TSLA Stock Slips As Musk’s China Visit Yields No Deals; EV Firm Dismisses Model Y Price Hike Rumors

• Elon Musk joined President Donald Trump on a high-profile state visit to Beijing this week, participating in summit meetings with Chinese President Xi Jinping.
• Despite the diplomatic spotlight, no major new agreements emerged. 
• Separately, Tesla China has firmly denied rumors of a Model Y price increase.

Shares of Tesla Inc (TSLA) slipped 4% on Friday amid a broad selloff in tech stocks, while concerns for the EV giant’s business in China weighed further on the stock.

The stock is on track for its worst day in over a month, if the losses hold.

Musk’s Recent China Visit

Elon Musk joined President Donald Trump on a high-profile state visit to Beijing this week, participating in summit meetings with Chinese President Xi Jinping alongside other U.S. CEOs. The trip aimed to bolster trade ties and advance Tesla’s interests in its second-largest market, including potential progress on Full Self-Driving approvals.

Despite the diplomatic spotlight, no major new agreements emerged.

Price Hike Talks

Separately, Tesla China has firmly denied rumors of a Model Y price increase. In a statement to Chinese media on Friday, the company reportedly said no price hike has occurred and directed customers to its official website for current pricing.

The rumors claimed an 18,000 yuan ($2,600) rise for the Long Range version and 20,000 yuan ($2,900) for the Performance model, according to a report from Electric Vehicles.

The vehicles are currently priced at 288,500 yuan (about $42,520) for the Long Range RWD variant and 313,500 yuan for the AWD version, according to the Tesla China website.

The statement comes at a challenging moment for Tesla in its second-largest market. Data from the China Passenger Car Association (CPCA) released this week showed Tesla’s retail sales in China fell nearly 10% year-over-year in April to 25,956 units, ranking the company 13th among domestic automakers.

How Did TSLA Retail Traders React?

On Stocktwits, retail sentiment around TSLA fell from ‘extremely bullish’ to ‘bullish’ territory over the past 24 hours, while message volume stayed at ‘high’ levels.

A Stocktwits user noted that TSLA stock is reacting negatively to the China trip.

Another termed the China trip a “big nothing burger.”

TSLA stock has risen 24% over the past 12 months.

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(Exchange Rate: 1 Yuan = $0.15)