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)
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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.



stc Group Net Profit for First Quarter of 2025 Increases 11.05%

CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth. Asharq Al-Awsat
CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth. Asharq Al-Awsat
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stc Group Net Profit for First Quarter of 2025 Increases 11.05%

CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth. Asharq Al-Awsat
CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth. Asharq Al-Awsat

Saudi Arabia’s stc announced on Sunday the company’s preliminary financial results for the first quarter ending March 31, reporting revenues of SAR19,210 million, a 1.60% increase year-over-year.

Gross profit rose by 5.01% to SAR9,098 million, operating profit increased by 2.02% to SAR3,584 million, and EBITDA grew by 5.25% to SAR6,120 million. Net profit for the quarter reached SAR3,649 million, representing an 11.05% increase compared to the same period last year.

According to a statement issued by stc, the group distributed SAR0.55 per share for the first quarter of 2025, in accordance with the dividends distribution policy approved by the General Assembly.

Commenting on the results, CEO of stc Group Eng. Olayan Alwetaid highlighted that the group’s achievements were the result of its unwavering commitment to innovation, operational efficiency, and sustainable growth, as well as its relentless pursuit of creating added value for shareholders, customers, and the digital economy as a whole.

He further added that, early in 2025, stc Group achieved several strategic milestones that further solidified its position in the telecommunications and information technology sector. Among these achievements was a new global milestone, as the group successfully localized the software for eSIM technology in collaboration with Thales, making stc the first telecom operator in the world to obtain SAS-UP license certification from the GSMA.

He emphasized that this accomplishment complements stc’s ongoing efforts to support local content in the ICT sector through business localization and the transfer of manufacturing and technical expertise to the Kingdom.
In continuation of the group’s efforts to enhance the digital communication infrastructure in the region, stc signed a strategic agreement with Ooredoo to establish an international ground fiber network corridor between Saudi Arabia and Oman. This strategic partnership aims to enhance the digital communication infrastructure in the region through the project, which starts with the Saudi-Oman corridor. The project will also create an integrated ground fiber network with two backup routes, connecting submarine cable landing stations on the Red Sea in Saudi Arabia to their counterparts on the Arabian Sea in Oman, passing through dedicated data centers in both countries. This agreement reaffirms the Group’s commitment to delivering advanced communication solutions, enhancing intercontinental connectivity, and driving digital transformation to support the region’s economic growth.
The statement added that stc Group strengthened its position in cloud computing and artificial intelligence by signing an agreement with Amazon Web Services (AWS). This partnership significantly boosts the Group’s ability to deliver advanced technological solutions tailored to the diverse needs of various sectors, while reaffirming its commitment to driving the shift toward an integrated digital economy and leading the future of smart technology in the Kingdom and beyond.
Furthermore, as part of its commitment to providing the highest quality of digital services, stc Group enhanced its telecommunications network in the Two Holy Mosques during the holy month of Ramadan by strengthening its infrastructure to meet the growing demand for services during peak times. This upgrade resulted in a 120% increase in connection speed, enabling the Group to ensure an exceptional communication experience for visitors to the holy sites during the peak visitor periods.