ELON MUSK SAYS CHINESE ELECTRIC CAR BRANDS COULD ‘DEMOLISH’ RIVALS AS TESLA EARNINGS FALL

Summary from the TLDR newsletter

Tesla has backed off its bullish sales targets due to growing EV sales by rival brands. The company has been cutting prices for more than a year to boost sales. It lost the lead in global EV sales to Chinese automaker BYD in the fourth quarter of 2023. Elon Musk told analysts on a call that Chinese carmakers will have significant success outside of China. He believes that current trade barriers are preventing Chinese car manufacturers from demolishing most other car companies in the world.