Starship Capital managing partner, tech adviser and entrepreneur John Meyer explains why he thinks Tesla stock is so valuable, citing their use of artificial intelligence.
Elon Musk will be in China Tuesday for a ceremony that will mark Tesla’s first delivery of made-in-China vehicles to the general public, according to Bloomberg.
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The company is manufacturing its Model 3 sedans in a plant on the outskirts of Shanghai.
China’s economy has been slowing and taking auto sales down with it. General Motors just announced that sales fell there for a second consecutive year.
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China’s auto market is expected to decline for a third straight year.
In November, electric vehicle sales plunged 42 percent in November from a year earlier.
A Tesla Model 3 sedan, its first car aimed at the mass market, is displayed during its launch in Hawthorne, California, U.S. March 31, 2016. REUTERS/Joe White – – RC1977E015E0
Tesla cut the starting price of its Model 3 sedans built in China by 9 percent in order to match competitors.
Tesla shares climbed to a record $443.01 on Friday after rising 26 percent last year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ISLA | n.a. | n.a. | n.a. | n.a. |
The Shanghai plant manufactures 1,000 cars a week.
The price of the Model 3 starts above $50,000.
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Last month, Tesla secured a $1.29 billion loan from Chinese banks that can be used for construction and production at the Shanghai plant, as well as for repaying a loan due on March 4, Reuters said.
