Tesla sees $600 bln overnight surge after Musk's visit to China

2024-04-30 Editor : Mo Honge ECNS App Download

(ECNS) -- After Tesla CEO Elon Mask's short visit to China, the company's stock rose 15.31 percent on the Nasdaq, closing at $194.05 per share on Monday, a record high in the recent two months.

Tesla's market capitalization also increased by $82.6 billion (approximately 597.4 billion yuan).

Musk's private jet arrived in Beijing at 2 p.m. on Sunday and left at 1 p.m. the second day. Despite the short stay, Musk had a big harvest.

The two car models produced by Tesla's Shanghai Gigafactory have met all four Chinese requirements for automotive data security, which means most areas will lift driving and parking limitations on Tesla vehicles. It is expected to draw back customers who avoided Tesla for these reasons.

Besides, insiders revealed that Tesla will cooperate with Baidu on maps and navigation, clearing obstacles to launch advanced driving assistance feature in China, according to Bloomberg.

Aside from measures for expanding the market, Tesla prioritizes the promotion of auto-driving technology, with $10 billion allocated into this area this year, said Musk on social media platform X.

He said on the CCTV-finance channel that if anyone doesn't believe Tesla will figure out auto-driving problems, then don’t invest. 

Baidu also showed a positive outlook, with its shares closing at $106.17 on the Nasdaq on Monday, a 5.62 percent increase.


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