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Tesla surges by $64bn after Elon Musk's Beijing breakthrough [Yahoo! Finance]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
The world's largest electric vehicle maker jumped 12pc as trading began on Wall Street after it reached a data-sharing agreement with Chinese tech giant Baidu. The tie-up, revealed during Elon Musk's surprise visit to Beijing , will allow Tesla to use Baidu's mapping and navigating systems on Chinese roads. Sources told Reuters that the agreement will allow Tesla to roll out its “full self-driving” features in China, as the partnership will remove regulatory hurdles. By signing the agreement with Baidu, Tesla will use one of 20 approved local suppliers of mapping and navigation systems in China, according to the Financial Times. It will also help overcome Chinese laws forbidding domestic data from being transferred out of the country. Removing this barrier was seen as a vital step for Tesla as it was being outflanked by Chinese rivals such as XPeng and Huawei Technologies, both of which have rolled out their own competitor software. The jump in Tesla's share price comes a
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