On April 29, Elon Musk, CEO of American electric vehicle manufacturer Tesla, concluded his visit to China. According to foreign media reports, due to Musk's fruitful visit to China, Tesla's stock price (US time) soared 15% to $194.05 on the 29th, with a market value of $615.8 billion, under the decline of most large technology stocks in the United States. After a plunge, Tesla shares have climbed more than a third in the past week. Boosted by Tesla's surge in sentiment, the three major U.S. stock indexes bottomed out and rebounded on the 29th. At the close, the Dow rose 0.38%, the Nasdaq rose 0.35%, and the S&P 500 rose 0.32%.
On the afternoon of the 28th, Musk arrived in Beijing at the invitation of the China Council for the Promotion of International Trade. During the "lightning" day, Musk was met by Chinese Premier Li Qiang. This is Musk's second arrival in Beijing after nearly a year, and it is also another important meeting between China and the United States after the visit of US Secretary of State Blinken last week.
According to foreign media reports, through Musk's visit, Tesla's dialogue on launching a full self-driving (Full-Self Driving, or FSD) system in China has progressed, and some key regulatory obstacles are expected to be removed. On the day he arrived in China on the 28th, Tesla's smart driving compliance took another step. The China Association of Automobile Manufacturers and the National Computer Network Emergency Technology Processing and Coordination Center issued the "Notice on the Testing of Four Safety Requirements for Automotive Data Processing (First Batch)", and all models produced by Tesla's Shanghai Gigafactory met the compliance requirements, becoming the only foreign-funded car company that met the compliance requirements. In this regard, foreign media generally believe that this has cleared a major obstacle for the FSD system to enter the world's largest automobile market.
FSD is an evolution of Tesla's intelligent driving assistance system Autopilot, and Tesla hopes that FSD will gradually upgrade and iterate to finally achieve autonomous driving. FSD has been pushed on a small scale since October 2020 and has undergone 11 large-scale updates so far, and the latest version is FSD V12.
China is Tesla's second-largest market after the United States. Since entering the Chinese market a decade ago, Tesla has sold more than 1.7 million vehicles in China.
"Tesla's development in China is a successful example of China-US economic and trade cooperation. Li Qiang said this when meeting with Musk on the 28th. "Tesla's Shanghai Gigafactory is Tesla's best-performing factory...... Tesla is willing to further deepen cooperation with China and achieve more win-win results. Musk said.
Source: Financial Times client
Reporter: Han Xuemeng
Editor: Yang Jingyi
Email: [email protected]