Tesla is experiencing a significant decline in its market share in China, its second-largest market, as competition from local manufacturers like BYD intensifies. The company reported a 30 percent decrease in car sales in May compared to the previous year. Elon Musk's lean towards far-right ideologies has further harmed the brand's reputation globally. There are increasing regulatory hurdles in China regarding the approval of Tesla's driver assistance software, allowing Chinese companies to catch up. Analysts suggest Tesla's innovations are perceived as stagnant, likening it to the decline of products like the iPhone.
Tesla remains important for China. But for authorities, helping domestic companies still matters more.
Teslas are almost like iPhones now. They're getting uninspired and stale, and don't have revolutionary features anymore.
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