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☆ Ant's share repurchase plan values firm around $79 bln, down sharply before crackdown
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +3 min

It marked a sharp fall in the $300 billion-plus value ascribed to the company in mid-2020, before its IPO planned for later that year was pulled. Ant said it had proposed to all of its shareholders to repurchase up to 7.6% of its equity interest at a price that represents a group valuation of approximately 567.1 billion yuan. The repurchase proposal will also provide a liquidity option for the company’s investors," it said. Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase, the company added. "At the same time, initiating a stock buyback also indirectly informs investors that the possibility of a short-term IPO recovery is unlikely."

Persons: Ant, Hanyang Wang, Jack Ma, Brenda Goh, Zhang Yan, Josh Ye, Shri Navaratnam Organizations: Saturday, Ant, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, Tencent Holdings, HK, People's Bank of China, Thomson Locations: SHANGHAI, Hangzhou, Shanghai, Hong Kong

☆ Tesla offers cash rebate on top models in China
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +3 min

Tesla said it would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner. Tesla also said new buyers would have free access to its Enhanced Autopilot driver-assistance system for 90 days. It is continuing an earlier offer announced in June of 7,000-yuan rebates to buyers of its more expensive Model S and Model X vehicles in China. A number of Tesla owners posted their referral codes online and invited others to use them on Friday, suggesting the cash rebate could be widely available for new buyers. Earlier this week, Tesla cut prices on the Model 3 and Model Y by between 3% and 4% in Japan.

Persons: Tesla, Li Auto, Ralf Brandstatter, Premier Li Qiang, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam, Sonali Paul Organizations: China's EV, China Association of Automobile Manufacturers, Premier, EVs, Thomson Locations: BEIJING, China, China's, Shanghai, Japan

☆ Tesla starts to lay off some workers at China factory - Bloomberg News
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

Companies Tesla Inc FollowJuly 7 (Reuters) - Electric car maker Tesla Inc (TSLA.O) is laying off some battery production workers at its Shanghai plant, Bloomberg News reported on Friday, citing people familiar with the matter. It was not clear how many workers may be let go, or the specific reasons behind the layoffs, according to the report. The layoffs were first reported by a local online news portal, Deep Analysis, on Thursday, which said that less than 1,000 workers were employed on the factory's two battery production lines. Tesla's Gigafactory Shanghai, its largest and most productive plant, employs around 20,000 workers, including those in assembly building the Model Y and Model 3. Reporting by Shubhendu Deshmukh in Bengaluru, Zhang Yan and Brenda Goh in Shanghai; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Shubhendu Deshmukh, Zhang Yan, Brenda Goh, Himani Sarkar Organizations: Tesla, Tesla Inc, Bloomberg, Thomson Locations: Shanghai, Bengaluru

☆ CATL touts breakthrough in cold-weather EV charging
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

He said CATL would be able to mass produce a battery capable of delivering 400 kilometers of driving range with a 10-minute charge this year. The company aims to shorten that charge time to five to seven minutes for the same driving range as its next target, he said. Automakers and some suppliers have been racing to develop solid-state batteries that would offer greater power and increased driving range. Toyota (7203.T) said last month it had overcome an issue with the durability of solid-state batteries that would pave the way for production as soon as 2027. Wu said he was skeptical that solid-state batteries were ready for mass production and of the cost reduction claims.

Persons: Wu Kai, Wu, CATL, Zhang Yan, David Evans Organizations: EVs, Toyota, Thomson Locations: SHANGHAI, Shanghai

☆ Chinese automakers to take majority of home market for first time - forecast
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +3 min

It would represent the first time Chinese automakers have controlled a majority share of China's car market - the world's largest. For the past four decades, China's auto market has been dominated by established global brands such as VW and Toyota operating in joint ventures with Chinese partners. AlixPartners forecast China's overall auto sales would grow 3% this year to 24.9 million vehicles, recovering to the level of sales before COVID-19. Dyer forecast annual sales of Chinese-branded cars in overseas markets would grow to 9 million vehicles by 2030. China's market also faces massive overcapacity, and Dyer forecast a wave of consolidation.

