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Elon Musk visits China in a pivot that aims to boost the company's revenues.
Tesla's Elon Musk made a surprise visit to China last week, seeking approval for the company's driver-assistance software. It comes at a time when the company is experiencing a decline in revenue, as you can see in the chart below.
During the meeting with Premier Li Qiang, Musk outlined his ambitions to roll out the system marketed as Full Self-Driving (FSD), which requires supervision but generates sales in the US. However, there are some complications that will need to be ironed out. The most pressing of these are over data security and safety, where Tesla is currently facing scrutiny from regulators.
Despite these setbacks, Musk has expressed willingness to deepen the company’s cooperation with China, emphasising the global potential of FSD. Both China and the US are Tesla’s most important markets from a revenue perspective, and this appears to be a strategic pivot from Musk to create a new revenue stream for the company.
Source: Bloomberg
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