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For years, Elon Musk has been the not-so-secret weapon behind Tesla’s success. His reputation as an indefatigable tech maverick helped to make emission-free vehicles desirable, first for the Silicon Valley crowd then the world. Now, his caustic online presence is considered a liability. But he cannot shoulder all the blame for the carmaker’s problems.
多年來，伊隆•馬斯克(Elon Musk)一直是特斯拉(Tesla)成功的並不祕密的武器。他作爲一個不知疲倦的技術狂人的名聲，使零排放車輛受到追捧——首先是矽谷人，然後是全世界。現在，他在網路上的毒舌形象被認爲是一個負擔。但他不能爲這家汽車製造商的問題承擔全部責任。
Tesla on Tuesday announced vehicle deliveries in the first quarter had fallen 8.5 per cent on last year, the first year-on-year drop since early 2020. The shares dropped 5 per cent. They are down nearly 60 per cent from its late-2021 high point.
特斯拉週二宣佈，第一季度的車輛交付量同比下降了8.5%，這是自2020年初以來的首次同比下降。該公司股價當日下跌5%，而且已從2021年底的高點下跌了近60%。
Tesla blames supply problems, pointing to conflict in the Middle East and an arson attack at its Berlin factory. But a gap between production and delivery numbers suggests issues with demand.
特斯拉將供應問題歸咎於中東衝突和柏林工廠的縱火襲擊。但是生產和交付數量之間的差距表明存在需求問題。
Musk’s polarising personality may put some customers off. But multiple research companies have come to the same conclusion in previous years, even as delivery numbers rose. In 2021, Escalent wrote he was a drawback for the brand. Last year, Tesla reported record deliveries, topping 1.8mn vehicles.
馬斯克極具爭議的個性可能會勸退一些顧客。但是即使交付數量在過去幾年不斷增加，多家研究公司仍得出了相同的結論。在2021年，Escalent寫道，他對該品牌是一個不利因素。去年，特斯拉報告了超過180萬輛車的創紀錄交付量。
The real problem is slowing rates of EV adoption. The stock is priced for nonstop growth. That requires a large customer base, hence Tesla’s transition from high-end, six-figure vehicles to more affordable models and deals with Uber and Hertz. It is targeting a pool of buyers who are more interested in price, range and charging station access than DeLorean style doors and the promise of autonomous driving software.
真正的問題是電動汽車採用率的放緩。股票的定價要基於不間斷的成長。這需要龐大的客戶羣體，因此特斯拉從高階的六位數車型轉向更實惠的車型，並與Uber(Uber)和赫茲(Hertz)達成交易。它的目標是針對那些更關注價格、續航里程和充電站可及性的買家，而不是德羅寧式(DeLorean)車門和自動駕駛軟體的承諾。
EVs are still more expensive to make than petrol cars, partly because of the high cost of minerals required for their batteries. Some of the government subsidies that bridged the gap have been withdrawn. Meanwhile, global price wars are hurting all combatants. Tesla cut prices by up to 20 per cent last year amid a proliferation of low-cost vehicles from China.
電動汽車的製造成本仍然比汽油車高，部分原因是電池所需的礦產成本高昂。一些彌合差距的政府補貼已被取消。與此同時，全球價格戰正在傷害所有參與者。在去年中國低成本車型大量湧入市場的背景下，特斯拉降價高達20%。
The good news is profitability and high share prices have allowed Tesla to bank funds. At the end of last year it was sitting on more than $29bn in cash and cash equivalents, up from less than $4bn five years earlier. It has the means to see off low-priced competitors while working on charging infrastructure and more affordable vehicles.
好訊息是，盈利能力和高股價使特斯拉能夠積累資金。去年底，其現金及現金等價物超過290億美元，而五年前纔不到40億美元。特斯拉有能力抵禦低價競爭對手，同時致力於充電基礎設施和更實惠車型的研發。
Musk’s plans are as bombastic as ever. On the realistic end is a $25,000 vehicle and cheaper assembly process. But one day, he says, Tesla and SpaceX may create something that is not “even really a car”. The Technoking is the reason Tesla remains the most distinctive car company in the world.
馬斯克的計劃一如既往地誇張。現實的計劃是每輛車2.5萬美元的售價和更便宜的組裝過程。但他說，特斯拉和SpaceX可能會創造出一些甚至不是「真正的汽車」的東西。這位「技術之王」（Technoking，又譯「電音之王」，馬斯克自創頭銜——譯者注）是特斯拉仍然是世界上最獨特的汽車公司的原因。