Persons: Jason Lee, AlixPartners, Tesla, Stephen Dyer, Dyer, haven't, Zhang Yan, Kevin Krolicki, Devika Organizations: REUTERS, VW, Toyota, HK, Xpeng Motors, Thomson Locations: Beijing, China, Japan, U.S, Asia, Europe, South America, South East Asia, South Asia, Shanghai, Singapore

☆ China's Xpeng sees sales turnaround in second half with new EV model
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

Xpeng has received a "significant" amount of orders for its newly launched G6 pure electric crossover, president Brain Gu told reporters on Wednesday. Xpeng, which saw first-half sales drop by 40%, will start the delivery of its G6 compact crossover this month with a starting price 20% lower than Tesla's best-selling model of Model Y. With G6, Xpeng also introduced its most advanced autonomous driving capabilities into the category of EVs priced at 250,000 yuan ($34,500.37) or below, Gu said. Shares of Xpeng in Hong Kong had gained more than 20% after it announced prices for the G6 last Thursday. ($1 = 7.2463 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Writing by Meg Shen; Editing by Toby Chopra and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Xpeng, Brain Gu, BYD, Gu, Zhang Yan, Brenda Goh, Meg Shen, Toby Chopra, Devika Organizations: Tesla, Thomson Locations: SHANGHAI, HK, Shanghai, China, Hong Kong

[1/2] A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. REUTERS/Thomas Peter/File PhotoBEIJING/SHANGHAI, July 4 (Reuters) - U.S. automaker Tesla (TSLA.O) and its chief Chinese rival BYD (002594.SZ) achieved record deliveries of their China-made vehicles in the second-quarter, China Passenger Car Association (CPCA) data showed, as a fight for market share heats up. Tesla reported record deliveries of 466,140 globally for the second quarter. This was also the first time BYD's monthly sales surpassed 250,000 units and meant that between April to June, BYD delivered 700,244 vehicles, the data showed. In June, Beijing announced 520 billion yuan ($71.67 billion) worth of purchase tax breaks on new-energy vehicles through the end of 2027.

Persons: Thomas Peter, Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Himani Sarkar, Conor Humphries Organizations: REUTERS, U.S, China Passenger Car Association, EV, Thomson Locations: Beijing, China, BEIJING, SHANGHAI, Shanghai

☆ Tesla to hit record quarterly sales in China even as market share shrinks - analysts
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, June 28 (Reuters) - Tesla (TSLA.O) is set to hit another record quarter with its China sales while it faces mounting pressure from local competitors such as BYD eating into its share in the world's largest auto market, analysts say. Deutsche Bank predicted Tesla's China sales to hit 153,000 units in the second quarter, while globally it could sell 448,000 units in total. Tesla will announce global sales numbers over the weekend, while China sales will be available from association data in the first week of July. It has outsold Tesla in Singapore in the first five months while its Atto 3 outsold Tesla's Model 3 in Australia in May. As its Shanghai plant achieves an annual production capacity of over 1 million units, Tesla is selling into new markets in the region including Thailand and Malaysia with China-made cars.

Persons: Shi Ji, Shi, Tesla, Yale Zhang, BYD, Zhang Yan, Brenda Goh, Lincoln Organizations: U.S, China Merchants Bank International Securities, Guangzhou Automobile Group, Deutsche Bank, Automotive Foresight, EV, HK, Thomson Locations: SHANGHAI, China, Shanghai, North America, Singapore, Australia, Thailand, Malaysia

☆ Tesla's China expansion hits speed bump amid industry overcapacity
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +5 min

"You could argue that as Tesla, I've got new products, I need to have a new factory to build them in," he said. "But viewed from the China government's point of view, all they see is a market that's oversupplied." Construction of Tesla's Shanghai plant took less than a year to complete after it broke ground on the site in 2019. U.S. luxury EV maker Lucid Group (LCID.O) is also keen to make cars in China but has been advised that the possibility was low, industry sources said. "China needed Tesla to open the market for retail consumers, but Tesla needs China, because the supply chain benefits of being here and the competitive bar that's set here makes Tesla a more competitive company globally.

Persons: Tesla, Bill Russo, I've, Elon Musk, Ding Xuexiang, Musk, it's, Dan Ives, EVs, Nio, Xiaomi, Automobility's Russo, Zhang Yan, Brenda Goh, Jamie Freed Organizations: National Development, Reform Commission, Tesla, Wedbush Securities, Reuters, HK, Lucid, Thomson Locations: China, SHANGHAI, Shanghai, Beijing, CHINA, United States, Southeast Asia, Canada, India, South Korea, Indonesia

☆ China's Nio cuts prices, ends free battery swapping as sales slide
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

That equates to discounts ranging from 6% to 9% on Nio cars. The company also would no longer provide free battery swapping services to buyers who place deposits on Monday and onwards, it said. Nio had been offering the swapping services for free at least four times each month to existing owners. The loss-making company's investments in battery swapping stations, however, have been questioned by investors for dragging on its profitability. With its pure electric cars priced above 300,000 yuan, Nio delivered 43,854 vehicles in the first five months.

