Tesla Inc (NASDAQ:TSLA) CEO Elon Musk lauded China’s extensive digitalization efforts across industries, including automotive, for the second time this month, and said the electric vehicle maker would further invest in the country at an online conference being held in Wuzhen on Friday, CNBC reported.
What Happened: Musk made the comments at the World Internet Conference hosted by the Cyberspace Administration of China in a pre-recorded video.
The billionaire entrepreneur said, as per his observation, China deploys substantial resources and efforts to bring the latest digital technologies in different industries, including the automobile industry, making it a global leader in digitalization.
“Tesla will continue to expand our investment and R&D efforts in China,” he added, as per the report.
See Also: Elon Musk's Tesla Shanghai To Make 300K Cars By Jan-Sept
Why It Matters: A week ago, Musk had praised China’s competitiveness in the automotive market and said he had a “great deal of respect” for the automakers from the country.
China is a key global market for Tesla outside the United States. The Palo Alto, California-based company faces tough competition from homegrown electric vehicle makers such as Nio Inc (NYSE:NIO), Li Auto Inc (NASDAQ:LI), and Xpeng Inc (NYSE:XPENG) in the country.
Tesla has invested heavily in China, including building a gigafactory, which it says has been established as an export hub.
Price Action: Tesla shares closed 2.75% higher at $774.39 on Friday.
Photo: Courtesy of Nvidia Corp. via Flickr