March 30
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U.S. billionaire Elon Musk said that the Chinese automaker is likely to be Tesla's closest competitor, stressing that the company is now winning in China, CNBC reported.

Tesla has a number of electric car competitors in China, including many startups such as Nio, Xpeng and Li Auto.

Right now Tesla's biggest competitor in China is Warren Buffett-backed automaker BYD. Last year BYD sold 911,140 battery electric cars worldwide and a total of 1.8 million vehicles, including plug-in hybrids. Tesla delivered 1.31 million vehicles in 2022.

Musk responded to a question about the competitive environment for electric cars in Tesla's earnings report by saying the company is fired up about the future, and it's going to be great.

According to the China Passenger Car Association, the Tesla Model 3 was the fifth best-selling car in China in 2022. Cars made by BYD and SAIC-GM-Wuling sold more than the Tesla Model 3 in 2022.

The Tesla Model Y was the second best-selling electric SUV in China after the BYD model.

Tesla faced a number of problems in China last year, including production disruptions at its Shanghai plant due to the country's tough Covid policy and component shortages. Tesla also cut prices for its cars in China in 2022 amid a difficult macroeconomic situation and a decline in consumer demand.

It is not only Chinese automakers that compete with Tesla. Traditional car giants in the U.S. and Europe also want a piece of the electric car pie.

Herbert Diess, former CEO of German automaker Volkswagen, told CNBC that his company could overtake Tesla to become the world's largest seller of electric cars by 2025.

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