Tesla CEO Elon Musk said Wednesday that the Chinese electric car company will “defeat” competitors around the world without trade barriers.
“In general, our view is that Chinese car companies are the most competitive car companies in the world, so we don't know what tariffs or trade barriers will be established,” Musk said at Tesla's fourth press conference. “Depending on what happens, I think they will be very successful outside of China.” -Quarterly financial report.
“Frankly, if trade barriers were not established, most car companies around the world would go out of business,” he added. “They are very good.”
Musk's comments came after Chinese automaker BYD dethroned Tesla as the world's largest EV maker in the fourth quarter of 2023, although Tesla's annual global EV sales still dwarf BYD's sales. It was better than that. According to CNN.
Tesla's fourth-quarter profit also fell short of expectations. Associated Press reported. The company more than doubled its net income last quarter, with much of the increase coming from a one-time tax benefit.
The company reported net income of approximately $7.9 billion in the fourth quarter of 2023, up from approximately $3.7 billion in the final quarter of 2022. However, the one-time non-cash tax benefit amounted to $5.9 billion.
Tesla reportedly warned shareholders in a letter Wednesday that the company's growth rate could be “significantly reduced” in 2024, according to the Associated Press.
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