Are Chinese electric vehicles taking over the world?
Al Jazeera
Tesla and other Western electric car manufacturers are facing stiff competition from China.
Western car makers, already bruised by the scramble among themselves for a share of the electric vehicle (EV) market, are facing a much more fearsome foe – China and its aggressive investment into the sector.
Tesla, perhaps the best-known of the EV manufacturers in Western markets, saw first-quarter sales down by 20 percent this year, compared with the same period in 2023, and its share price has slumped by more than 25 percent since the beginning of this year.
According to experts, this is at least partially due to the emergence of a much more competitive landscape, with Xiaomi, originally a smartphone manufacturer which is has its headquarters in Beijing, launching its first EV – the SU7 – just a few weeks ago.
The competition from Chinese manufacturers has forced Western EV makers to sit up and take notice.
On a call with analysts in January this year, Tesla boss Elon Musk stated: “Our observation is, generally, that the Chinese car companies are the most competitive car companies in the world.”
