TECH - Two Of America's Biggest Companies Have Made A 'Massive Bet' On China: 'They Can't Just Abandon…' Says Wedbush's Dan Ives | Benzinga
Two of America's biggest companies, which have made "massive" bets on China, Tesla Inc. (NASDAQ:TSLA) and Apple Inc. (NASDAQ:AAPL), cannot abandon the country just because they're undergoing a "white-knuckle" period, says top analyst Dan Ives.
What Happened: Tesla and Apple are both currently experiencing the impact of an economic slowdown in China and growing competition from local players like Warren Buffett-backed BYD Company Ltd. and Huawei Technologies.
"China is the heart and lungs of Tesla's growth story. That's 35% to 40% demand that's [coming] from China," Ives said in an interview with Hankyung Global Market.
While Tesla has seen a sliver of hope when it comes to sales of its vehicles made in China, Apple's sales in the country fell 33% year-on-year in February.
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Apple, in particular, has been a victim of a larger geopolitical ...