Elon Musk names Tesla’s biggest rivals: ‘They work the hardest and the smartest’ – Business AM

This Wednesday, Tesla announced its results for the last quarter of 2022. They are slightly higher than most analysts expected. Asked about the competition, Elon Musk had only one word: China.

Why is this important?

Electric cars will replace internal combustion engines in Europe and other parts of the world within the next few years. This is the news of the war in the automotive sector. Where China has never been before, it is taking its chances with both hands.

In the news : Elon Musk flatters China (again).

  • Elon Musk, who was questioned on the occasion of the announcement of Tesla’s results, sent flowers to China.
  • For him, this is where his company’s biggest rivals lie.

statements :

  • When asked what he thought about the competition, the Tesla boss spoke directly about Chinese automakers, in his words, “the most competitive market in the world.”
  • “They work the hardest and they work the smartest,” Musk said Reuters. “And that’s why we think it’s the second most Chinese company after Tesla.”
  • In addition, the second richest man in the world took the opportunity to point out that Tesla’s prowess has become more apparent.
    • “Our team is winning in China. Think we can really attract the best talent in China. Therefore, we hope that it will continue.”
  • However, it should be noted that Musk did not mention the name of the Chinese car company.
  • This is not the first time Musk has shared his admiration for Chinese companies and their workers. He especially threw flowers at factories when they continued to operate despite the shutdowns caused by the pandemic.

Can Chinese companies dethrone Tesla?

The biggest competitor now : BYD (Build Your Dreams).

  • Tesla remained the number one electric car in 2022 in terms of global sales.
    • The American company sold a little more than 1.3 million EVs.
    • Not far behind is China’s BYD with 911,000 units sold.
  • Over the past few months, BYD has been busy selling its cars in several European countries (including Belgium), attacking Norway, a country where electric cars are king.
    • For now, the vast majority of cars sold by BYD are in China.
    • But three models are currently offered in Europe, the cheapest of which, the Atto 3, is sold here at 46,740 euros.
    • The Chinese brand’s advance on the Old Continent could be countered by the fact that some European countries (including France) are considering reserving an environmental bonus for locally produced cars, he points out. Frandroid.
    • This is the reason why BYD is not allowed to enter the US this year. Since the $7,500 bonus for electric cars is currently reserved for cars being assembled in the country, the Chinese company has changed its tune, realizing it can’t compete with Tesla.
    • However, BYD did not bury the American road. He would consider building a factory there to meet the terms of the American bonus.

But BYD is not alone.

  • Tesla’s other Chinese competitors include Li Auto, Xpeng and Nio.
  • These three much younger companies are still far from BYD’s (and Tesla’s) numbers.
    • In 2022, Li Auto sold approximately 133,000 electric vehicles. Nio sold 122,000, while Xpeng sold a few thousand less.
  • However, three young shoots are clearly developing.
    • In two years, Nio tripled its sales. In turn, Li Auto and Xpeng more than quadrupled them.
  • Like BYD, Li Auto, Nio and Xpeng are also entering the European market. For the US, in principle, this will not happen for several years.

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