Detroit? No. Germany? No. Elon Musk sees the toughest competition for Tesla in China, the company he expects is “most likely to be second” in electric vehicles.
China is Tesla Inc’s second largest market – accounting for nearly two-thirds of all electric vehicle sales globally in 2022 – and home to Tesla’s largest plant.
It is also a market that has embraced EVs and is filled with rivals competing on style and price, including Xpeng, Nio and BYD Co Ltd.
Releasing financial results on Wednesday, Tesla said they showed recent price cuts are boosting demand, and the company is cutting costs in what Musk expects will be a recession this year.
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