Elon Musk's Warning: Chinese EVs Could 'Demolish' Rivals Without Trade Barriers
Tesla's market value dropped by $82 billion after Elon Musk warned about the competitive threat posed by Chinese electric car makers, leading to a 12% decline in its stock. The company also faces challenges such as lower predicted sales numbers for 2024 and uncertainty about interest rate changes. Despite plans to launch a lower-cost model, Tesla's earnings have been declining, raising questions about its stock valuation and the potential impact of Musk's request for additional equity. The company's future prospects in the face of intense competition from Chinese carmakers remain uncertain.