Tesla (NASDAQ: TSLA) is facing stiff competition in China, its largest market for electric vehicles (“EVs”) after North America. The EV company has been the leading electric vehicle company globally for a while now, selling thousands of battery electric vehicles (“BEV”) across the United States, Europe, and China. However, the nascent EV industry has attracted plenty of companies that are giving Tesla a run for its money, especially in China, the world’s largest electric vehicle market.
The Hong Guang Mini EV, a compact $4,500 EV developed by SAIC Motor, has proven a big hit in China. Last month, the budget EV saw sales that were close to double what Tesla sold in the same period in China. It is being developed in the country as part of a joint measure between SAIC Motor, a state-owned company that holds the distinction of being the top automaker in China, Liuzhou Wuling Motors, and American automaker…
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