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Elon Musk on electric vehicle competition: ‘I’m confident in the future of Tesla’

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Yahoo Finance’s Zack Guzman discusses Time selecting Tesla and SpaceX CEO Elon Musk as their 'Person of the Year' and how Tesla is changing the auto industry.

Video Transcript

ZACK GUZMAN: Speaking of "Time," we want to note "Time" Person of the Year being named here today, none other than SpaceX founder and CEO at Tesla, Elon Musk getting the nod there. In the article naming Musk "Time" Person of the Year, "Time" saying, quote, few individuals have had more influence than Musk on life on Earth and, potentially, life off Earth, too. I want to play a little bit of what he told them in that big reveal. Take a listen.

ELON MUSK: If somebody makes better cars than we do, then-- and they then sell more cars than we do, I think that's totally fine. Our intent with Tesla was always that we would serve as an example to the car industry and that-- and hope that they also make electric cars so that we can accelerate the transition to sustainable energy. And I'm confident in the future of Tesla that it will do well. And I hope some of these other companies do well, too.

ZACK GUZMAN: Akiko, there you go, him talking about more of the Tesla piece of what he spends his time on. Of course, a lot of attention has been paid to the SpaceX piece this year, as they've continued to make progress in space travel. And of course, Elon Musk getting the nod, joins the likes of Mark Zuckerberg and Jeff Bezos as two other tech pioneers to grace "Time's" cover for Person of the Year, of course, coming off of Joe Biden's and Kamala Harris' split nod last year.

AKIKO FUJITA: Yeah, it's interesting to hear Elon Musk talk about the competition in that way because remember the argument before was that even though Tesla was leading in EVs, the more legacy plays like a GM, as well as Ford, are going to catch up quickly because of the scale that they have. That hasn't necessarily been the case. And Tesla continued to pay the way, at least in this space. The stock, though, down today, we should mention, about 5% almost there.