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Chinese firms prepare to charge into Europe’s electric car market

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April 17, 2021 at 04:00PM

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Tesla could be in for a shock as far-eastern rivals use cheap money to gain traction among affluent western car buyers

Tesla boss Elon Musk is not known for admiring his competition, but when Chinese manufacturer Nio made its 100,000th electric car last week, he offered his congratulations.

It was a mark of respect from a chief executive who had been through “manufacturing hell” with his own company. Yet it is also a sign of the growing influence of China’s electric carmakers. They are hoping to stake out a spot among the heavyweights of the new industry and bring a significant new challenge to Tesla – and to the rest of the automotive industry as it scrambles to catch up.

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