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Elon Musk Thinks This Warren Buffet-Backed Chinese EV Manufacturer Is Going To ‘Demolish Most Other Car Companies’

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Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), quickly changed his perception of BYD Co. Ltd. (OTC:BYDDY), a Warren Buffett-backed Chinese carmaker that has transformed within one year.

During a live Bloomberg interview last year, when Musk was asked about his competitor BYD, he laughed and responded, “Have you seen their car? … I don’t think they have a great product.”

Musk said he wasn’t concerned about BYD as a serious competitor in the electric vehicle (EV) market.

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BYD surpassed Tesla in EV sales, delivering 526,409 cars compared to Tesla’s 484,507, according to the companies’ fourth-quarter reports.

This unexpected surge prompted Musk to acknowledge BYD’s prowess, saying, “Frankly, if there are not trade barriers established, they will pretty much demolish most other car companies in the world.”

This shift highlights the dynamic nature of the electric car industry and the intense competition among global players.

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Musk’s acknowledgment of BYD’s competitive strength and subsequent revelation of Tesla’s decline in EV sales had a tangible impact on the market.

Following Musk’s comments in the earnings report, Tesla’s shares dropped 12%. Tesla also missed earnings and revenue expectations and expects next year “may be notably lower.”

This reaction underscores the sensitivity of investors to the evolving landscape of the electric car industry and the significance of recognizing emerging contenders.

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This article Elon Musk Thinks This Warren Buffet-Backed Chinese EV Manufacturer Is Going To ‘Demolish Most Other Car Companies’ originally appeared on Benzinga.com

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