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Amid Competition From BYD, Elon Musk Warns Of Chinese Automakers Potential To ‘Demolish’ Rivals

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In a recent earnings call, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk said that Chinese automakers could “demolish” their global counterparts if not for existing trade barriers.

What Happened: Musk praised the competitiveness of Chinese car companies during a Tesla earnings call. He indicated that their success outside China would hinge on the establishment of tariff or trade barriers, reported Nikkei Asia.

“Our observation is generally that the Chinese car companies are the most competitive car companies in the world,” Musk said. However, he noted that Tesla doesn’t see an “obvious opportunity to partner” with these companies, except on sharing supercharging networks.

Despite this competition, Musk acknowledged BYD (OTC:BYDDF) (OTC:BYDDY) as an important battery supplier along with Panasonic (OTC:PCRFF) (OTC:PCRFY), CATL, and LG (OTC:LGEIY). He announced plans to increase orders from these suppliers in 2024.

Tesla’s presence in China, the world’s largest EV market, is also being challenged due to data security concerns, leading to restrictions for Tesla drivers at government-affiliated venues.

Tesla on Wednesday reported fourth-quarter revenue of $25.17 billion, which was up 3% year-over-year. The revenue missed a Street …

Full story available on Benzinga.com

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