Tesla founder Musk visits China as competitors show off new EVs at Beijing auto show
BEIJING: Elon Musk, the founder and CEO of Tesla, arrived in the Chinese capital on Sunday, coinciding with the nation's car manufacturers showcasing their latest electric vehicle models at the Beijing auto show.
A brief online report from the state broadcaster CCTV mentioned that Musk was invited by the China Council for the Promotion of International Trade and had a meeting with its president, Ren Hongbin, to discuss further cooperation and other topics.
It remains unclear whether Musk will visit the auto show, which continues throughout this week. In recent years, Chinese automakers and startups have introduced a multitude of electric cars, some of which are directly competing with Tesla and undercutting the American manufacturer on price.
Tesla has a significant manufacturing base in Shanghai, catering to both domestic sales in China and exports to Europe and other regions. A week ago, it reduced prices in China, bringing the Model 3 down to 231,900 yuan ($32,700) and the Model Y to 249,900 yuan ($35,200), following similar reductions in the US.
The European Union has initiated an investigation into Chinese subsidies for the EV industry, which could result in tariffs on electric vehicles manufactured in China, potentially including Tesla cars.
The subsidies for green energy have facilitated the transformation of the Chinese auto market, with EVs accounting for about a quarter of new car sales last year, thereby reducing the demand for petrol-powered vehicles.
Foreign automakers such as Volkswagen and Nissan are making efforts to develop new EV models to maintain or regain market share in China, the world's largest automobile market.
By RSS/AP