Persons: William Li, Nio, Tesla, Zhang Yan, Brenda Goh, Kim Coghill, Tom Hogue Organizations: HK, Volkswagen, Tesla, Thomson Locations: SHANGHAI, China, BYD, Hong Kong

☆ China's BYD announces new Fang Cheng Bao brand of energy vehicles
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 9 (Reuters) - BYD announced on Friday a new brand of electric vehicles (EV) ranging from off-road to sports cars as the company looks to meet more diversified consumer demand. The new brand is called Fang Cheng Bao, which translates from Chinese literally as "Formula" and "Leopard". The Chinese EV giant is expected to launch the first model this year - an SUV identified for now internally as SF, BYD said in a statement. It sold 996,476 cars in the first five months, nearly double the number of a year earlier. ($1=7.12 yuan)Reporting by Zhang Yan, Brenda Goh and Beijing newsroom; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: BYD, Fang Cheng Bao, Zhang Yan, Brenda Goh, Tom Hogue Organizations: Volkswagen, Tesla, Thomson Locations: BEIJING, China, Beijing

☆ China launches nationwide car purchase campaign as May sales tick up
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, June 8 (Reuters) - China on Thursday announced a nationwide campaign to promote automobile purchases in a major push to shore up demand in the world's largest auto market. The commerce ministry said it would coordinate and push local authorities to roll out targeted policies and measures in favour of car consumption. The campaign will target multiple car sales categories including both new and secondhand vehicles, it added, and push to replace gasoline cars with new energy vehicles (NEVs) such as battery-driven cars and plug-in petrol-electric hybrids. PRICE CUTS, NEW PRODUCTSThe China Passenger Car Association (CPCA) said on Thursday said passenger vehicle sales in China totalled 1.76 million vehicles in May. Sales of NEVs rose 10.5% in May from April and accounted for 32.9% of total May sales, CPCA data showed.

Persons: Cui Dongshu, Graphics Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Kim Coghill, Jan Harvey Organizations: Ministry of Commerce, China Passenger Car Association, Reuters, Graphics, Thomson Locations: BEIJING, SHANGHAI, China

☆ US luxury EV maker Lucid set to enter China market
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] Arizona Governor Doug Ducey speaks at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021. REUTERS/Caitlin O'HaraSHANGHAI, June 8 (Reuters) - U.S. luxury electric vehicle (EV) maker Lucid Group (LCID.O) is preparing to enter the world's largest auto market, its head of China operations Zhu Jiang said on Thursday. He declined to comment on any plans for local production. Zhu said the funding would help Lucid "bring the advanced EV technology and product experience to the industry and users globally at a faster pace." Lucid, like its peers, is battling mounting losses and tightening cash reserves amid recession fears and a price war sparked by market leader Tesla (TSLA.O).

Persons: Doug Ducey, Caitlin O'Hara SHANGHAI, Zhu Jiang, Zhu, Ford, Tesla, Peter Rawlinson, Zhang Yan, Zhuzhu Cui, Brenda Goh, Jamie Freed Organizations: Arizona, Lucid, REUTERS, Reuters, Baidu, HK, Saudi Arabia's Public Investment Fund, Air, Thomson Locations: Casa Grande , Arizona, U.S, China, Saudi

And while Musk has mentioned the trip in two posts since leaving, he didn't tweet once while in China. That said, after three years of harsh COVID curbs that hampered entry into China, foreign CEOs appear eager to get the lay of the land. Sixty-seven foreign business leaders attended the high-profile China Development Forum this year, although that is still 20 fewer than in 2019. The few known comments by foreign CEOs whilst they were in China have been in line with Biden's stance that he is not seeking to decouple the world's two largest economies. The foreign ministry quoted Musk as saying he was opposed to a decoupling of the U.S. and China economies which he described as "conjoined twins".

