Tesla (TSLA) has some competition in the electric vehicle market.
Chinese billionaire Lu Guanqiu — owner and founder of Wanxiang – recently bought Fisker Automotive Holdings and is planning on manufacturing electric cars in the U.S. Guanqiu said that is planning on spending every penny that Wanxiang makes into making electric vehicles.
The Fisker CEO is looking to eventually surpass Tesla as the leading electric car manufacturer in the U.S. Guanqiu hopes that his company will eventually make the leap to China where there is a higher demand for electric vehicles due to the country’s air pollution and the fact that China has the world’s largest auto market.
TSLA stock is up over 2% Wednesday.
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