Musk Says China Rivals 'Work Hardest, Smartest'
Published on January 31, 2023
Detroit? Nope. Germany? Nein. Elon Musk sees the toughest competition for Tesla in China, home of the company he expects "most likely to be second" in electric vehicles.
China is Tesla Inc's second-largest market - accounted for about two-thirds of all electric vehicles sales globally in 2022 - and the home of Tesla's biggest plant.
It's also a market that has embraced EVs and is replete with rivals competing on style and price, including Xpeng, Nio and BYD Co Ltd.
Releasing financial results on Wednesday, Tesla said they showed recent deep price cuts were stimulating demand, and that the company is cutting costs with a view to growing through what Musk expects will be a recession this year.
Asked about Tesla's competition, Musk responded that he respected car companies in China, calling it the most competitive market in the world. Musk did not identify any Chinese automakers by name.
"They work the hardest and they work the smartest," he said. "And so we guess, there is probably some company out of China as the most likely to be second to Tesla."
Tesla recently promoted China chief Tom Zhu to run U.S. factories and sales in North America and Europe, Reuters has reported.
"Our team is winning in China. And think we actually are able to attract the best talent in China. So hopefully that continues."
Tesla has cut prices in response to growing competition and slowing demand in China, followed by cuts in the United States and other markets.
Musk has praised Chinese workers and competitors before.
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 had been "burning the 3 a.m. oil" to keep Tesla's factories running during COVID lockdowns last year.
Last Updated on January 31, 2023
Great Deals on Used CarsView All Used Cars
- 66,264 km
- 49,360 km
- 2,322 km
- 42,000 km
- 74,440 km
- 67,000 km
- 50,000 km
- 70,457 km
- 48,000 km
- 37,000 km
7 hours ago
The latest iteration gets a slew of updated features and mechanical upgrades.
8 hours ago
The brand is offering free service support through its dealer network in Chennai and other affected areas.
9 hours ago
Toyota and its dealer partners have set up a special emergency helpline number and have a deployed the Hilux pickup for rescue and movement of submerged vehicles
12 hours ago
Starting from December 8, 2023 customers affected by the flash floods can avail free RSA, engine check-ups and other service benefits at the Yamaha service centers
13 hours ago
MG Motor India has introduced a December Fest sale with sizable benefits across its lineup with offers valid until December 31
13 hours ago
Ducati said that the price increase was due to a rise in operational costs and will affect select motorcycles on sale
14 hours ago
The Q6 e-Tron will boast an 800-volt electrical system, a 100 kWh battery offering a range of 373 miles, and dual electric motors generating up to 510 horsepower
The made-in-India sport bike is powered by a 457 cc parallel-twin engine that puts out a peak 47 bhp.
The new Triumph Bonneville Stealth Editions come with special hand-painted colours that change hues depending on the light
The W175 Street gets alloy wheels and tubeless tyres, aside from new paint finishes
10 days ago
The updated Tesla Model 3 gets the “Active Hood” feature to reduce pedestrian injuries in the event of a collision
21 days ago
A YouTuber from Vietnam recently shared videos and images of his fully functional Cybertruck replica made out of wood and caught the attention of Tesla co-founder and CEO, Elon Musk.
25 days ago
While company chief Elon Musk was unable to meet in person due to health reasons, he expressed his honour in having the Indian minister visit Tesla’s manufacturing unit
1 month ago
Lucid customers will gain access to over 15,000 Tesla Superchargers across North America.
1 month ago
The company revealed a substantial 60 per cent reduction in EV battery production compared to the previous quarter during an earnings call