Tesla, under scrutiny in China, steps up engagement with regulators

Tesla Stock Price

Tesla, under scrutiny in China, steps up engagement with regulators

Tesla (NASDAQ:TSLA) Inc UP 4.79% AT 709.44

Electric vehicle maker Tesla (NASDAQ:TSLA) Inc, facing scrutiny in China over safety and customer service complaints, is boosting its engagement with mainland regulators and beefing up its government relations team, industry sources said.

Tesla’s change of strategy leading to more behind-the-scenes interaction with policymakers in Beijing compared to relatively little previously shows the seriousness with which the U.S. automaker views the setbacks in its second-biggest market.

It also comes at a time when China is trying to regulate large and powerful private companies, especially in the technology sector, on concerns about their market dominance.

Tesla did not immediately respond to a request for comment on Monday, a public holiday in China.

As they do elsewhere, regulators in China, the world’s biggest auto market, discuss industry policies and standards with global and local companies, industry associations and think tanks.

On technical fronts Tesla (NASDAQ:TSLA) Inc RSI stood at 38.43 and currently stock is trading Above 5 and 50 Days MA and Below 20 Days Moving Averages. So, BUY position can be taken with following target and stoploss.

TRADE SIGNAL -: Tesla (NASDAQ:TSLA) Inc – BUY: 707.26, TARGET: 751.97, STOP LOSS: 663.85

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