Persons: Elon Musk, Goldman Sachs, David Solomon, Musk, Goldman's Solomon, wariness, Xi, Noah Fraser, Tesla, Goldman, Joe Biden, Tim Cook, Patrick Gelsinger, Mary Barra, Stephen Schwarzman, Jamie Dimon, Christopher Johnson, JPMorgan's Dimon, Daniel Russel, Brenda Goh, Joe Cash, Selena Li, Zhang Yan, David Brunnstrom, David Shepardson, Edwina Gibbs Organizations: Media, Twitter, Canada China Business Council, EU Chamber of Commerce, U.S . Department of Commerce, U.S, flashpoints, General Motors, China, China Strategies, U.S ., JPMorgan, Blackstone, Intel, JPMorgan Global China Summit, Asia Society Policy Institute, Thomson Locations: SHANGHAI, BEIJING, China, Shanghai, U.S, Washington, Beijing, Blackstone's, East, Hong Kong

☆ China's Changan denies arbitrarily cutting payments to suppliers
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

BEIJING/SHANGHAI, June 7 (Reuters) - China's Chongqing Changan Automobile (000625.SZ), in a statement sent to Reuters on Wednesday, denied allegations reported in local media that it had arbitrarily cut payments to suppliers by 10%. The state-owned automaker said it was normal to negotiate prices regularly with suppliers due to changes in raw material costs, demand, and supply and product innovations. It also denied it had received a letter from suppliers complaining about cutting payments to them. One of the sources said the amount by which Changan was asking suppliers to reduce their prices varied, with some bigger suppliers asked to absorb cuts of less than 10%. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Tom Hogue and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Changan, Qiaoyi Li, Zhang Yan, Brenda Goh, Tom Hogue, Kim Coghill Organizations: Chongqing Changan Automobile, Reuters, Thomson Locations: BEIJING, SHANGHAI, Chongqing

☆ VW's China joint venture transforms Shanghai plant for EV production
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

Swen Pfoertner/Pool via REUTERS/File PhotoSHANGHAI, June 6 (Reuters) - Volkswagen 's Chinese joint venture with SAIC Motor (600104.SS) has transformed one of its plants in Shanghai for production, research and development of electric vehicles (EV), the German automaker said on Tuesday. Production of internal combustion engine models at the main plant of SAIC Volkswagen in Anting of Shanghai will be relocated to other plants, Volkswagen said in an emailed statement to Reuters, which came after comments on social media saying Volkswagen was shutting a plant in Shanghai. The change will not affect the production capacity for individual models, it added. The move underscores Volkswagen's efforts to accelerate its shift to electrification as it has been losing shares in its biggest market where it lags behind Chinese rivals in launching new EV models. Volkswagen-branded cars have been outsold by electrified vehicle maker BYD since November last year, according to data from industrial associations.

Persons: Swen, Zhang Yan, Brenda Goh, Emelia Sithole Organizations: Volkswagen, SAIC, SAIC Volkswagen, Reuters, Thomson Locations: Wolfsburg, Germany, SHANGHAI, Shanghai, Anting

BEIJING, June 5 (Reuters) - U.S. automaker Tesla Inc (TSLA.O) delivered 77,695 China-made electric vehicles (EVs) in May, a 2.4% jump from April, data from the China Passenger Car Association (CPCA) showed on Monday. Chinese rival BYD Co Ltd (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, logged sales of 239,092 vehicle in May, up 14% from April, CPCA data showed. CPCA is scheduled to release more detailed car sales figures for May later this month. Tesla has been under intense focus in China in recent weeks, amid an unannounced, high-stakes visit from boss Elon Musk. Musk visited Tesla's Shanghai factory late on Wednesday and met with Chen Jining, the ruling party's Shanghai secretary, on Thursday.

Persons: CPCA, Tesla, Elon Musk, Ding Xuexiang, Musk's, Zeng Yuqun, Musk, Chen Jining, Chen, Qiaoyi Li, Zhang Yan, Brenda Goh, Louise Heavens, Bernadette Baum Organizations: U.S, Tesla Inc, China Passenger Car Association, BYD Co, Reuters, Amperex Technology Co, Thomson Locations: BEIJING, China, Shanghai, Beijing

☆ Elon Musk's whirlwind China trip included talks with vice premier
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, June 1 (Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk departed Shanghai on Thursday, wrapping up a two-day trip to China in which he met senior Chinese government officials including the highest-ranking vice premier. The video released by Tesla showed Musk praising employees for "overcoming so many difficulties and challenges" and making a heart sign with his hands. Earlier in the trip, Musk met with China's foreign, commerce and industry ministers in Beijing and dined with the chairman of battery supplier Contemporary Amperex Technology Co Ltd (CATL) (300750.SZ). He also met with Chinese Vice Premier Ding Xuexiang on Wednesday, a source familiar with the matter said. China values its relationship with Tesla and in 2019 Musk had a one-on-one meeting with then premier Li Keqiang.

