stock rallied Monday after the electric vehicle maker’s CEO, Elon Musk, paid a surprise visit to Beijing over the weekend and reportedly won tentative approval for its driving software.
According to The Wall Street Journal, which cited anonymous sources familiar with the matter, Chinese officials told Tesla that Beijing has tentatively approved the automaker’s plan to launch its “Full Self-Driving,” or FSD, software feature in the country. In afternoon trading, shares in Tesla Inc., which is based in Austin, Texas, surged almost 15% – its biggest one-day jump since February 2020. For the year to date, shares are still down 22%.
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