Tesla's Q2 sales in China are off to a weak start, and its local website still shows 1 to 2 weeks' delivery time for the Model 3, indicating ample inventory.

Last week's price announcement of the locally made Model 3 was met with disappointment among Chinese consumers, who feel Tesla is trying to rip them off.

While many Tesla bulls assume that, once local production of the Model 3 begins, growth will follow, the fierce competitive landscape in China's EV market warrants caution.

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China has, in fact, become a huge risk to Tesla and its capacity build-out there, as US-China trade tensions have already led to China singling out Tesla for bullying.

On June 4th, the Chinese government claimed that Tesla has been engaging in questionable discounting practices. This brings back memories of Chinese government bullying of Japanese and Korean car makers in 2012 and 2017.

In my last update on Tesla (NASDAQ:TSLA), I forecast that the company would generate a $3.5bn net loss in 2019 due to the halving of sales of the Models S and X (over

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