Persons: Elon Musk, Musk's, Tom Zhu, Tesla, Musk, Ding Xuexiang, Ding, Xi Jinping, Li Keqiang, Chen Jining, Chen, Zhang Yan, Brenda Goh, Nicoco Chan, Julie Zhu, Edwina Gibbs Organizations: Tesla Inc, Amperex Technology Co, State, Information Office, U.S ., Thomson Locations: SHANGHAI, Shanghai, China, Beijing, U.S, Shanghai's Hongqiao, Austin , Texas, Hong Kong

☆ Elon Musk met with Chinese Vice Premier Ding in Beijing -source
▼ + stars: | 2023-06-01 | by ( Julie Zhu | ) www.reuters.com time to read: +2 min

[1/2] Tesla Chief Executive Officer Elon Musk walks next to Tesla's Senior Vice President Tom Zhu and Vice President Grace Tao as he leaves a hotel in Beijing, China May 31, 2023. REUTERS/Tingshu Wang/File PhotoHONG KONG, June 1 (Reuters) - Tesla Inc (TSLA.O) CEO Elon Musk met with Chinese Vice Premier Ding Xuexiang on Wednesday afternoon in Beijing, a source familiar with the matter said. It was not immediately clear if Musk met Li Qiang during the trip. Tesla had previously sought a meeting for Musk with Li, Reuters reported in March. Musk left Shanghai on Thursday morning, wrapping up a two-day trip to China in which he also met a key battery supplier and visited Tesla's Shanghai factory.

Persons: Elon Musk, Tom Zhu, Grace Tao, Tingshu Wang, Ding Xuexiang, Tesla, Ding, Xi Jinping, Li Qiang, Musk, Li, Julie Zhu, Zhang Yan, Brenda Goh, Sophie Yu, Edwina Gibbs Organizations: Tesla, Tesla's, REUTERS, Tesla Inc, State, Information Office, Reuters, Thomson Locations: Beijing, China, HONG KONG, Shanghai, Tesla's Shanghai

☆ Elon Musk wraps up whirlwind China trip
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, June 1 (Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk departed Shanghai Thursday morning, wrapping up a two-day trip to China in which he met government ministers, a key battery supplier and visited the automaker's biggest production hub. Photos of Musk's visit to Tesla's Shanghai factory late Wednesday showed him holding up a "Giga Shanghai" sign, flanked by hundreds of staff including head of global manufacturing Tom Zhu. "A very rewarding day!," Grace Tao, Tesla's China-based public affairs chief, said in a social media post with the photos. Earlier in the trip, Musk met with China's foreign, commerce and industry ministers in Beijing where he also dined with the chairman of battery supplier Contemporary Amperex Technology Co Ltd (CATL) (300750.SZ). The industry ministry only said Musk and its head exchanged views about development of electric vehicles and connected cars; the commerce ministry announced he discussed Tesla's development in China with its minister.

Persons: Elon Musk, Tom Zhu, Grace Tao, Musk, Brenda Goh, Zhang Yan, Nicoco Chan, Edwina Gibbs Organizations: Tesla Inc, Amperex Technology Co, U.S ., Thomson Locations: SHANGHAI, Shanghai, China, Beijing, U.S, Shanghai's Hongqiao, Austin , Texas

☆ Elon Musk's private jet scheduled to leave China on Thursday -flight tracking data
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

[1/2] Tesla Chief Executive Officer Elon Musk walks next to Tesla's Senior Vice President Tom Zhu and Vice President Grace Tao as he leaves a hotel in Beijing, China May 31, 2023. REUTERS/Tingshu WangSHANGHAI, June 1 (Reuters) - Elon Musk's private jet is scheduled to leave Shanghai on Thursday morning and head to Austin, Texas, data from flight tracking provider Variflight show. The Tesla (TSLA.O) CEO arrived in Shanghai on Wednesday night and visited the U.S. automaker's plant in the financial hub and met with workers, according to photos posted by Tesla's China-based public affairs chief Grace Tao on her Weibo account. Tesla did not immediately respond to a request for comment on Musk's planned departure. Reporting by Brenda Goh and Zhang Yan; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Elon Musk, Tom Zhu, Grace Tao, Wang, Elon, Tesla, Musk's, Brenda Goh, Zhang Yan, Tom Hogue Organizations: Tesla, Tesla's, REUTERS, Thomson Locations: Beijing, China, Wang SHANGHAI, Shanghai, Austin , Texas, Tesla's China

