2 Chinese EV companies seem to be ganging up on Elon Musk's Tesla
Elon Musk is facing fierce competition in China from EV upstarts like BYD and Nio.
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- EV company Nio is launching a new affordable EV brand in China.
- Competitor BYD will reportedly supply batteries for the new range, which will compete with Tesla's Model Y.
- The alliance between the two companies will likely intensify pressure on Tesla in China.
Two of Tesla's biggest rivals in China are joining forces in yet another blow to Elon Musk.
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