Elon Musk says Chinese EV makers will 'fairly much demolish' most competitors without trade barriers

Elon Musk speaks onstage throughout The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center on November 29, 2023 in New York City. 

Slaven Vlasic | Getty Images

Elon Musk mentioned Chinese electrical automakers will discover “vital” success outdoors of China, whilst his agency Tesla faces intense competitors from these similar corporations.

“The Chinese automotive corporations are the most aggressive automotive corporations on the earth. So, I feel they will have vital success outdoors of China relying on what sort of tariffs or trade barriers are established,” Musk mentioned on Tesla’s earnings name on Wednesday.

“Frankly, I feel, if there usually are not trade barriers established, they will fairly much demolish most different corporations on the earth.”

It’s not the primary time Musk has heaped reward on Chinese EV makers. Last yr, the billionaire known as Chinese EV companies “the most competitive in the world” and mentioned they’re more likely to be among the many world’s high auto corporations.

“If I had been to guess … in all probability some firm out of China is the most more likely to be second to Tesla,” Musk mentioned.

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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