Elon Musk’s Hail Mary In China

Tesla was once the undisputed global leader in electric vehicles. In the earlier part of this decade, Tesla’s Tesla0.0% stock was a certain winner, reaching an all-time high on November 4, 2021. Those days are now distant as the company grapples with mounting competition from international and Chinese rivals, with companies such as BYD dominating the market and the phone maker Xiaomi entering the fray. Chinese-owned Polestar, Volvo, as well as Hyundai, Volkswagen, and others, are presenting tangible challenges to Tesla’s position globally. It is unclear whether Elon Musk’s efforts to reverse this trend appear to be successful.

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