Tesla Shares Spike 4% as Elon Musk Works to Repair US-China Relations

05/31 08:55

Shares of Tesla (TSLA) rose by 4.14% on Tuesday, closing at $201.16, following reports that Elon Musk met with China's Foreign Minister to discuss business expansion. Despite recent tensions between the US and China, Musk expressed satisfaction with the Chinese market and is reportedly working on expanding Tesla’s production in the country by opening a new battery factory. Tesla remains a major investor in the Chinese EV market, with the Giga factory in Shanghai supplying exports to other Asian markets. However, Tesla faces competition from other Chinese electric vehicle companies such as BYD Co Ltd and NIO Inc.

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