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During a meeting in Beijing, Chinese Premier Li Qiang assured Tesla CEO Elon Musk that China’s market remains open to foreign firms. Both leaders highlighted successful China-US economic cooperation and expressed intentions to deepen their collaborative efforts.
Ren Hongbin, head of the China Council for the Promotion of International Trade, met with Tesla CEO Elon Musk in Beijing to discuss potential collaborations and cooperation on international business initiatives.
As Auto China 2024 approaches, allegations of overcapacity in China’s new energy vehicle sector are scrutinized, especially after Tesla’s recent workforce cuts and revenue dip.
Tesla is set to build a new mega energy storage factory in Shanghai, aiming to produce 10,000 Megapacks annually by early 2025.
Tesla plans to cut over 10% of its global workforce, affecting around 14,000 employees, due to disappointing first-quarter sales and a strategic push for cost reductions.
Tesla and BYD lead the electric vehicle market in 2023, with Chinese manufacturer GAC also making significant strides. Global EV sales are set to hit 14 million by year’s end, marking a 35% increase.
Explore how Shanghai Free Trade Zone is a beacon of China’s economic reform, attracting global businesses and fostering innovation through liberalized policies.