It's going to get tougher for Elon. Developments from this businessman and how his higher-end vehicles spread from China to other markets will be something to watch out for. Maybe we'll see his vehicles end up on america soil?
Is that boxy green (in more than one way) bus shown above getting ready to race a Tesla? Not really. But its majority owner, a Hong Kong businessman that once did jail time, wants to take on Tesla Motors when it comes to higher-end electric vehicles in China, according to Bloomberg News.
Hong Kong businessman Stephen Wong owns more than 80 percent of Golden Dragon, which makes those electric buses. Wong founded China-based television maker Skyworth Digital Holdings Ltd., and still owns more than a third of the company, and that puts his net worth at about $1.2 billion, Bloomberg says. He left the company 2006 and was subsequently jailed after being convicted of fraud and theft. Now, with China's electric-vehicle market poised to surge as the government looks to address the growing air-quality problem by pushing greener vehicles, Wong is looking for a comeback by making electric vehicles that might one day compete with Tesla.
Granted, a more appropriate benchmark for Golden Dragon to take on than Tesla may be China-based BYD, which makes both electric cars and buses and is partially owned by Warren Buffett. Either way, while others may chase the dragon, this Dragon may start chasing Tesla. Mr. Musk, you've been warned.