Elon Musk arrived in China on Sunday, marking his second visit in less than a year to the largest electric vehicle market in the world. The trip’s objective is to expedite the deployment of Tesla’s full self-driving technology, the most sophisticated version of its Autopilot software, according to an anonymous source cited by Reuters. Musk is anticipated to confer with high-ranking officials about the software and seek approval for overseas data transfer.

Since the start of 2024, Tesla’s stock price has seen a significant drop. As of April 22, 2024, the stock had declined by 43%. This was a considerable decrease from its previous performance, where it had gained 102% in 2023. The stock was trading at about $140 per share, its lowest level since January 2023. This decline has been attributed to a variety of factors, including a slowdown in deliveries, increasing inventories, and a recall of all 4,000 Cybertrucks delivered so far. Additionally, Tesla announced layoffs of more than 10% of its workforce due to weakening demand for electric vehicles.

It seems that Musk is facing significant challenges both in the US and China. The year 2024 could be a decisive moment for Tesla, and Musk may need to take bold steps, such as introducing the self-driving feature, in hopes of boosting sales in China. Will the introduction of this feature be the game-changer Tesla needs in China? And will Chinese consumers’ perception of Tesla change, especially when local EV manufacturers have already equipped their vehicles with self-driving features? We will continue to monitor this situation and provide updates as more information becomes available.

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