BloombergTesla Inc is revamping its organization in Asia to put more focus on China as the company prepares to start manufacturing in the world’s largest electric car market, people familiar with the matter said. Tesla CEO Elon Musk is betting on China, Tesla’s biggest market after the US, to boost sales and restore investor confidence that has slumped along with the company’s stock this year. The Asia-Pacific region’s other teams would report to Tesla’s head office in Palo Alto, California, they said. FINANCIAL INCENTIVEThe need for Tesla to expand beyond the US was highlighted by its latest quarterly results, which missed analysts’ projections. Tesla shares on Tuesday climbed as much as 4.3 percent, but the stock is still down 32 percent this year.

Source: Taipei Times June 19, 2019 16:05 UTC