(Photo/Xinhua)

“The wave of Japanese imports that happened in the 1980s and 90s. I think we will see something similar with the Chinese car companies,” said Elon Musk during an interview after being named the Financial Time’s “Person of the Year” for transforming the car industry.

“I think people are somewhat oblivious to just how much progress China is making. It’s incredible,” said the Tesla chief executive.

“The work ethic, just the sheer number of hard-working, smart people in China is a wonder to behold—both amazing, and slightly scary. And they’re going to get things done.”

Musk’s attitude towards China is intertwined with Tesla’s rapid growth in the country. As the first wholly foreign-owned automobile factory in China, the Shanghai Gigafactory has seen a continuous increase in production capacity and market scale since it was completed in 2019. In Shanghai, as well as the Gigafactory, the company has built a super charging pile factory, an R&D center and a data center. At the same time, the annual production capacity of the Shanghai Gigafactory is more than 450,000 vehicles, becoming Tesla's most important export center.