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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.
