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Elon Musk Visits China u0026 Tesla Stock Soars: Here's Why

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Bloomberg Television

Elon Musk’s quick visit to China paid immediate dividends, with Tesla Inc. receiving inprinciple approval from government officials to deploy its driverassistance system in the world’s biggest auto market.
The US carmaker was granted the approval under certain conditions, according to a person with knowledge of the matter, who asked not to be identified because details of all the criteria aren’t clear. Tesla did manage to clear two of the most important hurdles: reaching a mapping and navigation deal with Chinese tech giant Baidu Inc., and meeting requirements for how it handles datasecurity and privacy issues.
Tesla shares soared as much as 12% shortly after the start of US trading, while Baidu jumped 2.4% in Hong Kong. Tesla didn’t respond to requests for comment on the status of its attempt to secure regulatory approval.

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