Beijing gave CATL lavish subsidies, a captive market of buyers and soft regulatory treatment, helping it to control a crucial technology of the future.
The company, which began trading on the stock exchange last month, said it lost $1.2 billion in the third quarter.
Peter Rawlinson designed the Tesla S. His new Lucid Air sedan is a direct challenge to Tesla’s dominance.
The 2018 tweet, in which Mr. Musk claimed he had secured funding to take Tesla private, initially sent the automaker’s shares soaring. But they sank when it became clear that no such deal had been reached.
The company, backed by Amazon and Ford, was valued at nearly $70 billion in its initial public offering, though it has delivered only 156 vehicles.
The company, backed by Amazon and Ford, has delivered only 156 trucks so far, but its market worth approaches that of Ford.
Tuesday’s losses put Tesla’s stock down more than 11 percent this week.
The company updated registration documents with the Securities and Exchange Commission on Monday.
Elon Musk announced the move at the company’s annual shareholder meeting, hosted at a factory Tesla is building near Austin.
Activist shareholders have submitted five proposals to compel Tesla to disclose more information about its efforts to diversify its work force, how it handles employee disputes and its human rights record.