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Tesla's market capitalization soared by nearly 600 billion!

2024-06-25 Update From: AutoBeta NAV: AutoBeta > News >


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On April 30th, the market value of # Tesla rose nearly 600 billion # overnight to make it onto Weibo's hot search list. Tesla's US stock rose 15.39% on April 29th, the biggest one-day gain since March 2020, and its market capitalization increased by $82.6 billion (597.4 billion yuan). Subsequently, # Tesla rose a BYD # on Weibo's hot search list overnight. As of April 30, US stocks closed at US $194.05, or 15.31%, with Tesla's share price reaching a two-month high, with a total market capitalization of US $618.9 billion. BYD Hong Kong shares have a market capitalization of 628.8 billion yuan.

Tesla CEO Elon Musk arrived in Beijing on the afternoon of April 28th, but left China in less than 24 hours. Mr Musk's visit to China is seeking to meet with senior Chinese officials to discuss the launch of fully autonomous driving (FSD) in China, according to people familiar with the matter. After Musk's visit to China, Tesla's official Weibo mentioned accelerating the landing of self-driving technology. It is believed that although Musk stayed in Beijing for less than 24 hours, the rise in Tesla's share price may have something to do with his visit to China. During this period, Tesla was also exposed to obtain "provisional approval" to launch the FSD function on Chinese mainland, but Tesla told the relevant media: "I haven't heard of it yet."

On April 29th, according to media reports such as Sina Science and Technology, some netizens released screenshots in which a user in a group of "Tesla car friends" claimed that Tesla would start internal FSD testing on April 30. The screenshot shows that Tesla car owners have been invited to test the FSD Beta function internally. The FSD Beta autopilot experience includes: more accurate lane maintenance and lane change functions, more intelligent traffic signals and parking identification, more efficient route planning and navigation; the FSD to be provided to some Chinese users is a V12 version. In this regard, Tesla refuted the rumor on the invitation for FSD internal testing, saying that it was "fake". As for when the FSD will land in China, Tesla China responded: "it is difficult to say the specific time at present, but it is expected to be soon."

It is worth mentioning that on the evening of April 28, the China Association of Automobile Manufacturers and the National computer Network Emergency Technology processing Coordination Center issued a notice on the testing of four safety requirements for automobile data processing (the first batch). The notice shows A total of 76 models from six companies, including BYD, ideal Automobile, Lutes Technology, United New Energy, Tesla and Lulai, meet the four compliance requirements for automotive data safety, of which Tesla is the only foreign company that meets the compliance requirements. It is understood that the model produced by Tesla in the Shanghai factory meets the relevant national standards, including anonymous processing of face information outside the car, default not collecting cockpit data, in-car processing of cockpit data, and handling personal information to significantly inform four compliance requirements.

It is understood that FSD, whose full name is Full Self-Drive, was launched in 2020 and is the closest version of Autopilot software to self-driving. Its functions include automatic parking, automatic lane change and navigation. The industry believes that the compliance of automobile data confirms from the side that the speed of Tesla's FSD entry into China is continuing to accelerate. According to the latest report, Tesla will clear the key obstacles to the introduction of advanced driving assistance in China through cooperation with Baidu in mapping and navigation functions.

In response to Tesla FSD's entry into the Chinese market, Xiaopeng CEO he Xiaopeng wrote on his personal social platform that "Tesla fsd is particularly welcome to enter China" and pointed out: "Tesla has very good self-driving technology and brand. Only when more good products and technologies enter, can the whole market and customers have more good experience, and let the market develop more healthily and accelerate." As of press time, there are still many uncertain factors about when Tesla FSD can be landed, and "Automobile Industry concern" will also continue to pay attention.

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