14:39:24 EDT Fri 03 May 2024
Enter Symbol
or Name
USA
CA



Tesla Inc CDRs (CAD Hedged)
Symbol TSLA
Shares Issued 21,400,000
Close 2024-04-15 C$ 14.87
Market Cap C$ 318,218,000
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Globe/wire say Tesla hears communist call for openness

2024-04-15 07:16 ET - In the News

The Globe and Mail reports in its Monday edition that the founder of Chinese electric-vehicle maker Nio Inc. has called for openness in a rare speech in the United States, where politicians have been seeking to further restrict China's access to the world's second-largest car market. A Reuters dispatch to The Globe says that William Li, speaking at Harvard University on Saturday, said rapid EV growth in China resulted from an "open and competitive" market where "all products are welcome regardless of their brands or origins." He cited Tesla's success in China, where Elon Musk's company has sold 1.36 million EVs in the past three years, adding that its presence boosted EV penetration and energized the industry. "Competition will lead to greater investment, longer time to break even, less margin for mistakes and lower chances of success," Mr. Li said. "However, we do not expect China to adopt policies to protect domestic players because we also see the other side of the coin, where openness will ultimately benefit industries and sustainability, and make the best companies even better." Both Washington and Brussels say Chinese carmakers are heavily subsidized by the communist state and could harm domestic players.

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