Multiple state-owned firms in Shanghai buy Tesla Model Y to show support

$Tesla(TSLA.US)$ $BYD COMPANY(01211.HK)$ $NIO Inc(NIO.US)$ $XPeng(XPEV.US)$ The article reported that multiple state-owned enterprises in Shanghai, where Tesla's China factory is located, have purchased a batch of Model Y crossovers as part of the city's efforts to optimize business environment and demonstrate equal treatment for domestic and foreign companies.
State-owned enterprises, including Chengtou Xinggang Group and Lingang Investment Holding Group, have recently purchased a number of Tesla Model Y vehicles for corporate use, Lingang investment promotion service center said in a statement today.

My Take: The Model Y made it into the Jiangsu provincial government's new energy vehicle (NEV) procurement catalog, the first case of a Tesla model making it into the government procurement catalog in China. Although the demand for Tesla EV will not shoot up suddenly, the official procurement is a PR win for Tesla and may translate to more purchase in the longer term. It is also a slap on the face for anti-Tesla who always spread FUD comments that Tesla EV is "not welcome" in China. Someone is so naive to even suggest to "impose tariffs" or ban Tesla EV without knowing that it is laughable to "impose tariffs" on Tesla EV made in China and banning would only hurt the local provincial economy more

Source:

1. Multiple state-owned firms in Shanghai buy Tesla Model Y to show support for foreign automakers - CNEVPost

2. x.com/China Xinhua News/Several state-owned enterprises in the Shanghai pilot free trade zone have recently procured a batch of Tesla Model Y

$BYD COMPANY(01211.HK)$ $BYD Co.(BYDDF.US)$ $S&P 500 Index(.SPX.US)$ $Nasdaq Composite Index(.IXIC.US)$ $Tesla(TSLA.US)$ $VOLKSWAGEN A G(VWAGY.US)$ $NIO Inc(NIO.US)$ $Li Auto(LI.US)$ $XPeng(XPEV.US)$ $General Motors(GM.US)$ $Ford Motor(F.US)$ $Rivian Automotive(RIVN.US)$ $MERCEDES-BENZ GROUP AG(MBGAF.US)$ $TOYOTA MOTOR CORP(TOYOF.US)$ $GEELY AUTO(00175.HK)$ $Stellantis NV(STLA.US)$

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ZnWC

I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.

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