"Elon Musk Warns Chinese EV Companies Could 'Demolish' Global Rivals"
Elon Musk warned that Chinese EV companies could dominate the global market without trade barriers, as Chinese automaker BYD surpassed Tesla as the top-selling EV company last quarter. China aims to have its top EV makers generate 10% of sales overseas by 2025, with BYD likely being one of them. Musk admitted that Tesla is reaching the limit of cost reduction with its existing products and plans to start producing a cheaper, mass-market compact crossover in mid-2025. Chinese EV manufacturers are targeting Europe, while facing challenges in the US market due to tariffs and trade restrictions.