Tesla share price rocking after Musk’s China visit

Elon Musk ’s quick visit to China paid immediate dividends, with Tesla Inc. receiving in-principle approval from government officials to deploy its driver-assistance system in the world’s biggest auto market.

Tesla shares soared 15% Monday, its best day in more than three years, while Baidu’s American depositary receipts closed 5.6% higher. Tesla didn’t respond to requests for comment on the status of its attempt to secure regulatory approval. Musk met Sunday with Premier Li Qiang, who as the Chinese Communist Party secretary for Shanghai helped the company set up what is now its top plant globally.While Tesla initially enjoyed a red-carpet welcome in China, its fortunes have faded recently as it faces tougher competition from domestic EV makers led by BYD Co.

Carmakers also have had success in charging extra for driver-assist features, which Tesla could use after having cut prices to levels that may have wiped out the operating profit it’s earning from the market. Musk’s surprise China visit is “a watershed moment,” Wedbush Securities senior analyst Dan Ives said in an interview with Bloomberg Television.

While getting the green light for FSD in China might help Tesla claw back some lost ground, its driver-assistance systems have proved problematic in the US.

Autonomous Driving Baidu China Chinese Cars Elon Musk Full Self-Driving (FSD) Li Qiang Self-Driving Cars Tesla Tesla Autopilot Motoring

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