Robert Besser
03 Jun 2023, 14:54 GMT+10
BEIJING, China: On his return to China after a three year absence, which is his company's largest production hub, Tesla Chief Executive Elon Musk began has b begun his visit with a meeting with Chinese foreign minister Qin Gang in Beijing.
The Chinese foreign ministry said that during their meeting, Qin told Musk that China was committed to improving the business environment for investors, including Tesla.
"We must step on the brake in time, avoid dangerous driving and be skillful at using the accelerator to promote mutually beneficial cooperation," Qin said.
He then quoted Musk as saying he was keen to expand business in China and opposed a decoupling of the American and Chinese economies.
China is Tesla's second-largest electric vehicle market, after the US.
Meanwhile, Reuters has reported that during his trip, Musk will meet other senior Chinese officials and visit Tesla's Shanghai plant, though it was not certain who he would meet or what issues they would discuss.
In March, Reuters reported that Musk had been planning a trip to China and aimed to meet with Chinese Premier Li Qiang.
Tesla faces intensifying competition from Chinese-made electric vehicles, and the expansion plans for Tesla's Shanghai plant are still uncertain.
Tesla's investors have questioned whether and by how much it will increase output in Shanghai, its largest global production site.
In a note to investors, Daniel Ives, analyst at investment firm Wedbush, said Tesla should "aggressively focus on building out its China footprint."
"Despite increasing competition, China's market for electric vehicles, the world's largest, has become the golden goose EV market," he added, noting that Tesla's Shanghai plant is "the heart and lungs" of the company's global production.
Since Russia's invasion of Ukraine, Chinese researchers have monitored Musk's space company, SpaceX, as well as the military applications of its Starlink satellite network, with interest and concern.
Get a daily dose of North Carolina Daily news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Carolina Daily.
More InformationNEW YORK, New York - Interest rates could stay higher for longer, but there is the possibility of rate cuts ...
WASHINGTON D.C.: Last week, the Federal Reserve said its losses surpassed the US$100 billion mark and will likely continue to ...
NEW YORK, New York - U.S. investors fretted Tuesday while the U.S. central bank deliberated on whether to hike interest ...
CHICAGO, Illinois: According to a report released by global outplacement and executive coaching firm Challenger, Gray & Christmas, U.S. retailers ...
NEW YORK, New York - U.S. stocks stocks were quiet and little changed Monday, ahead of the Federal Reserve's monthly ...
BEIJING, China: U.S. aerospace and defense firms Northrop Grumman and Lockheed Martin have been sanctioned by China for selling weapons ...
ISLAMABAD, Pakistan - The government has warned all information technology (I.T.) and financial institutions, including regulators, to avoid using "Indian ...
NEW YORK: This week, the Wall Street Journal (WSJ) reported that U.S. electric vehicle (EV) maker Tesla and Saudi Arabia ...
MONTGOMERY, Alabama: Last week, Alabama's school chief, Superintendent Eric Mackey, said that under new reading benchmarks to move to fourth ...
NEW ORLEANS, Louisiana: As Midwest farmers prepare to harvest crops and send tons of grain downriver to the Gulf of ...
WASHINGTON D.C.: Last week, the Federal Reserve said its losses surpassed the US$100 billion mark and will likely continue to ...
DHAKA, Bangladesh - Hundreds of articles purportedly written by independent experts praising Bangladeshi government policies have appeared in national and ...