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Companies know: if you're in China, then nothing else matters. And if you're not in China, then nothing else matters.
Elon Musk of Tesla canceled a trip to India and a meeting with India's Prime Minister, and instead traveled to China to meet with Chinese Premier Li.
Tesla was approved to partner with Baidu, the giant search and mapping company, to deploy the world's most advanced driver-assistance software and mapping on Tesla's vehicles.
Tesla's stock raced higher on the news. Analysts believe that Tesla is signaling a change in strategy, away from plans to build new plants in India and Mexico, and going all-in on production from China. This is the same path shared by other carmakers, who are struggling to sell vehicles in China, but hope their Chinese factories will keep them competitive in global markets through exports.
Resources and links:
Tesla deal with Baidu gives Tesla full-self driving capabilities
news.abplive.com/technology/e...
Bloomberg, Tesla clears key FSD hurdle in China with Baidu mapping deal
www.bloomberg.com/news/articl...
Bloomberg, Musk's trip to Beijing after snubbing India shows power of China's economy
www.bloomberg.com/news/articl...
Stock stock via Bloomberg