Tesla’s Musk Hails China’s ‘Vitality’ on Beijing Visit

Residents walk past a Tesla showroom in Beijing, Wednesday, May 31, 2023. (AP)
Residents walk past a Tesla showroom in Beijing, Wednesday, May 31, 2023. (AP)
TT
20

Tesla’s Musk Hails China’s ‘Vitality’ on Beijing Visit

Residents walk past a Tesla showroom in Beijing, Wednesday, May 31, 2023. (AP)
Residents walk past a Tesla showroom in Beijing, Wednesday, May 31, 2023. (AP)

Elon Musk praised China's "vitality and promise" on Wednesday, Beijing said, during a trip to China in which he has met multiple government officials and reportedly declared he will expand his business there.

 

The mercurial tycoon, one of the world's richest men, is on his first trip to China in over three years.

 

He met Commerce Minister Wang Wentao in Beijing on Wednesday, praising "the vitality and potential of China's development", according to a ministry readout of the meeting.

 

Musk "expressed full confidence in the China market, and was willing to continue deepening mutually beneficial cooperation".

 

He also said "China-US relations are not a zero-sum game", the readout added, and thanked China for "the support and guarantees it provided for Tesla's Shanghai factory during the Covid-19 pandemic", when it was placed under strict lockdowns.

 

Musk has extensive business interests in the country and told Foreign Minister Qin Gang on Tuesday that his firm was "willing to continue to expand its business in China", according to the foreign ministry.

 

Musk and Tesla have not released any statement themselves on the trip or responded to AFP requests for comment.

 

Chinese media reported that Tesla welcomed its CEO to Beijing on Tuesday with a 16-course dinner that included seafood, New Zealand lamb and traditional Beijing-style soybean paste noodles.

 

Musk also met Industry Minister Jin Zhuanglong in Beijing on Wednesday to discuss "the development of new energy vehicles and intelligent connected vehicles", the Ministry of Industry and Information Technology said in a readout.

 

On Wednesday evening the tycoon was seen boarding his private plane at Beijing's Capital International Airport.

 

He is next expected to visit his factory in Shanghai, Bloomberg reported, citing sources, and potentially meet with Chinese Premier Li Qiang.

 

China is the world's biggest electric vehicle market and Tesla announced in April it would build a second massive factory in Shanghai, after its Gigafactory that broke ground in 2019.

 

Deep business ties

 

In his meeting with Qin on Tuesday, Musk expressed his opposition to any economic "decoupling" between China and the United States, Beijing said.

 

"The interests of the United States and China are intertwined, like conjoined twins, who are inseparable from each other," Musk said.

 

Musk's extensive business ties to China have raised eyebrows in Washington, with President Joe Biden saying in November the executive's links to foreign countries were "worthy" of scrutiny.

 

He has also caused controversy by suggesting the self-ruled island of Taiwan should become part of China -- a stance welcomed by Chinese officials but which deeply angered Taipei.

 

Musk is one of a number of Western executives to visit China since the country ended strict Covid controls that saw it largely closed off from the world for almost three years.

 

Chinese foreign ministry spokeswoman Mao Ning said this week that Beijing welcomed visits by international executives "to better understand China and promote mutually beneficial cooperation".

 

In March, Apple CEO Tim Cook visited Beijing, saying his company enjoyed a "symbiotic" relationship with China.

 

That same month, Albert Bourla, CEO of pharmaceutical giant Pfizer, also paid a visit to the Chinese capital.



EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
TT
20

EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo

The European Investment Bank is likely to announce on Friday plans to pump 70 billion euros into the development of European technology firms over the next three years, EU officials said.

The program, called Tech EU, is meant to help Europe compete with China and the United States in the race for innovative clean and digital technologies.

The EIB, the biggest multilateral lender in the world with a balance sheet total of 556 billion euros, expects its own 70 bln euros to mobilize a further 250 billion euros of private cash as investors crowd into projects supported by the EIB, Reuters quoted EU officials as saying.

The 70 billion is to be split into 20 billion euros for equity and quasi-equity, 40 billion euros for loans and 10 billion for guarantees in 2025-2027, the officials said.

The plan is to complement European Commission efforts to support higher risk ventures and innovative companies throughout their investment journey, from proof of concept to an initial public offering.

The EIB wants to focus on supercomputing, artificial intelligence, digital infrastructure, critical raw materials, green industries such as offshore wind, health, security and defense technologies, robotics and advanced materials, the officials said.