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Tesla Stock Surges on China's Nod for Self-Driving, Musk Visit; Up 40% from Low

Apr 29, 2024, 01:20 PM

Tesla's stock, identified by its ticker $TSLA, surged significantly in pre-market trading following the announcement that Chinese authorities have lifted restrictions on its vehicles after they met data security requirements. This regulatory approval, bolstered by a visit from CEO Elon Musk to China, has increased the likelihood of Tesla's Full Self Driving (FSD) technology being launched soon in China. The stock rose between 10% to 13%, with reports noting a tentative approval for the deployment of the FSD system. Tesla's market cap also rebounded to over $600 billion, with the stock up nearly 40% since its low.