Tesla's Elon Musk meets with Chinese government officials in Beijing
Justin Sullivan
Tesla (NASDAQ:TSLA) CEO Elon Musk has made his first trip to China in three years and is expected to meet senior Chinese officials. China's foreign ministry said in a general statement that the government welcomed Musk and other business leaders and is looking to promote mutually beneficial cooperation. Musk is also anticipated to stop in to visit the Shanghai Gigafactory.
The trip has been expected with initial reports in March indicating that Musk was planning a trip to China and was seeking a meeting with Chinese Premier Li Qiang.
Weighing in on the development, Wedbush Securities analyst Dan Ives said playing nice in the sandbox in Beijing is something the Street is "laser focused" as analysts weigh the risk of potential disruptions to Tesla's expansion in the top electric vehicle market in the world. Wedbush has an Outperform rating on TSLA and price target of $215.
Shares of Tesla (TSLA) moved up 3.33% in premarket trading to $199.60 to follow on the 4.72% gain on Friday. Tesla (TSLA) has not traded over $200 since late March.
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