Tesla Gains China Market Access as Lucid’s Shares Slump Below $7
Xi Jinping told Tesla CEO Elon Musk that China will further open to American businesses, potentially boosting Tesla’s market access in its largest EV market. Lucid’s shares fell below $7 after Q1 operating loss of $989M and negative $1.44B free cash flow, highlighting intense competition in the affordable EV segment.
1. China Pledges Greater Market Access
Chinese President Xi Jinping met with a delegation including Tesla CEO Elon Musk and other U.S. tech leaders traveling with President Trump in Beijing. He pledged to open further to American businesses, suggesting possible tariff adjustments and expanded approvals that could accelerate Tesla’s sales and production in China.
2. Lucid Group Posts Heavy Q1 Losses
Lucid Group’s stock has plunged nearly 99% from its 2021 peak, trading under $7 after reporting a Q1 operating loss of $989 million and negative $1.44 billion free cash flow. The company is cutting costs, reducing headcount, focusing on midsize EVs and has a deal to supply Uber with 35,000 vehicles plus a $200 million investment.