Tesla shares jump after reports of China deal

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Tesla’s shares have jumped after reports the firm has cleared an important regulatory hurdle in China by partnering with search giant Baidu.

Axar.az reports that the reports come after chief executive Elon Musk made a surprise visit to meet the country’s number two leader, Premier Li Qiang.

The deal with Baidu brings Mr Musk a step closer to rolling out Tesla's self-driving technology in China.

Wedbush analyst Daniel Ives said it was “a watershed moment”. Tesla has been contacted for comment. Baidu declined to comment.

Mr Ives said the company faces “massive domestic electric vehicle competition in China along with softer demand”, but that its “long-term valuation story” depends on it also getting approval for fully autonomous driving.

The agreement with Baidu that is being reported would allow Tesla to go ahead with some autonomous driving technology in China.

Baidu's mapping and navigation services would aid Tesla's self-driving technology, including assisted parking, but full autonomous technology would still require further approval.

2024.04.30 / 09:52
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