Friends help each other out. Tesla’s boss, Elon Musk, may well have been grateful when Donald Trump said he would buy one of its electric vehicles (EVs) on March 11th. Yet that was the least the president could do for his bureaucracy-basher-in-chief. The day before, Mr Trump had helped bring on a fall of over 15% in Tesla’s share price, amid a wider sell-off sparked by his trade policies and his warning that America’s economy faced a “period of transition”. The subsequent Trumpian endorsement will not be enough to apply the brakes to Tesla’s declining sales and slumping share price.

朋友們互相幫助。特斯拉的老闆埃隆·馬斯克，或許會感激唐納德·川普在3月11日表示他將購買一輛特斯拉電動汽車（EV）。然而，這對於這位反官僚主義的領袖來說，川普所做的不過是最低限度的幫助。前一天，川普通過他的貿易政策和警告美國經濟面臨“過渡期”引發了超過15%的特斯拉股價下跌，並引發了更廣泛的拋售。隨後的川普支援聲明不足以為特斯拉的銷售下滑和股價暴跌踩下剎車。

Mr Musk’s backing for Mr Trump’s second presidential run once looked like a clever business move. His reward was to run the Department of Government Efficiency (DOGE), boosting what Barclays, a bank, calls the “Elon premium”. Investors clearly thought that his political sway would do Tesla good. Its market value hit a record $1.5trn in December (see chart).

馬斯克先生對川普第二次總統競選的支援曾被視為一個巧妙的商業舉措。他的回報是領導政府效率部門（DOGE），提升了巴克萊銀行所稱的“埃隆溢價”。顯然，投資者認為他的政治影響力將對特斯拉有利。去年12月，特斯拉的市值創下了1.5兆美元的紀錄（見圖表）。

Since then his closeness to Mr Trump and support for far-right causes have prompted a backlash. Protests against Mr Musk’s role at the heart of the administration and doge’s mass firings of civil servants have gathered steam in America. Picketing of Tesla showrooms has turned ugly, with windows smashed and vehicles vandalised; a Tesla charging station was attacked by arsonists. Outside America, Mr Musk’s actions have also provoked protests against the carmaker. So closely are the man and brand intertwined that embarrassed owners are resorting to anti-Musk bumper-stickers to distance themselves from him.

自那時以來，他與川普的親近關係以及對極右原因的支援引發了反彈。在美國，針對馬斯克在政府核心角色的抗議和狗狗幣大規模解僱公務員的行動愈演愈烈。特斯拉展廳的抗議活動變得越來越激烈，窗戶被砸，車輛被破壞；一座特斯拉充電站遭到縱火襲擊。在美國以外，馬斯克的行為也引發了針對這家汽車製造商的抗議活動。這個人和品牌如此緊密相連，以至於尷尬的車主們不得不使用反馬斯克的車貼，試圖與他保持距離。

But Mr Musk’s politics only partially explains Tesla’s troubles. Sales were falling before he took a chainsaw to America’s public sector. Last year Tesla dropped a long-standing aim to be making 20m cars annually by 2030 and reported its first decline in annual sales for many years—a fall of 1%, to 1.79m cars.

但是，馬斯克的政治立場僅部分解釋了特斯拉的困境。在他對美國公共部門進行“大刀闊斧”改革之前，特斯拉的銷量就已經開始下滑。去年，特斯拉放棄了到2030年生產2000萬輛汽車的長期目標，並報告了多年以來的首次年銷量下降——下降了1%，降至179萬輛。

Sales have continued to fall in recent months compared with a year before, at a time when the EV market overall is still growing. Barclays estimates that first-quarter sales in Europe could be down by around 30%. In Germany, where Mr Musk caused an uproar by supporting a far-right party in recent elections, sales fell by 76% in February, year on year.

近年來，與去年同期相比，銷量持續下降，而整個電動汽車市場仍在增長。巴克萊估計，歐洲第一季度的銷量可能下降約30%。在德國，馬斯克因在最近的選舉中支援極右翼政黨而引發軒然大波，2月份的銷量同比下降了76%。

Yet Barclays reckons that first-quarter sales in America, where antipathy to Mr Musk seems highest, will be flat. Sales in China also fell by nearly 14% in January and February, but a political backlash is an unlikely explanation; Mr Musk is generally regarded as pro-China. In Britain, where his political meddling should be a factor, Tesla sales actually increased by almost 21% in February.

然而，巴克萊認為，在對馬斯克反感最強烈的美國，第一季度的銷量將保持持平。中國的銷量在1月和2月也下降了近14%，但政治因素似乎並非主要原因，因為馬斯克普遍被認為是親華的。在英國，儘管他的政治干預本應成為影響因素，但特斯拉的銷量在2月份實際上增長了近21%。

This suggests that a reaction from consumers who dislike Mr Musk’s antics are only one reason for falling sales. An updated Model Y, Tesla’s best-selling vehicle, has just gone on sale. In preparation Tesla ran down inventory of the old model, crimping supply. Customers doubtless held off purchases until the new car was available.

這表明，消費者對馬斯克舉動的不滿只是銷量下降的原因之一。特斯拉最暢銷車型——升級版Model Y剛剛上市。為了做好準備，特斯拉減少了舊款車型的庫存，導致供應受限。毫無疑問，許多消費者推遲了購買，等待新車型的推出。

The bigger problem, though, is that Tesla has become what Philippe Houchois of Jefferies, an investment bank, calls a “reluctant carmaker”. It relies for the bulk of its sales on two models, the 3 and the Y, whereas global giants such as Toyota have many more to satisfy all parts of the market. In October Mr Musk decided against launching a cheaper “Model 2”, instead switching focus to robotaxis and humanoid robots. Meanwhile the competition from established carmakers and Chinese newcomers is heating up.

