Tesla CEO Musk: Chinese EV firms will 'demolish' rivals without trade barriers

"If there are no trade barriers established, they will pretty much demolish most other car companies in the world," he said. But Chinese EV makers, adept at keeping costs in check with a stable supply chain, are moving fast. President Joe Biden has said China was determined to dominate the EV market and that he "won't let that happen". Europe has also taken a protectionist stance towards Chinese EV makers. Last year, the European Commission launched an investigation into whether to impose punitive tariffs to protect EU producers against cheaper Chinese EV imports it says are benefiting from state subsidies.