American multi-billionaire Elon Musk met numerous high-ranking state officials on a trip to China and took the opportunity to announce an expansion of his business in the country. The Tesla boss was received almost as a foreign head of state on Wednesday.
Musk has “expressed its full confidence in the Chinese market and stands ready to further deepen mutually beneficial cooperation,” China’s Commerce Ministry said Wednesday after Musk met with Commerce Minister Wang Wentao.
Thank you for the support and guarantees
The head of electric car maker Tesla and the online network Twitter also praised “the vitality and potential of China’s development,” the ministry said. Musk also thanked Beijing’s leadership for “the support and assurances” given by the Tesla factory in Shanghai during the corona pandemic.
Musk has significant business interests in China. During a meeting with Foreign Minister Qin Gang on Tuesday, he had already promised to expand Tesla’s activities in the People’s Republic, according to his ministry. Twitter, on the other hand, is not available in China.
Was received almost like a head of state
It was the multibillionaire’s first visit to China in three years. He was almost received as a foreign head of state. He also met Industry Minister Jin Zhuanglong, another member of the government. The two “exchanged views on the development of new propulsion systems and intelligent connected vehicles,” his ministry said afterwards.
In China, e-car sales have increased significantly. More than every fourth car sold now has a battery-electric drive. Chinese manufacturers dominate the domestic market, thanks in part to generous government subsidies.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
