Eectric vehicles are now the new norm of the future. Tesla is the first among the important names in the market, yet Elon Musk may have some concerns as to who can be their rivals. Even though we hear Elon Musk's name mostly with Twitter, the CEO has been focusing on Tesla as well recently.
China is Tesla's second-largest EV market after the United States, so the two companies have been working together for a long time. Tesla's first overseas factory, Giga Shanghai, also known as Gigafactory 3, was built for the final assembly of the Model 3 and Model Y.
Musk sees Chinese electric vehicle manufacturers as Tesla's rivals
With a predicted revenue of $190.40 billion in 2023, China is the world's largest market for electric vehicles. When compared to Europe and North America, the nation's sales of electric vehicles increased by 113%. Last year, China's BYD surpassed Tesla as the world's largest seller of electric vehicles. As a result, it stands to reason that Tesla will keep an eye on China and the expanding EV market there.
During the Q4 earnings call, Musk himself acknowledged that Chinese electric vehicle manufacturers are Tesla's primary rivals in the EV market. He went on to say that Chinese workers are the smartest and most dedicated of all workers, giving their companies an advantage over others.