The cosy relationship between Elon Musk's Tesla Inc. and China was on display again on Wednesday when President Xi Jinping expressed support for the US electric carmaker in China and Musk in turn expressed his gratitude for that warm reception. At the dinner, Xi “met with Elon Musk and other important representatives in a small gathering, showing support for Tesla's development in China,” the post said. Tax breaks, cheap loans and other forms of assistance have subsequently helped turn China into Tesla's most important market outside the US. Now, Tesla's Shanghai manufacturing hub is key for the automaker, producing over 710,000 cars in 2022, representing more than half of the company's global output. To better compete in China, Tesla recently launched a revamped Model 3 sedan and renovated Model Y sport utility vehicle.

Source: Hindustan Times November 17, 2023 03:02 UTC