Elon Musk meets with the foreign minister of China

Shares of Tesla Inc (NASDAQ: TSLA) opened up this morning as CEO Elon Musk met with senior officials in China. It’s his first visit to Beijing since the start of the pandemic.

Analyst comments on Musk’s visit to China

Most importantly, the billionaire spoke with Qin Gang – the Foreign Minister of China.

Gang reportedly told Musk today that Beijing was committed to refining the business environment for foreign companies like Tesla. Reacting to the news, Wedbush Securities analyst Dan Ives said in a note to clients:

His “buy-equivalent” rating on Tesla shares comes with a price target of $215 that suggests another 6.0% upside from here.

Musk reportedly wants to expand business in China

On Tuesday, CEO Elon Musk signalled plans of expanding business in China, as per the country’s foreign ministry.

He was also quoted opposing a decoupling of the world’s two biggest economies and describing the U.S. and China as conjoined twins. According to Wedbush’s Ives:

China remains the second-largest market for the electric vehicles manufacturer that is yet to officially verify the aforementioned remarks. Versus the start of 2023, Tesla shares are up nearly 90% at writing.