Elon Musk, Tesla CEO, starts his first visit to China since the outbreak of coronavirus pandemic 3 year ago. Chinese foreign minister Qi Gang met with Elon Musk. The foreign minister look good of Chinese EV industry and Elon Mush signal more investment in China.
Elon Musk arrived in Beijing on May 30, 2023, on his first visit to China since the start of the coronavirus pandemic.
Chinese State Councilor and Foreign Minister Qin Gang met with Tesla’s CEO Elon Musk on Tuesday in Beijing.
Chinese State Councilor and Foreign Minister Qin Gang (R) shake hands with Tesla CEO Elon Musk in Beijing, May 30, 2023.
It comes as Beijing is pushing to show it is open to foreign business, and as Musk reportedly signaled further expansion of his car company’s business in China.
Noting that Chinese modernization will create unprecedented growth potential and market demand, Qin said China's new-energy vehicle industry has broad prospects.
China will continue to advance opening-up at a high level and create a better market-oriented, law-based, and international business environment for Tesla and other foreign companies, said Qin Gang.
“Chinese-style modernization,” characterized by a huge population and “common prosperity” will create “unprecedented growth potential and market demand,” according to a statement from the Chinese foreign ministry, Said Qin Gang.
He added that China’s electric vehicle market “has broad prospects for development” and that China will continue to open up and create a better market-oriented and law-based business environment for foreign firms like Tesla.
Musk praised the Chinese people and China’s achievements. Tesla opposes “decoupling” and is willing to continue to expand its business in China, the statement said.
Tesla CEO Elon Musk attends an opening ceremony for Tesla China-made Model Y program in Shanghai, east China, Jan. 7, 2020.
Elon Musk, Tesla CEO, one of the world’s richest men and a powerful figure in the auto sector, social media and space industry, has a complicated relationship with China, which is Tesla’s biggest non-US market and a vital part of the supply chain for its electric cars.
Tesla’s biggest car production factory is in the Chinese mega-city Shanghai, and the company in April announced plans to build another plant locally to manufacture its Megapack energy storage system.
Tesla’s China business has been immensely successful, with the country of 1.4bn people accounting for less than a third of its annual sales. However, Tesla’s decision to slash prices in China late last year was the opening salvo in a price war that has intensified competition, especially with local rival BYD, a Shenzhen-based group backed by Warren Buffett’s Berkshire Hathaway.
Musk is expected to visit Tesla’s Shanghai factory this week.
