What's happened
Tesla's shares soar after Elon Musk secures regulatory approval in China for the company's self-driving technology, following a meeting with Premier Li Qiang. The partnership with Baidu for Full-Self Driving function further propels Tesla's valuation.
Why it matters
Elon Musk's efforts to expand Tesla's presence in China and secure approval for self-driving technology are crucial for the company's growth and market position. The partnership with Baidu and regulatory approval signify a significant step towards Tesla's long-term success in the Chinese market, impacting the company's valuation and future prospects.
What the papers say
Business Insider UK highlights Tesla's stock surge and partnership with Baidu, emphasizing the positive market response. Axios focuses on Elon Musk's visit to China and the quick approval for Tesla's business expansion, underscoring the importance of the regulatory milestone. BBC News discusses the significance of Tesla's partnership with Baidu and the regulatory hurdles the company faces in China, shedding light on the market dynamics and competition.
How we got here
Tesla's move to partner with Baidu and secure regulatory approval in China follows Elon Musk's visit to meet with Premier Li Qiang. The company aims to introduce its self-driving technology in the Chinese market amidst competition and softer demand. China's support for Tesla's full self-driving rollout signals a positive development for the company's operations in the region.
More on these topics
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Elon Reeve Musk FRS is an engineer, industrial designer, technology entrepreneur and philanthropist. He is the founder, CEO, CTO and chief designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-foun
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China, officially the People's Republic of China, is a country in East Asia. It is the world's most populous country, with a population of around 1.4 billion in 2019.
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Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. The company specializes in electric vehicle manufacturing, battery energy storage from home to grid scale and, through its acquisition of SolarCity, solar
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Li Qiang is a Chinese politician and a member of the Politburo of the Communist Party of China. He is the current Party Committee Secretary of Shanghai, and formerly served as Governor of Zhejiang and Party Secretary of Jiangsu.