Due to the brutal price competition in the Chinese electric car market, Tesla recently lost significant market share. Now company boss Musk has arrived in Beijing for talks.
Elon Musk unexpectedly landed in Beijing with his private plane. As Chinese state television reports, the Tesla founder is conducting negotiations with, among others, Ren Hongbin, President of the Chinese Council for the Promotion of International Trade (CCPIT).
His visit takes place at the same time as the Beijing Auto Show, which is also taking place in Beijing, one of the most important industry trade fairs of the year. It is unclear whether Elon Musk will attend the event.
For Tesla, the People’s Republic of China is the second most important sales market in the world. The company has its largest factory in Shanghai. However, the group is currently suffering from a lull in the electric car market, which also has to do with the brutal price competition in China. According to media reports, company boss Musk is said to have announced in the middle of the month that he would cut more than a tenth of all jobs in the company worldwide.
Just over a week ago, Musk postponed a planned meeting with Indian President Narendra Modi. At that time, the 52-year-old explained his short-term cancellation citing scheduling reasons.
Source: Stern
