Elon Musk reached a deal with Chinese technology giant Baidu to use its navigation functions for Tesla’s FSD feature|Steve Jurvetson|CC BY 2.0
The Tesla CEO’s surprise visit to the Southeast Asian country this weekend was a success. Chinese authorities tentatively approved the EV maker’s plan to introduce its Full Self-Driving (FSD) software in the country—causing a 12% surge in the automaker’s stock to $188, rebounding from a low of $142.05.
The rise in share price also added $90 billion to Tesla’s value, showing strong support from investors despite challenges like soft demand and growing competition in the EV sector.
The visit
Within 24 hours, the billionaire resolved China’s regulatory concerns over data security and privacy in Tesla vehicles.
The company reached a deal with Chinese technology giant Baidu to use its navigation functions for Tesla’s FSD feature.
Additionally, Model 3 and Model Y passed tests for compliance with China’s data-security requirements, potentially easing restrictions on Tesla’s vehicle movement in the country.
These advancements not only revitalize Tesla’s sales efforts but also bolster its competitive stance against local rivals like BYD in the world’s second-largest market for electric vehicles.