Investors will be closely watching Tesla's quarterly results on Wednesday for indications of its performance in China, where the electric carmaker has posted robust sales in the face of negative publicity and a host of new domestic competitors.
Tesla had received strong backing from the Chinese government when it built China’s first wholly foreign-owned car plant in 2019. But in recent months it has grappled with regulatory scrutiny over how it handles data as well as consumer complaints over product safety and other issues.
"It seems the negative news did not really hurt loyal demand. Consumers have very high confidence in Tesla's product," Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight, said. Investors will also keep an eye on the planned expansion of Tesla's so-called full self-driving beta software. Tesla started widening access to the software earlier this month, having tested the new advanced driver-assistant program with about 2,000 people for a year.
Unlike most of his peers at the top of big tech companies, Musk said during a call in July that he was unlikely to attend earnings calls with investors and analysts.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Defaults loom over more property developers as China reassures investors on EvergrandeAmid the Evergrande crisis, more Chinese developers are facing defaults, as ratings agencies dished out a fresh round of downgrades.
Read more »
Global Investors Gain a New Way to Bet on Stocks in ChinaHong Kong started trading in futures tied to an index of stocks from mainland China, giving global investors a new tool for betting on Chinese markets
Read more »
Netflix and Tesla will look to buck the earnings-slowdown trendWhile earnings growth is expected to slow down appreciably for many companies from a record-breaking first half, two prominent companies are projected to put...
Read more »
China sees slower growth amid power and property crisesChina's economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply chain bottlenecks and major wobbles in the property market.
Read more »
What to know about the escalating tensions between China and Taiwan
Read more »