Tesla’s competitive position in China is deteriorating, according to a Wall Street Journal report published 7 July. Chinese car buyers increasingly view the company’s line-up as dated, while domestic manufacturers such as BYD are winning market share with vehicles that feature multiple entertainment screens, refrigerators and selfie cameras. Battery maker CATL has also unveiled technology it says can recharge an electric car in about five minutes, sharpening the technological gap. The Journal adds that Chief Executive Officer Elon Musk no longer enjoys the geopolitical cachet he once had in Beijing. His public feud with former U.S. President Donald Trump has diminished Chinese officials’ willingness to court him, reducing Tesla’s political leverage at a moment when it needs support to keep pace with local competitors. While exact sales figures were not disclosed, the report underscores growing pressure on Tesla in a market that accounted for a significant share of its global deliveries. The company did not immediately comment on the report.
Interesting to see Tesla, which was sort of playing crony capitalism with the world's two biggest economies amid a trade war, lose influence with both. But the story's focus is on Tesla's sliding sales due to aging vehicles, which are especially exposed in China. https://t.co/LGIz3js0B4
$TSLA Tesla falls behind competitors in China, WSJ reports
Just in: Tesla $TSLA loses ground in China as local EV makers gain popularity, reports WSJ. Chinese consumers find Tesla models outdated, and Musk's reputation in Beijing is strained. #Tesla #ChinaEVs