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Elon Musk Admits Chinese Cars Are the Most Competitive in the World, Topping Tesla

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Tesla CEO Elon Musk admits that Chinese cars are the most competitive brand in the world. Tesla has been successively beaten by BYD as the best-selling electric car in the world.

Elon Musk responded to BYD’s performance which is currently expanding throughout the world. He said Chinese automakers would “destroy” their global competitors if they didn’t hit trade barriers, he was quoted as saying Reuters.

BYD is backed by Warren Buffett’s company, opening a new chapter with cheaper models and a more varied product line. As a result, BYD could overtake Tesla as the world’s best-selling EV company in the last quarter of 2023. Even though the US carmaker is making big price cuts.

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BYD claims to have sold three million units of electric cars worldwide throughout 2023. This nominal value is far behind Tesla, which in its year-end report managed to sell 1.8 million electric cars on earth.

The Tesla sales figures above only include full BEV (Battery Electric Vehicles) cars. The company owned by Elon Musk only produces and sells fully electric cars.

Meanwhile BYD’s sales figures also include BEV cars and hybrid cars. It is stated that BYD has sold 1.6 million full BEV cars, while another 1.4 million are hybrid cars.

Musk did not hesitate to say that electric cars made in China are now able to compete with Tesla. Even surpassing new levels to become the toughest competitor.

“Chinese auto companies are the most competitive and will have significant success outside of China, depending on the types of tariffs or trade barriers implemented,” Musk said.

“If there were no trade barriers, this would destroy most other car companies in the world. They are very good,” he added.

Even though a decade ago Musk had doubts about BYD’s products. Musk made this comment when interviewed by a private TV station, Bloomberg in 2011. He was initially asked to comment on Tesla’s competition with BYD.

Musk laughed in response to the question, while asking again “have you seen the car?”

“I don’t think it’s very interesting, the technology is not very strong. And BYD as a company has quite serious problems in its home region of China. I think their focus is, and rightfully so, making sure they don’t die in China,” he added.

BYD has now transformed into an automotive giant. Yes, the company that started its business in Shenzhen has many fields ranging from batteries, mining, to semiconductors. The company has established more than 30 industrial parks around the world and has been involved in electronics, automobiles, new energy, and rail transport.

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2024-01-27 05:07:18
#Elon #Musk #warns #Chinese #cars #doomsday #manufacturers

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