Elon Musk said Chinese electric vehicle makers like BYD, Nio, and Xpeng will find "significant" success selling EVs outside of China if there are no trade barriers. Musk stated that if trade barriers with China are not established, these automakers "will pretty much demolish most other companies in the world." The European Commission is currently investigating subsidies given to Chinese EV makers, and could potentially impose higher tariffs on Chinese EVs entering Europe. BYD has already expanded sales to markets in Europe, the Middle East, and Southeast Asia, surpassing Tesla's sales in Q4 2023.
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00:00 It's Benzinga and here's what's on the block. Elon Musk said Chinese electric vehicle makers
00:04 like BYD, NIO and Xpeng will find significant success selling EVs outside of China if there
00:09 are no trade barriers. Musk stated that if trade barriers with China are not established,
00:13 these automakers will pretty much demolish most other companies in the world. The European
00:18 Commission is currently investigating subsidies given to Chinese EV makers and could potentially
00:22 impose higher tariffs on Chinese EVs entering Europe. BYD has already expanded sales to markets
00:27 in Europe, the Middle East and Southeast Asia, surpassing Tesla's sales in Q4 2023. NIO and
00:33 Xpeng have also launched in Europe. Musk previously praised Chinese EV companies as the most competitive
00:38 in the world and said one may become the second largest automaker after Tesla. For all things
00:43 money visit Benzinga.com