Tesla (TSLA) has been trying advance its self-driving technology in China, but it needs to comply with local regulations. As part of its push, the company is looking to process data gathered in China at a Chinese data center in order to avoid running afoul of regulators. According to the report from Reuters, the company has also been trying to secure approval to transfer data outside of the country for processing. Yahoo Finance Autos Reporter Pras Subramanian explains why this is an important move for Tesla. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Stephanie Mikulich.
The shares’ reaction is little surprise. Tesla stock closed up 0.5% at $174.84 on Thursday, while the and fell 0.2% and 0.3%, respectively. Early Friday, the shares ticked up 0.2% in premarket trading, while and futures were both down less than 0.1%.
Robyn Denholm, who has held Tesla's chairperson position since 2018, also dismissed criticism that she is too close to Musk, according to the report. Last month, Denholm asked shareholders to reaffirm their approval of Musk's record-breaking $56 billion compensation that was rejected by a Delaware judge in January.