Musk does not consider companies from the US and Europe to be serious competitors
Elon Musk sees Tesla’s biggest competition in China, home to a company he expects is “likely to be second” in the electric car market behind Tesla.
When asked about Tesla’s competitors, Elon Musk replied that he respects car companies in China, calling it the most competitive market in the world. Musk did not name any specific Chinese automaker.
They work harder than everyone and smarter than everyone. So, we are guessing that there is probably some company from China that will most likely be second only to Tesla. Our team wins in China. And I think that we can really attract the best people in China. So hopefully this will continue.
China is Tesla’s second largest market. This country accounted for about two-thirds of all electric vehicle sales in the world in 2022. Tesla’s largest factory is also located in China. There are many EV competitors in this market, including Xpeng, Nio, BYD. Xiaomi will enter the market soon.
Elon Musk said the recent sharp decline in car prices has spurred demand and that the company is cutting spending to grow in the face of a recession that Musk expects this year.
