益。应对短期压力的策略呈现鲜明对比：特斯拉采取“向下走量”的过渡方案，推出减配降价的Model 3、Model Y标准版，以低价抢占市场份额，为AI业务商业化争取时间，这种“短期靠汽车业务造血，长期靠AI生态变现”的模式，使其估值逻辑与传统车企彻底脱钩，目前近283倍的PE市盈率反映了市场对其AI业务未来潜力的高度预期。比亚迪则通过高端化与全球化双轮驱动缓解压力，加速推进“走出去”战略，2025年海外销量达104.96万辆，同比激增145%，巴西、泰国工厂相继投产，泰国工厂成为辐射东南亚与欧洲的枢纽，2025年前11个月在德国、西班牙等欧洲市场注册量数倍增长，西班牙市场11月登顶电动车销量榜，海外车型定价普遍高于国内，形成新的利润池，同时加大核心技术研发投入，提升智驾系统渗透率，其“聚焦核心、适度延伸”的战略使其估值保持理性，港股约20倍的PE市盈率反映了市场对其“汽车股”的价值判断。长期价值兑现的路径虽不同，但均展现出清晰的规划：特斯拉的目标是构建“芯片-算力-算法-场景”的完整闭环，AI5芯片量产与TeraFab工厂落地将解决算力瓶颈，Cybercab的规模化将重构城市交通服务，Optimus机器人有望成为超越汽车的核心引擎，马斯克预测机器人业务可能贡献公司大部分价值。比亚迪则持续深化全产业链优势，通过技术迭代巩固产品竞争力，高端品牌仰望凭借“易四方”技术平台实现极端路况性能突破，腾势品牌借助与奔驰的合作建立中高端差异化优势，同时在不偏离汽车主业的前提下培育储能等新增长极，计划通过产品结构优化与海外市场拓展，持续提升盈利能力与市场份额。两者的长期价值均依赖核心能力的持续强化，只是特斯拉押注的是AI技术的跨场景变现潜力，比亚迪坚守的是汽车产业的规模与效率红利。特斯拉以“实体AI”为核心，赌的是未来智能科技的场景化变现，其风险在于技术商业化的不确定性，而潜力在于突破汽车行业的增长天花板；比亚迪以汽车主业为根基，拼的是全产业链的效率与规模，其优势在于业务的稳定性与盈利能力的可持续性，而挑战在于如何在智能化浪潮中保持竞争力。这两种选择没有绝对的优劣之分，而是基于企业基因、技术积累与市场环境的理性决策——特斯拉凭借创新魄力与技术前瞻性，适合探索前沿科技的商业化路径；比亚迪依托制造业底蕴与产业链思维，擅长在成熟赛道中构建竞争壁垒。从行业影响来看，特斯拉的转型为新能源汽车产业打开了智能化、多元化的想象空间，其在自动驾驶、机器人领域的探索，可能重构未来交通与工业生产模式；比亚迪的深耕则推动了新能源汽车的普及与产业升级，其全产业链模式为行业提供了可持续发展的范本。未来，两家企业的竞争与合作将持续塑造全球新能源产业的格局：特斯拉的AI技术可能反哺汽车业务，提升产品竞争力；比亚迪的制造能力与市场渠道，也可能为其拓展关联业务提供支撑。编辑丨杨果排版丨杨朔","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}