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ruidm
Jan 26, 2023 4:42AM ET
still can improve in software
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Musk says China rivals 'work hardest, smartest'
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© Reuters. A Tesla supercharging station is seen in the early morning sun, in Kettleman City, California, U.S., January 25, 2023. REUTERS/Mike Blake
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© Reuters. A Tesla supercharging station is seen in the early morning sun, in Kettleman City, California, U.S., January 25, 2023. REUTERS/Mike Blake
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(Reuters) - Detroit? Nope. Germany? Nein. Elon Musk sees the toughest competition for Tesla (NASDAQ:TSLA) 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 (NYSE:XPEV), Nio (NYSE:NIO) and BYD Co (OTC:BYDDF) 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.
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Comments (3)
Mathias Willems
Jan 26, 2023 4:42AM ET
and plastics :'D
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Ken Roth
Jan 26, 2023 2:06AM ET
Chinese has inherited the old japenese saying "You say copy we copy"
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B L
Jan 25, 2023 9:52PM ET
But we're told all they're good at is stealing our technology...lol
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John Laurens
Jan 25, 2023 9:52PM ET
Where do you think they get it? Just look at Comac, Alibaba and Huawei ... complete thieves and worthless without the stolen tech.... ccp car makers are no different.
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simon meso
Jan 25, 2023 9:52PM ET
its called socialism. ownership is collective. they make products accessible. its in the price. you dont like it dont support chinese companies. easy as that
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