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Tesla's 'watershed' moment in China helps lift Chinese electric vehicle stocks
https://www.msn.com/en-us/money/markets/tesla-s-watershed-moment-in-china-helps-lift-chinese-electric-vehicle-stocks

Tesla (NASDAQ:TSLA) ripped a 9.16% gain in premarket action to trade at its highest level since March 1. Elon Musk's weekend visit to China and reports that the company will partner with Baidu (BIDU) on mapping data collection have sparked the rally.

Wedbush Securities analyst Dan Ives said the long awaited FSD approval in China could be a watershed moment for Tesla (TSLA).

"While the long term valuation story at Tesla hinges on FSD and autonomous, a key missing piece in that puzzle is Tesla making FSD available in China which is now a done deal. We note Tesla has stored all data collected by its Chinese fleet in Shanghai since 2021 as required by regulators in Beijing," highlighted Ives.

Ives said the next pivotal step would be if Elon Musk is able to obtain approval from Beijing to transfer data collected in China abroad. That approval could accelerate of training of algorithms for Tesla's (TSLA) autonomous technology globally. "We also believe this trip will be significant for Tesla and Musk, further strengthening its EV footprint within the Chinese market at a pivotal time," added Ives.
Chinese electric vehicle maker Nio (NIO) rose 4.23% in premarket trading, while Li Auto (LI) gained 4.43%. XPeng (XPEV) was up 1.69% in the early session. BYD Company (OTCPK:BYDDF) was also higher in Hong Kong trading. The Chinese EV sector may be taking the Tesla (TSLA) developments as a positive sign that the U.S. and China can work together in the EV space.