At 12:30 p.m., the actions of Tesla On the New York stock market they were listed at a price of US$198 each.
The agreement with Baidu opens the door fore Tesla vehicles operate their Full Self Drive (FSD) driving assistance system in Chinawhich will be an important potential additional source of income for the vehicle manufacturer.
FSD is a subscription service that It costs regarding US$99 a month.
The agreement, which was announced shortly following Musk met with Chinese Premier Li Qiang, also means that China will remove restrictions that the country had imposed in 2021 for security reasons.
Investment bank Wedbush technology analyst Dan Ives called the deal “the missing piece” in Musk’s plan to make autonomous driving a reality.
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Since Tesla presented its results for the first quarter of the year on March 23, Its shares have gained 31.1% even though the automaker’s net profits fell 55% in those first three months of 2024.
Honored to meet with Premier Li Qiang.
We have known each other now for many years, since early Shanghai days. pic.twitter.com/JCnv6MbZ6W
— Elon Musk (@elonmusk) April 28, 2024
But Musk took advantage of the announcement of the financial results to promise investors new sources of income through future cheaper vehicles, the so-called “robotaxi”the production of a humanoid robot equipped with artificial intelligence (AI) and sales of FSD software licenses to other manufacturers.
However, Musk did not mention during the conference call with analysts and media a future agreement with China to use Baidu’s mapping technology and data.
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The agreement with Baidu also comes as several analysts were beginning to question theThe importance of Musk’s announcement regarding future cheaper vehicles and two days following US authorities published a report in which they blamed at least 13 fatal accidents on the “false expectations” created by Tesla regarding the operation of the Autopilot system.
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