Musk praises China, says Tesla will continue to invest there
During Friday’s conference call in Wuzhen, Tesla Inc (NASDAQ :) CEO Elon Musk praised for the second time this month China’s tremendous efforts to digitize all sectors, including automotive, and said the vehicle maker electric companies would invest more in the country, CNBC reported.
What Happened Elon Musk was virtually present at the World Internet Conference, an annual international event organized by the government agency Cyberspace Administration of China.
The billionaire businessman said that according to his candid observation, China is devoting a lot of resources and efforts to the application of the latest digital technologies in different industries, including automotive, making the country a world leader in digitization.
“Tesla will continue to expand its investments and R&D efforts in China,” it added, according to the report.
Why It Matters A week ago, Musk praised China’s competitiveness in the auto market and said he had “great respect” for local manufacturers.
Musk is trying to improve Tesla’s tarnished image in the Asian country, following attacks from the local press and a subsequent regulatory investigation earlier this year, when the Palo Alto manufacturer’s access to electric vehicles to some government sites and military had been restricted or banned.
China is Tesla’s main key market outside of the United States. The California-based company faces stiff competition from local automakers like Nio Inc (NYSE: NIO), Li Auto Inc (NASDAQ: LI) and Xpeng Inc (NYSE: NYSE :).
Tesla has invested heavily in China, notably by building a gigafactory, which should act as an export hub.
Price movement Tesla shares closed up 2.75% on Friday at $ 774.39.
Image courtesy of Nvidia (NASDAQ :) Corp., available on Flickr
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