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FILE - A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., June 18, 2023. Shares of Tesla stock rallied Monday, April 29, 2024, after the electric vehicle maker's CEO, Elon Musk, paid a surprise visit to Beijing over the weekend and reportedly won tentative approval for its driving software. (AP Photo/David Zalubowski, File)

Tesla's stock leaps on reports of Chinese approval for the company's driving software

Shares of Tesla stock have rallied after the electric vehicle maker's CEO, Elon Musk, paid a surprise visit to Beijing over the weekend and reportedly won tentative approval for its driving software

By Ap News
Published - Apr 29, 2024, 03:03 PM ET
Last Updated - May 27, 2024, 01:05 AM EDT

NEW YORK (AP) — Shares of Tesla stock rallied Monday after the electric vehicle maker's CEO, Elon Musk, paid a surprise visit to Beijing over the weekend and reportedly won tentative approval for its driving software.

According to The Wall Street Journal, which cited anonymous sources familiar with the matter, Chinese officials told Tesla that Beijing has tentatively approved the automaker's plan to launch its “Full Self-Driving,” or FSD, software feature in the country.

Although it's called FSD, the software still requires human supervision. On Friday the U.S. government’s auto safety agency said it is investigating whether last year’s recall of Tesla’s Autopilot driving system did enough to make sure drivers pay attention to the road. Tesla has reported 20 more crashes involving Autopilot since the recall, according to the National Highway Traffic Safety Administration.

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