China backing Elon Musk on full self-driving revs up Tesla shares – ET Auto

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Tesla did not comment for this report. Musk had said this month that Tesla may make FSD available in China “very soon”.

Tesla CEO Elon Musk made progress towards rolling out the automaker’s advanced driver-assistance package in China on a whirlwind weekend trip to Beijing, sending the company’s shares up by almost 18% on Monday.

Prior to Monday’s share price jump, Tesla shares had lost about a third of their value this year as concerns have grown about its growth trajectory. Key questions remain, however, on whether Tesla can secure government approvals to transfer data overseas that could prove pivotal in its development of autonomous vehicles.

Musk arrived in the Chinese capital on an unannounced visit on Sunday, intending to discuss the rollout of its Full Self-Driving (FSD) software and the data-transfer permissions, said a source.

During the trip, Tesla won a key endorsement from a top Chinese auto association that said Tesla’s Model 3 and Y cars were compliant with data-security regulations. That would enable local governments to allow Tesla cars into parts of China they were previously barred from, Chinese media reported, citing a Tesla statement.

Tesla has also reached an agreement with Baidu to use the Chinese giant’s mapping license for data collection on China’s public roads, according to two people, who described that as a step toward FSD rollout in China. Musk’s meetings included one with Chinese Premier Li Qiang, who praised Tesla’s development in China.

Tesla did not comment for this report. Musk had said this month that Tesla may make FSD available in China “very soon”.

  • Published On Apr 30, 2024 at 09:56 AM IST

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