From Network18: 2024-04-30 03:26:29

Elon Musk, CEO of Tesla, secures deal with China’s Baidu for Tesla’s driver-assistance software. Tesla stocks surge following Musk’s visit to Beijing and approval from Chinese officials to launch its Full Self-Driving (FSD) feature in the country. Despite concerns over Autopilot system, Tesla’s stock jumps by more than 15 percent, adding $82 billion to market cap.

Analyst Dan Ives calls China’s FSD approval a “home run” for Tesla, highlighting compliance with Chinese regulations and potential for global data transfer for algorithm training. Tesla’s stock market rally reflects optimism over future growth opportunities following Musk’s successful negotiations in China.

Tesla addresses challenges with declining stock value and slowing production by focusing on future growth, including plans for a fully autonomous robotaxi and a more affordable car. Despite first-quarter net income drop, Tesla remains confident in its long-term strategy and potential for continued success in domestic and international markets.



Read more at Network18: Tesla’s market cap up by $82 billion, as stocks rally 15% following Musk’s Baidu deal during China trip – Firstpost