Elon Musk in China to discuss Tesla's self-driving technology
Tesla's CEO, Elon Musk, has embarked on an unanticipated trip to Beijing, a key market for the electric vehicle giant. Insiders who prefer anonymity reveal that Musk's itinerary includes high-level discussions with Chinese officials, about the launch of Tesla's Full-Self Driving (FSD) software in China. Additionally, he aims to negotiate permissions for exporting locally collected data crucial in enhancing Tesla's self-driving technology.
Tesla has been storing data from Chinese vehicles in Shanghai
In line with Chinese regulations, Tesla has been storing all data from its Chinese vehicles in Shanghai since 2021. This data, however, has not yet been sent back to the US. Musk's visit includes negotiations for permissions to export this locally gathered data. The trip was not officially announced and the sources wished to remain anonymous due to lack of permission to speak with the press.
Musk hints at FSD launch in China
The FSD software, an advanced version of Tesla's Autopilot system, was introduced four years ago, but is still not available in China despite consumer interest. Musk recently hinted on social media platform X that Chinese customers might soon have access to FSD. This comes as local competitors like Xpeng are introducing similar technologies in a bid to outpace Tesla. The CEO's visit to Beijing is seen as a crucial step toward the introduction of this technology in the country.
Tesla has sold over 1.7 million vehicles in China
Tesla, currently grappling with declining sales and intense competition from local brands, announced earlier this month, a 10% reduction in its global workforce. Despite these challenges, Tesla has sold over 1.7 million vehicles in China since entering the market a decade ago. Its Shanghai factory remains the largest worldwide. Musk's visit coincides with the Beijing Auto Show, although Tesla does not have a presence at this year's event and last participated in 2021.
Tesla's shares have dropped by nearly a third this year
Last week, Musk revealed plans for Tesla to launch more affordable models using its existing EV platforms and production lines. He also mentioned a new "robotaxi" equipped with self-driving tech, set to be unveiled on August 8. However, Tesla's shares have dropped by nearly a third since the beginning of the year due to concerns about the company's growth prospects.
