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Tesla named the muse of China

Experts interviewed by Reuters called the American electric car manufacturer Tesla a muse for Chinese competitors and buyers who are inspired by the design and success of Elon Musk's company.

Several Chinese electric vehicle manufacturers, many of which are in the early stages of development and are startups, are targeting Tesla's business model, which is successful in the local market. Even against the background of a general economic recession due to the coronavirus pandemic, the company's sales in China in the first eight months of 2020 tripled compared to the same period last year and reached 73.6 thousand cars.

Many analysts have compared Tesla's products to Apple's first iPhones and equate them with a technical breakthrough. Largely because of Tesla's performance, Chinese investors, including venture capital funds and private equity funds, are investing in NIO, XPeng, Li Auto, WM Motor, and other EV makers. Some of them are going to conduct an IPO and go public in the foreseeable future.

Even Airways is thinking about changing its status to a public company, which in its three years of existence managed to attract only 10 billion yuan (1.4 billion dollars). Its management includes people from the world's largest corporations such as Volvo, Mercedes-Benz, Skoda, and Volkswagen.

The outlook for Chinese players following the example of Tesla is underpinned by local demand for electric vehicles. In 2020, it began to rise again after last year's recession caused by a cut in government programs to subsidize purchases. However, now many Chinese people are guided by considerations of energy efficiency and environmental friendliness.

Google News
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