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 Cleveland Star 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 Cleveland Star.
More InformationDUBAI, UAE - The bustling real estate market in Dubai has surged to unprecedented heights, reporting transactions valued at over ...
SHANGHAI, China: A survey published this week by the American Chamber of Commerce (AmCham) in Shanghai showed that political tensions ...
DAYTON, Ohio: Under an agreement announced this week, Joby Aviation will produce state-of-the-art electric vertical takeoff and landing (eVTOL) aircraft ...
NEW YORK, New York - U.S. stocks and bonds caught on to a global trend Thursday as sellers took charge ...
CHICAGO, Illinois: The Chicago Symphony Orchestra (CSO) and the Chicago Federation of Musicians announced over the weekend that they agreed ...
ANKARA, Turkey: During a meeting, Michael Evans, President of the Alibaba Group, told Turkish President Tayyip Erdogan that the Chinese ...
DAYTON, Ohio: Under an agreement announced this week, Joby Aviation will produce state-of-the-art electric vertical takeoff and landing (eVTOL) aircraft ...
NEW ORLEANS, Louisiana: As Midwest farmers prepare to harvest crops and send tons of grain downriver to the Gulf of ...
BETHESDA, Maryland: This week, the US National Institutes of Health (NIH) said that it started early-stage human trials on FluMos-v2, ...
(Photo credit: Katie Stratmani-USA TODAY Sports) FC Cincinnati signed captain Luciano Acosta to an extension through the 2026 MLS season. ...
(Photo credit: Jay Biggerstaff-USA TODAY Sports) Newly re-signed running back Kareem Hunt will see action Sunday for the Cleveland Browns ...
(Photo credit: Sam Navarro-USA TODAY Sports) The New York Yankees placed left-hander Wandy Peralta on the 15-day injured list Friday, ...