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Elon Musk’s visit underscores China's importance to global EV market, analysts say

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Elon Musk's visit to Beijing is spotlighting China's place in the global electric vehicle markets.

Xiaolu Chu | Getty Images News | Getty Images, Elon Musk's visit to Beijing is putting the spotlight on China's place in the global electric vehicle market.

The Tesla CEO's visit to China is a "very important one" for him, said Anthony Sassine, senior investment strategist at investment manager Kraneshares. China accounts for 50% of Tesla's vehicle sales and 20% of its production capacity, and this visit would "set the story straight, to make sure he was on the same page as the [Chinese Communist Party]," Sassine told CNBC's "During Tesla's earnings call in April, Musk identified U.S.-China tensions as a risk to the company's projections for 2023.

 

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