Elon Musk might have gotten royally played by the Chinese government.
After pouring billions into his Tesla factory in China, Beijing turned around and undercut him—flooding the market with heavily subsidized Chinese EVs. Now, Tesla’s sales in China have plummeted by 49.2% in February compared to the previous year, marking the lowest monthly sales since August 2022.
If this trend continues, Musk could lose his Shanghai Gigafactory entirely. Considering how shrewd the Chinese government is, this might have been their plan all along.