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Elon Musk says Chinese language EV makers will ‘demolish’ different firms

Elon Musk speaks onstage throughout The New York Occasions Dealbook Summit 2023 at Jazz at Lincoln Heart on November 29, 2023 in New York Metropolis. 

Slaven Vlasic | Getty Pictures

Elon Musk stated Chinese language electrical automakers will discover “vital” success exterior of China, at the same time as his agency Tesla faces intense competitors from these similar firms.

“The Chinese language automotive firms are probably the most aggressive automotive firms on this planet. So, I believe they are going to have vital success exterior of China relying on what sort of tariffs or commerce obstacles are established,” Musk stated on Tesla’s earnings name on Wednesday.

“Frankly, I believe, if there aren’t commerce obstacles established, they are going to just about demolish most different firms on this planet.”

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It is not the primary time Musk has heaped reward on Chinese language EV makers. Final yr, the billionaire referred to as Chinese language EV companies “the most competitive in the world” and stated they’re more likely to be among the many world’s high auto firms.

“If I have been to guess … most likely some firm out of China is the almost definitely to be second to Tesla,” Musk stated.

Tesla’s personal shares slid in pre-market trade on Thursday, after the corporate posted earnings that missed expectations and warned of a slowdown in 2024.

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