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Chen Qiyu: The decline in Tesla's market value is due to the fierce competition in the Chinese automotive industry
Fosun International Co-CEO Chen Qiyu stated at the Future Star of Chinese Enterprises Annual Conference that some people have misconceptions about the development of the automotive industry, thinking it is a competition between new energy and traditional energy. However, in his view, the competition in the automotive industry is between autonomous driving and manual driving. He mentioned that Tesla, as a representative of autonomous driving, has achieved a market value of nearly $700 billion from its inception to today. Regarding the decline in Tesla's market value over the past year, he pointed out that this is due to the rise of new energy vehicles in China, leading to intense and fierce competition
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