Benzinga - by Shanthi Rexaline, Benzinga Editor.
Tesla, Inc. (NASDAQ:TSLA) shares were on a tear in premarket trading on Monday – the catalyst being CEO Elon Musk’s surprise visit to China.
Following his meeting with the country’s second-in-command, Premier Li Qiang, and other key officials, Musk has reportedly succeeded in getting approval for rolling out full-self driving in China. Musk himself tweeted about the meeting on his X account.
Honored to meet with Premier Li Qiang.Tesla will likely partner with Baidu, Inc. (NASDAQ: BIDU for mapping and navigation. Commenting on the development, Wedbush’s Daniel Ives said this partnership was important for getting the green light from Beijing.We have known each other now for many years, since early Shanghai days. pic.twitter.com/JCnv6MbZ6W
— Elon Musk (@elonmusk) April 28, 2024
“Musk winning FSD approval in the key China market is a watershed moment for the Tesla story in our view,” he said. “This news will be a major focus from investors this morning as it shows how close the FSD vision in China is to becoming a reality for Tesla.”
The analyst has an Overweight rating and a $275 price target for the stock.
In premarket trading, the stock climbed 9.91% to $184.97, according to Benzinga Pro data.
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