Elon Musk predicts a close rival to Tesla will leave China

Elon Musk predicts a close rival to Tesla will leave China

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Several manufacturers want to dethrone Tesla as the king of electric vehicles, but according to Elon Musk, just believe that a Chinese firm will do it.

Musk made the disclosure when asked by Tesla’s Chinese rivals during the company’s quarterly earnings call, according to Bloomberg. He indicated that Chinese brands “work harder and smarter”.

“If I had to guess, probably some company outside of China is the most likely to be second only to Tesla,” he confessed.

Currently a Chinese company ranks second in the EV market after Tesla. The company Musk is referring to is BYD.

A Warren Buffett-backed manufacturer that has maintained a favorable trend in recent years and in 2022 increased its battery EV sales a 184%.

In total they were 911,410 BEV per year past, second only to Tesla, which sold 1,313,851 EVs.

Musk is confident of remaining the largest EV producer in the future, though some analysts suggest BYD could overtake Tesla soon. In fact, since Tesla’s sales “only” increased by 40% in 2022, while BYD’s 184%.

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The reason for BYD’s success in its EVs is their prices that range from $14,490 to $29,000 in China, making them considerably cheaper than Tesla alternatives and other contenders.

For Tesla to keep its top spot, it should launch the promised $25,000 EV as soon as possible.

Writing New Electric Autos Source: carscoops

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