Tesla wins procurement from Jiangsu Provincial Government, stock price soars for consecutive days, Musk regains title of world's richest person

In the US and Europe, there have been proposals to increase taxes on Chinese electric vehicles. On the 4th day, Tesla received good news in China as Jiangsu Province included Tesla in its procurement list, which means that the company's electric vehicles can be purchased by government agencies or organizations as official vehicles. With the recent surge in Tesla's stock price, Elon Musk has reclaimed the title of the world's richest person with a net worth of $248 billion.

Tesla Wins Procurement by Jiangsu Provincial Government

According to a report from CommonWealth Magazine, while the U.S. and Europe are proposing higher taxes on Chinese electric cars, Tesla received good news in China on the 4th. Jiangsu Province has included Tesla in its procurement list, marking the first time a Chinese government agency has done so. This means that the company's electric vehicles can be purchased by the Chinese Communist Party, government agencies, or organizations as official vehicles.

In 2024, China accounted for as much as 60% of global electric vehicle sales. However, facing competition from domestic Chinese brands, Tesla's market share in China dropped from 6.9% in the same period last year to 6.4%.

From January to May this year, 20% of Tesla's sales were in China, and 50% of production took place in China. Philippe Houchois, an analyst at the well-known investment bank Jefferies Group LLC, stated that being included in the official procurement list is a very positive message for Tesla due to the importance of the Chinese market.

Musk Reclaims Title of World's Richest Person

Tesla's stock price has risen for three consecutive days, with a nearly 38% increase in the past month, almost recovering from its decline earlier this year.

As Tesla continues to soar, U.S. stocks hit new highs, while cryptocurrencies struggle

With the rise in Tesla's stock price, Elon Musk has once again reclaimed the title of the world's richest person with a net worth of $248 billion.

Recently, Musk also responded to those who are bearish on Tesla on Twitter:

"Once Tesla solves full self-driving and produces humanoid robots like Optimus in volume, any remaining bear case will be invalid."

Optimus Gen 2 Humanoid Robot Unveiled

On the 4th, Tesla showcased the new generation robot Optimus Gen 2 at the World Artificial Intelligence Conference (WAIC) in Shanghai. According to a report, Optimus Gen 2 has increased its walking speed by 30% on the basis of walking upright; its fingers have also "evolved" to not only perceive and feel but also handle tasks like holding an egg lightly and moving heavy objects with ease. Recently, Optimus has started "working" at Tesla's factories, mimicking human operations through visual neural networks and FSD chips for battery sorting training.

During the June shareholder meeting, Musk talked about the Optimus humanoid robot, describing it as a very challenging product due to the lack of a mature supply chain for relevant parts, making it very difficult for startups to enter. However, Tesla has a brand, cash flow, AI, hardware, and factories for mass production. He optimistically estimated that Optimus could be worth $25 trillion.

Musk celebrates Tesla's shareholder meeting, discussing the vision of Robotaxi and Optimus

Ark Invest, a strong supporter of Tesla, also released its expected value for Tesla in 2029—$2,600 per share.

Ark Invest bets on Tesla to reach $2,600 by 2029, Musk: Challenging but achievable!