This is about selling his Tesla’s in China, not sourcing. What he’s doing is agreeing with the CCP to do price fixing so as not to compete with their State owned companies.
Elon Musk’s Tesla has joined Chinese automakers in pledging to enhance “core socialist values” and compete fairly in the country’s car market after Beijing directed the industry to rein in a months-long price war.
Tesla and its biggest Chinese rival BYD were among 16 manufacturers to make the commitment in a letter signed at a motor industry conference in Shanghai on Thursday. It follows a battle among makers of electric vehicles after Tesla slashed prices on its Model 3 and Model Y cars last October in the face of rising domestic competition.
Tesla and Warren Buffett-backed BYD have been the chief beneficiaries, boosting sales at the expense of a clutch of smaller rivals and some foreign brands. Both companies reported record sales in the second quarter.
The joint letter, which came at the behest of the Ministry of Industry and Information Technology. The letter — which uses language popular with Chinese president Xi Jinping and the ruling Communist party — also highlights how Tesla is navigating an increasingly fraught US-China business landscape and rising competitiveness in the world’s biggest EV market. Tesla was the only foreign carmaker to sign.
Musk has become one of the world’s richest people by growing businesses in the west and riding the boom in Tesla’s stock market value in the final years of the US bull market.
Despite this, he has previously posted on Twitter that he is “a socialist”, writing in 2018: “By the way, I am actually a socialist. Just not the kind that shifts resources from most productive to least productive, pretending to do good, while actually causing harm. True socialism seeks greatest good for all.”
More @: https://www.ft.com/content/6e08ea9b-0c4a-4e0f-8a13-0eca06aa76b9
Elon Musk’s Absurd ‘Socialist’ Pledge By JIM GERAGHTY / July 7, 2023 9:40 AM
On the menu today: Elon Musk pledges to the Chinese government that he and his companies will enhance “core socialist values,” and tells an artificial-intelligence conference in Shanghai, “I think China will have very strong AI capability — [that] is my prediction.” And, for almost certainly the last time, a review and thoughts about a new Indiana Jones movie.
Elon Musk’s Tesla has joined Chinese automakers in pledging to enhance “core socialist values” and compete fairly in the country’s car market after Beijing directed the industry to rein in a months-long price war.
Tesla and its biggest Chinese rival BYD were among 16 manufacturers to make the commitment in a letter signed at a motor industry conference in Shanghai on Thursday. . . .
The letter — which uses language popular with Chinese president Xi Jinping and the ruling Communist party — also highlights how Tesla is navigating an increasingly fraught US-China business landscape and rising competitiveness in the world’s biggest EV market. Tesla was the only foreign carmaker to sign…
More @ https://www.nationalreview.com/the-morning-jolt/elon-musks-absurd-socialist-pledge/
During a trip to China last month, Musk described United States’ and China’s economies as “conjoined twins” and expressed opposition to efforts to decouple the world’s two major powers.
Musk has praised the Chinese regime for “the economic prosperity” that it has achieved in Twitter replies to state media accounts and told the Financial Times last year that he believes Taiwan should be controlled by the Chinese Communist Party as a “special administrative zone.” The suggestion was quickly celebrated by Chinese ambassador to the United States Qin Gang.
Does everybody see how this works?https://t.co/Hgu6pxf41F
— StayOnTarget “Someone’s getting indicted today” (@mikewin62444122) July 7, 2023
