Tesla biggest enemy is China

Jan 27

Tesla chief executive Musk has once again said that his company faces the most competition in mainland China and expects that Tesla's biggest competitor could be a Chinese company.

According to the report, in response to a question about Tesla's competitiveness, Musk said that Chinese car companies are respected and called China the most competitive market in the world, while also praising them for being the hardest and smartest at their jobs. He also speculated that a Chinese company would most likely be second only to Tesla. Although Musk did not directly point out Chinese automakers, he believes China is the most competitive while excelling at using software engineering.

Earlier, China-born Tesla Greater China president Zhu Xiaotong has been promoted to take charge of the U.S. factory, as well as sales in North America and Europe. In this regard Musk also believes that it can attract the best talent in China.

China is Tesla's second largest market, and home to its largest factory. Tesla's competitors in China include Xiaopeng Auto, the Azera Group and BYD.

Tesla reported its fourth quarter 2022 earnings on Wednesday, with revenue up 37% to US$24.318 billion (RM103.24 billion), above market expectations of US$24.16 billion; of which automotive revenue was US$21.307 billion, up 33% year-on-year, and adjusted earnings per share were US$1.19, above analysts' overdue US$1.12.

Source: Fortune

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