Electric Car Maker Hits Milestone Amidst Rising Competition in the Chinese Market
Tesla (TSLA) witnessed a significant surge in its stock price during U.S. premarket trading as it achieved a milestone in rolling out its Full Self Driving (FSD) technology in China. The company’s shares spiked over 10% following news of Tesla CEO Elon Musk’s visit to China and the removal of restrictions by local authorities.
Tesla’s FSD, an upgrade to its Autopilot driver assistant, has been limited in China due to data security concerns. However, the recent removal of restrictions signifies a breakthrough for Tesla, allowing it to expand its driver-assistance software capabilities in the world’s largest electric vehicle market.
The move comes amidst escalating competition in China’s electric vehicle sector, with local rivals like BYD, Nio, and Xpeng intensifying their efforts. Despite challenges, Tesla’s access to Baidu’s mapping and navigation technology for its FSD feature further strengthens its position in China. This development underscores Tesla’s commitment to innovation and expansion, despite facing regulatory and competitive pressures in the market.
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