Elon Musk says Chinese EV makers will ‘demolish’ other companies

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

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Elon Musk says Chinese electric car maker will have ‘significant’ success outside China, despite his company Tesla Facing fierce competition from these companies.

“Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China, depending on what tariffs or trade barriers are put in place,” Musk said during Tesla’s earnings call on Wednesday stated on the conference call.

“I think, frankly, if they don’t put up trade barriers, they’re going to pretty much destroy most other companies in the world.”

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This is not the first time Musk has praised Chinese electric vehicle manufacturers. Last year, the billionaire called Chinese electric car companies “the most competitive in the world” and said they were likely to be among the world’s top car companies.

“If I were to guess… probably there are some companies in China that are most likely to become second only to Tesla,” Musk said.

Tesla shares fell in premarket trading on Thursday after the company reported profit that missed expectations and warned of an economic slowdown in 2024.

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