Detroit? Nope. Germany? Nein. Elon Musk sees the toughest competition for Tesla in China, home of the company he expects "most likely to be second" in electric vehicles.
China is Tesla Inc.'s second-largest market — accounted for about two-thirds of all electric-vehicle sales globally in 2022 — and the home of Tesla's biggest plant.
It's also a market that has embraced EVs and is replete with rivals competing on style and price, including Xpeng, Nio and BYD Co.
While releasing fourth-quarter earnings on Wednesday, Tesla said the company's latest financial results showed recent deep price cuts were stimulating demand, and that the company is cutting costs with a view to growing through what Musk expects will be a recession this year.