Elon Musk Says Chinese EV Makers Are Tesla's Biggest Competitors

Tech billionaire and EV maker Tesla's owner Elon Musk, on a call with analysts during the company's Q4 quarterly earnings, said that Tesla's biggest competitor is likely to be a Chinese EV company.

Tesla sold 1.31 million vehicles in 2022, marking a record-breaking 40 per cent growth YoY. ( Image: Getty )

Tech billionaire and EV maker Tesla's owner Elon Musk, on a call with analysts during the company's Q4 quarterly earnings, said that Tesla's biggest competitor is likely to be a Chinese EV company, the media has reported. Tesla's employees and investors were reportedly elated in the wake of the company's record-breaking sales last year.

According to a report by news agency Bloomberg, asked about Chinese car companies, Musk said that they “work the hardest, and they work the smartest,” describing them as the most competitive in the world. “If I were to guess,” he said, “probably some company out of China is the most likely to be second to Tesla.” 

Last year, Musk-owned Tesla recorded the highest-ever revenue and sales numbers. The EV maker sold 1.31 million vehicles, thus, marking a record-breaking 40 per cent growth YoY, even though it fell short of the estimated target of 1.4 million deliveries.

According to the company's Q4 earnings report, Tesla made $24.32 billion in revenue and a profit of $3.7 billion, which is a whopping 59 per cent increase, compared to the gain for the same quarter in 2021.

Tesla also announced a price drop in several of its models, offering a $7,500 discount for its Model 3 and Model Y vehicles, in a bid to sell more vehicles.

Meanwhile, Elon Musk has become the first person ever to have their net worth reduced by $200 billion. Last year, 51-year-old Musk saw his worth drop to $137 billion as a result of the decline in Tesla stock, according to the Bloomberg Billionaires Index. Tesla stocks further slipped 11 per cent earlier this week. 

Musk was the second person ever to have a fortune of more than $200 billion after Jeff Bezos. He achieved that milestone in January 2021. His wealth peaked on November 4, 2021, at $340 billion, and he held the title of world's richest man until Bernard Arnault, the French entrepreneur who founded LVMH, passed him this month.