Sunday, February 5, 2023
HomeBusinessElon Musk Reveals Tesla's Biggest Rivals

Elon Musk Reveals Tesla’s Biggest Rivals

Elon Musk said he respected auto companies in China. (File)

detroit? No. Germany? No. Elon Musk sees the toughest competition for Tesla in China, home to the company that he expects will “most likely come second” in electric vehicles.

China is Tesla Inc’s second largest market – accounting for approximately two-thirds of all global electric vehicle sales by 2022 – and home to Tesla’s largest factory.

It’s also a market that has embraced EVs and is teeming with rivals competing on style and price, including Xpeng, Nio and BYD Co Ltd.

Tesla released financial results on Wednesday, saying they showed recent deep price cuts boosted demand, and that the company is cutting costs in anticipation of growth through what Musk expects to be a recession this year.

When asked about Tesla’s competition, Musk replied that he respected car companies in China and called it the most competitive market in the world. Musk did not name any Chinese automakers.

“They work the hardest and they work the smartest,” he said. “And so we’re guessing there’s probably a company from China that’s most likely to come second to Tesla.”

Tesla recently promoted China chief Tom Zhu to run US factories and sales in North America and Europe, Reuters reports.

“Our team is winning in China. And think we are actually able to attract the best talent in China. So hopefully that will continue.”

Tesla cut prices in response to growing competition and declining demand in China, followed by budget cuts in the United States and other markets.

See also  Elon Musk's "Go To War" Post Against Apple's Tight Control On App Store

Musk has previously praised Chinese workers and competitors.

In 2021, he called Chinese automakers the “most competitive in the world”, saying some of them are very good at software. He also said Chinese workers “burned the 3 a.m. oil” last year to keep Tesla’s factories running during COVID lockdowns.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Featured video of the day

Motorcycle daredevils are wowed by record-breaking display at Kartavya Path



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments