Elon Musk made a surprise visit to China.
Tesla's stock has risen on rumours that the company has passed a major regulatory hurdle in China by working with search engine Baidu. The reports come after chief executive Elon Musk made a surprise visit to meet the country’s number two leader.
According to reports, Tesla and Baidu have reached an agreement that would enable Tesla to advance its autonomous driving technology in China.
Tesla is one of the world’s major electric vehicle manufacturers and China is second largest market but it has yet to introduce autonomous driving, as it has in other nations such as the United States. Mr Musk strongly believes that autonomous driving is the future.
Autonomous vehicles still have to overcome obstacles and additional legal requirements, even in the US.Tesla’s autopilot lets drivers give the AI in the car full control, although human supervision is still necessary at all times.
This was a decrease from the $23.3 billion recorded in the first three months of 2023 and lower below experts’ forecasts of little more than $22 billion.
It attributed its declining sales to “additional competitors” and “changes in government and economic incentives” for electric vehicles.US revenue fell from $11.2 billion to $9.76 billion, while Chinese sales improved, going from $4.89 billion to $4.59 billion.