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 Sydney Sun 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 Sydney Sun.
More InformationTOKYO, Japan: Toyota Motor (7203.T) is ramping up its production of electric vehicles (EVs) under both the Toyota and luxury ...
WASHINGTON D.C.: After consumer complaints of oil pump failures, the National Highway Traffic Safety Administration's (NHTSA) Office of Defects Investigation ...
NEW YORK, New York - With no major news Monday, and nothing on the horizon, U.S. stocks remained little moved, ...
WASHINGTON D.C.: In a small but rare reduction to its headcount, which has grown steadily since 2010, the US Federal ...
CAMP HILL, Pennsylvania: This week, the Wall Street Journal (WSJ) reported that Rite Aid could shut down some 400 to ...
WASHINGTON D.C.: U.S. Transportation Secretary Pete Buttigieg has criticized the air traffic control staffing shortages in New York as "unacceptable" ...
LONDON, UK: The UK government said over the weekend that it could downscale the scope of the High Speed 2 ...
LAHAINA, Hawaii: This week, officials are expected to begin lifting restrictions on entry to the burn zone in Lahaina, Hawaii, ...
LONG ISLAND, New York: On Thursday, a bus carrying members of a high school marching band traveling to a music ...
GAINESVILLE, Florida: Local police report stopping children, ages 10 and 11, who had driven their family car 200 miles, in ...
Washington, D.C.: This week, the U.S. Court of Appeals for the Federal Circuit suspended 96-year-old Judge Pauline Newman from hearing ...
NEW YORK: On Tuesday, former U.S. Congressman Stephen Buyer was sentenced to 22 months in prison for trading on inside ...