For the first time since before the pandemic, Tesla’s chief executive officer and product architect, Elon Musk, has traveled to China to do some business. Ticked off on his list of agendas in the East Asian country is meeting with China’s foreign minister. For what happened during the meeting, read on to this news.
Open for business
Musk met with China’s foreign minister Qin Gang today and discussed several things at the table.
This meeting came when Beijing is showing interest in opening its doors to foreign businesses. At the same time, the Tesla CEO also expressed further expansion of the company’s business in China.
Qin, who was the former ambassador of China to the United States, said during the meeting that “Chinese-style modernization” beefed up with the country’s massive population and “common prosperity” will create “unprecedented growth potential and market demand.”
Furthermore, the Chinese foreign minister added that the country’s market for electric vehicles (EVs) “has broad prospects for development” and that the country will keep opening up and creating better market-oriented and law-based business environments for foreign businesses like Tesla.
The foreign minister’s statement also said Musk praised the country’s people and achievements, and is willing to expand its business in China.
Also, as markets opened on Tuesday, Tesla shares interestingly jumped five percent before paring gains later on. As of 10 a.m. ET, the company’s stock was trading at $202.93, up 2.6 percent for this session.
Controversies: China wants something else from Musk?
This meeting between Musk and China’s foreign minister came amidst rising tensions between the United States and China over technology.
In 2022, Washington implemented significant export restrictions on crucial chips and semiconductor equipment to China, a move that could shadow Beijing’s efforts to boost its domestic industry anchoring on technology.
Some are also saying the Tesla CEO’s meeting with Qin is controversial. They are stating that the fact this meeting was the first thing Musk did upon landing in Beijing is controversial and puzzling in itself. They are also adding that China’s Communist Party wants something else from Musk, particularly his recent takeover of Twitter, allegedly to be used to spread Chinese propaganda.
Other Tesla news
Meanwhile, in other news about Tesla, the company will reportedly open a flagship store in Thailand, particularly at a mall in Bangkok, as part of its efforts to accelerate its fast-growing EV sales in the country.
Tesla is said to be renovating a site where a Toyota showroom used to stand. Also, aside from a showroom, the five-story facility is bound to include a service center, a parts warehouse, and fast-charging stations.