[1/3] Tesla Chief Executive Officer Elon Musk stands near Chinese Commerce Minister Wang Wentao before leaving the Chinese Ministry of Commerce in Beijing, China May 31, 2023. Billionaire Elon Musk has been showered with praise by the Chinese public during his trip to China and while also securing audiences with three government ministers. "Elon Musk is just great, if only China could have someone like Elon Musk," said another. Musk's unannounced trip is the latest by a major U.S. CEO to China since the country reversed its zero-COVID policy and reopened its borders. The commerce ministry also did not respond to a request for comment.

Persons: Elon Musk, Wang Wentao, Tingshu Wang, Ma, Billionaire Elon Musk, Zeng Yuqun, Jin Zhuanglong, hasn't, Musk, Elon, Tim Cook, JP Morgan's, Jamie Dimon, Laxman Narasimhan, CATL's Zeng, Tesla, CATL, Martin Pollard, Josh Arslan, Wang Tingshu, Joe Cash, Zhang Yan, Brenda Goh, Edwina Gibbs Organizations: Tesla, Commerce, Chinese Ministry of Commerce, REUTERS, Tesla Inc, Fu Yan, Twitter, Shanghai, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, U.S, Shanghai, United States

[1/2] Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. REUTERS/Tingshu WangBEIJING, May 31 (Reuters) - Tesla Inc (TSLA.O) CEO Elon Musk kicked off his second day in China with visits to the country's commerce ministry and industry ministry. Musk left his hotel on Wednesday morning accompanied by Grace Tao, Tesla's China-based public affairs chief and Tom Zhu, head of global manufacturing. He next visited the Ministry of Industry and Information which has regulatory oversight of the automotive industry. Tesla and the ministries did not immediately reply to a request for comment on discussions with Musk.

Persons: Elon Musk, Tingshu Wang, Musk, Grace Tao, Tom Zhu, Wang Wentao, Tesla, Qin Gang, Zeng Yuqun, CATL, Martin Pollard, Josh Arslan, Wang Tingshu, Joe Cash, Zhang Yan, Brenda Goh, Edwina Gibbs Organizations: Tesla, REUTERS, Tesla Inc, Ministry of Industry, Foreign, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Shanghai, United States

[1/2] The logo of Chinese carmaker Geely Auto is pictured at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. Thailand's Board of Investment held discussions with five major Chinese EV makers including Geely during a roadshow to China in April, its Secretary-General Narit Therdsteerasukdi said. "All expressed keen interest in Thailand's policy to develop a regional EV production base and an integrated EV supply chain," Narit said, without providing more details of the talks with Geely. BYD and China's Great Wall Motor Co Ltd (601633.SS) are already working on building local EV production in Thailand. China's Great Wall Motor has said it is considering a research and development centre in Thailand that could work on battery-powered pickup trucks.

Persons: Aly Song BANGKOK, Geely, Narit Therdsteerasukdi, JAC Motors, Narit, Aston Martin, China's, Devjyot Ghoshal, Zhang Yan, Jamie Freed Organizations: Shanghai, REUTERS, Reuters, of Investment, BYD Co, Chongqing Changan Automobile Co, Jiangling Motors Corp Ltd, EV, Wall Motor Co, Volvo, Aston, Malaysian carmaker Proton, Toyota Motor Corp, Isuzu Motors, Thomson Locations: Shanghai, China, Thailand, Chongqing, Geely, Swedish, Southeast Asia

☆ Tesla's Musk open to expanding in China - foreign ministry
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

Musk also told Qin in the meeting that he opposed a decoupling of the U.S. and Chinese economies, according to a statement from the Chinese foreign ministry. Qin told Musk China was committed to improving the business environment for investors, including Tesla, and used an elaborate driving metaphor to describe China-U.S. relations. /Photo prise le 30 mai 2023/REUTERS/Tingshu WangIn a 2019 trip to China, Musk met with then-Premier Li Keqiang. A year later, he created a buzz on Chinese social media for dancing onstage to celebrate the opening of Tesla's Shanghai factory. While his plane was en route to China, Musk tweeted about advances in China's space programme, which aims to land a crew on the moon before 2030.

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