Explorer

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.

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.

Also read: Fitbit Versa 4 Review: Fitness At Core, But Is It Worth The Upgrade?

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.” 

Also read: Instagram Head Admits Pushing 'Too Many' Videos For Users On The Platform

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.

Also read: Twitter Lost Over 70 Per Cent Ad Revenue In December, After Elon Musk's Takeover: Report

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.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

'Very Upsetting': Australian Foreign Minister Condemns Attack On Hindu Temple In Canada
'Very Upsetting': Australian Foreign Minister Condemns Attack On Hindu Temple In Canada
Foreign Minister Jaishankar Says Attack On Hindu Temple In Canada 'Deeply Concerning'
Jaishankar Says Attack On Hindu Temple In Canada 'Deeply Concerning'
US Election News Live: Harris, Trump Make Final Pitch To Pennsylvania Voters Before Historic Vote
US Election News Live: Harris, Trump Make Final Pitch To Pennsylvania Voters Before Historic Vote
Salman Khan Gets Another Death Threat, Has 'Two Options — Pay Rs 5 Crore Or...'
Salman Khan Gets Another Threat, Has 'Two Options'
Advertisement
ABP Premium

Videos

Almora Bus Accident: Bus Carrying 42 Plunges Into Ravine in Uttarakhand | ABP NewsBreaking News: Poster Wars Heat Up in Lucknow Ahead of UP By-Elections | ABP NewsManoj Jarange Makes Bold Declaration Ahead of Maharashtra Elections 2024UP News: Political Resolution Looms for UP's 69,000 Teacher Recruitment Saga Ahead of By-Elections

Photo Gallery

Embed widget