🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Shanghai allows Tesla to carry out Full Self-Driving pilot

Published 06/14/2024, 09:54 AM
Updated 06/14/2024, 09:56 AM
© Reuters. FILE PHOTO: People walk past a showroom outside Tesla China headquarters at China Central Mall in Beijing, China July 11, 2018. REUTERS/Jason Lee/File Photo
TSLA
-

BEIJING (Reuters) - Shanghai is allowing 10 Tesla (NASDAQ:TSLA) vehicles to carry out tests of the company's most advanced autonomous driving software to pave way for its rollout in China, local-government-backed The Shanghai Observer said on Friday.

A successful rollout of its Full Self-Driving (FSD) software would allow Tesla to better compete with local rivals in China, and could turn the world's largest auto market into a battlefield for less expensive driver assistance features, intensifying a price war.

Tesla has been offering FSD for subscription in China for four years but with a restricted set of features.

In April, the automaker's CEO Elon Musk paid an unannounced visit to Beijing, where he was believed to discuss the rollout of FSD. In May, Reuters reported that Tesla is preparing to register FSD with authorities in China in the run up to its planned rollout of this year.

The same month, Chinese state media said Tesla has broken ground on a factory in Shanghai to make its Megapack energy storage batteries, while hailing the company's commitment to investing in China.

© Reuters. FILE PHOTO: People walk past a showroom outside Tesla China headquarters at China Central Mall in Beijing, China July 11, 2018. REUTERS/Jason Lee/File Photo

The financial hub's Nanhui New City will "strengthen and supplement the chain" around Tesla's energy storage to enhance the concentration of the energy storage industry, The Shanghai Observer said.

Tesla has also signed a contract with Shanghai Lingang to achieve local commercialisation, it added.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.