On Thursday, Tesla (NASDAQ: TSLA) stock saw a modest rise in value during intraday trading amidst reports indicating that the electric vehicle behemoth is gearing up to file for full self-driving software registration in China.
Tesla is reportedly preparing to register its “Full Self-Driving” (FSD) software with Chinese authorities. The move precedes a scheduled unveiling of this cutting-edge technology later this year.
According to Reuters, citing sources familiar with the matter, the U.S. electric vehicle giant is considering offering the FSD software to customers in China through a monthly subscription model. The anticipated fee for this subscription would be around $98 per month.
The successful registration of the FSD feature with China’s Ministry of Industry and Information Technology will enable Tesla to conduct internal tests of the technology on public roads in the country, Reuters added. Presently, Tesla offers two less-advanced versions of its Autopilot driver assistance system in China, the second-largest market.
This report surfaces amidst Tesla’s ongoing efforts to navigate the competitive landscape in China’s thriving electric vehicle sector. The company has been experiencing pressure from increasing competition, leading to a push for discounts in the market. According to Reuters, Tesla’s sales in China dipped by 7.6% in the initial four months of 2024.
Tesla (NASDAQ: TSLA) Stock Movement
On Thursday, TSLA stock rose 1.48%, closing at $178.79, marking a 0.73% decrease for the week. The trading volume was 77,784,752 shares, lower than the average daily volume of 94.96 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
