Elon Musk wants to expand business in China

“China haspromewith the creation of a better market-oriented business environment, based on the rule of law and internationalized”, declared Qin to the businessman.

According to Chinese diplomacy, Musk told Qin that the Tesla “wants to continue developing its activities in China”. The tycoon's visit is the first to the Asian country since the beginning of the pandemic.

Visits by international executives that promote "better understanding of China and mutually beneficial cooperation" are welcome, a Chinese Foreign Ministry spokesperson added.

The electric vehicle company Tesla announced in April that it would build a new battery factory in Shanghai, its second in that city. The unit is expected to start production in the second quarter of 2024, according to the Xinhua news agency.

Relations between the millionaire and Beijing generated questionments in Washington. American President Joe Biden said last November that the ties of the head of Tesla with foreign countries “deserved” scrutiny.

“A Tesla remains aggressively focused on expanding its presence in China, which continues to be the goose that lays the golden eggs”, pointed out analysts from investment firm Wedbush Securities.

Sales of electric and hybrid cars doubled in 2022 and will account for more than a quarter of all vehicles sold, a record level, according to the China Federation of Automobile Manufacturers (CPCA). Government support for electric vehicles, along with growing consumer interest, has allowed Chinese companies to dominate the domestic market, the world's largest.

Although the Tesla continues to be the world's largest seller of electric cars, the popularity of Chinese brands has soared in recent years. The automaker BYD, one of the most famous electric car brands in China, announced in March that it multiplied its net profit by five throughout 2022.

A Tesla saw its profit decline in the first quarter, despite a significant increase in its sales due to falling prices.

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