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Tim Higgins, author of “Power Play: Tesla, Elon Musk, and the Bet of the Century,” recently highlighted the seriousness of Tesla (NASDAQ:TSLA) CEO Elon Musk as a key factor in gaining investor confidence, following Musk’s unexpected visit to China.
What Happened: Talking to Brian Sullivan during CNBC’s “Last Call,” Higgins described how Musk’s visit to China will play out with investors.
“Serious Elon was on display, and serious Elon is clearly what investors are looking for. They are so starved for Elon’s attention that they are just ecstatic since the last week,” he said.
Higgins pointed out that this was due to Musk’s visible seriousness during the earnings call. His latest visit to China also sends a message to the Chinese market that “Tesla has the endorsement of the government.” This is an important development since Tesla has often faced skepticism and restrictions from the country.
Sullivan also added that “Musk needs the blessing of Beijing.”
See Also: California Leads The Charge: Golden State Now Has 1 EV Charger For Every 5 Gas Stations
Why It Matters: Musk’s visit to China comes at a critical time for Tesla, as the company recently cleared China’s data security requirements for its Model 3 and Model Y vehicles. This approval marks a significant stride towards the deployment of Tesla’s full self-driving (FSD) driver assistance software in the world’s largest EV market.
During his visit, Musk met with Xi Jinping’s number 2 Li Qiang, sparking speculation about the potential rollout of full-self driving in the country. This meeting was seen as a significant step in strengthening Sino-U.S. trade cooperation, with Tesla being a successful example of this partnership.
Furthermore, Tesla’s recent achievement caused its share price to spike more than 15% on Monday, indicating the market’s positive response to Tesla’s advancements in China.
Price Action: According to Benzinga Pro, Tesla’s share price closed at $194.05 on Monday, marking a significant increase of 15.31%.
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