Elon Musk Warns of Chinese Electric Car Brands' Potential to 'Demolish' Global Rivals
Tesla's earnings fell short as it warned of slower growth rates and faced increasing competition from Chinese electric car brands, with CEO Elon Musk acknowledging their potential to "demolish" other car companies. The company's 2023 deliveries were up 38%, below its previous 50% growth target, and it lost the lead in global EV sales to Chinese automaker BYD. Musk's remarks come as BYD expands into new markets, sparking an anti-dumping investigation by EU officials. Tesla's slower growth rate is attributed to the launch of its next-generation vehicle and the manufacturing complexity of its long-delayed Cybertruck pickup. The company reported adjusted earnings of 71 cents a share, down 40% from a year earlier, and revenue of $25.2 billion, up only 3% from a year earlier, despite increased deliveries and repeated price cuts.