David McWilliams: America and China are pursuing a type of industrial cold war

Tesla chief executive Elon Musk speaks via video-link at the opening of the World Artificial Intelligence Conference in Shanghai, China, in July 2023. Photograph: Rebecca Bailey/AFP/Getty

Tesla’s share price has been under pressure all year and this week has experienced yet another fall; it’s down 30 per cent this year alone, making it the second-worst performer on the S&P 500. In a year where everything has been going up, Tesla’s stock is down nearly 60 per cent from its late-2021 high point, while the group’s market capitalisation has

However, quite apart from his marketing cachet, the travails of Musk and Tesla tell us something far bigger than the story of an evangelical entrepreneur; they tell us about the present state of relations between America and its rival, China, and how Chinese manufacturing is gobbling up the world by stealing intellectual property and making it better.

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