更大的問題在於，特斯拉已成為投資銀行傑富瑞（Jefferies）的菲利普·胡喬伊斯（Philippe Houchois）所稱的“勉強的汽車製造商”。其銷量主要依賴於Model 3和Model Y兩款車型，而豐田等全球汽車巨頭則擁有更多車型，以滿足各個市場需求。去年10月，馬斯克決定不推出更便宜的“Model 2”，而是將重點轉向機器人計程車和人形機器人。與此同時，來自傳統車企和中國新興品牌的競爭正日益加劇。

Tesla’s valuation has long lost any connection with fundamentals, and is more a bet on Mr Musk’s ability to revolutionise any business he turns his hand to. He now claims that robotaxis and robots will make Tesla the “most valuable company in the world by far”.

特斯拉的估值早已脫離基本面，更像是對馬斯克顛覆任何行業能力的押注。他現在聲稱，機器人計程車和人形機器人將使特斯拉成為“迄今為止全球最有價值的公司”

That hints at another explanation for Tesla’s plunging share price: Mr Musk spreading himself ever thinner. In an interview with Fox News on March 10th he noted the “great difficulty” he faced running Tesla and his other firms while working for the government. As Mr Trump inspected his potential new purchase outside the White House, he chastised protesters for “harming a great American company”. Yet much of the blame for that lies with his buddy, Mr Musk.

這暗示了特斯拉股價暴跌的另一個原因：馬斯克正把自己分散得越來越薄弱。在3月10日接受福克斯新聞採訪時，他提到在經營特斯拉及其他公司，同時還為政府工作時，面臨著“巨大的困難”。當川普在白宮外查看他可能的新收購目標時，他指責抗議者“損害了一家偉大的美國公司”。然而，這一切的很大一部分責任卻在於他的好友——馬斯克。

10 new words and 5 phrases at IELTS test level

New Words (IELTS Level)

1. Antics (ˈæn.tɪks) – Strange or funny behavior

• 滑稽舉動，古怪行為
• Elon Musk’s antics have caused controversy worldwide.
• 馬斯克的滑稽舉動在全球引發爭議。

2. Plummet (ˈplʌm.ɪt) – To fall suddenly and quickly

• 暴跌，驟降
• Tesla’s stock price plummeted after the political backlash.
• 由於政治反彈，特斯拉股價暴跌。

3. Backlash (ˈbæk.læʃ) – A strong negative reaction

• 強烈反對，反彈
• His comments triggered a public backlash.
• 他的言論引發了公眾的強烈反對。

4. Vandalism (ˈvæn.dəl.ɪ.zəm) – Deliberate destruction of property

• 故意破壞行為
• Tesla showrooms faced vandalism during protests.
• 抗議期間，特斯拉展廳遭到蓄意破壞。

5. Arson (ˈɑː.sən) – The crime of setting fire to property

• 縱火罪，放火
• A Tesla charging station was attacked by arsonists.
• 一座特斯拉充電站遭到縱火襲擊。

6. Embarrassed (ɪmˈbær.əst) – Feeling ashamed or awkward

• 尷尬的，難堪的
• Embarrassed Tesla owners used anti-Musk bumper stickers.
• 尷尬的特斯拉車主使用了反馬斯克車貼。

7. Endorsement (ɪnˈdɔːs.mənt) – Public approval or support

• 認可，支援
• Trump’s endorsement of Tesla failed to stop its sales decline.
• 川普對特斯拉的支援未能阻止其銷量下滑。

8. Medddling (ˈmed.lɪŋ) – Unwanted interference

• 干涉，插手
• His political meddling led to a drop in consumer confidence.
• 他的政治干涉導致了消費者信心下降。

9. Bureaucracy (bjʊəˈrɒk.rə.si) – A complex system of rules and officials

• 官僚體制，官僚主義
• Musk is known as a fierce critic of bureaucracy.
• 馬斯克以嚴厲批評官僚體制而聞名。

10. Transition (trænˈzɪʃ.ən) – A process of change

• 過渡，轉變
• The economy is going through a difficult transition.
• 經濟正在經歷艱難的轉型。

IELTS Phrases with Meanings

1. Spark controversy (引發爭議)

• Musk’s statements often spark controversy in the media.
• 馬斯克的言論經常在媒體上引發爭議。

2. Apply the brakes (踩剎車，阻止某事發生)

• Trump’s endorsement couldn’t apply the brakes to Tesla’s declining sales.
• 川普的支援未能阻止特斯拉銷量下滑。

3. Closely intertwined (緊密相連)

• Musk and Tesla are so closely intertwined that his actions impact the brand directly.
• 馬斯克和特斯拉緊密相連，他的行為直接影響品牌。

4. Massive layoff (大規模裁員)

• DOGE’s massive layoffs sparked protests across the country.
• 政府效率部門的大規模裁員引發了全國抗議。

5. Political sway (政治影響力)

• Musk’s political sway was once seen as an advantage for Tesla.
• 馬斯克的政治影響力曾被視為特斯拉的優勢。 ( 365精聽精讀英文 )