Monitoring Desk
ISLAMABAD/BEIJING: Elon Musk sees the most challenging competition for his company Tesla in China, which is the second home for the electric carmaker company.
China is Tesla Inc’s second-largest market, accounting for about two-thirds of all-electric vehicle sales globally in 2022, and the home of Tesla’s most significant industry.
It’s a market that has embraced electric vehicles and is replete with rivals competing on price and style, including Nio, Xpeng, and BYD Co Ltd.
Releasing financial results on Wednesday, Tesla said that they showed recent deep price cuts were stimulating demand. The company was cutting costs with a view to growing through what Elon expects could be a recession this year.
Elon Musk’s response to China rivals
Asked about Tesla’s competition, Musk responded he respected car companies in China, calling it the most competitive global market. Elon did not identify any Chinese automakers by name.
He said that they work the hardest and they work the smartest. “And so, we guess there is probably some company out of China the most likely to be second to Tesla.”
Tesla promoted China chief Tom Zhu to run United States factories and sales in North America and Europe, Reuters reported.
“Our team is winning in Beijing. And think we are actually able to attract the best talent in China. So hopefully, that continues.”
