Tesla's stock leaps on reports of Chinese approval for the company's driving software

Shares of Tesla stock rallied Monday after the electric vehicle maker's CEO, Elon Musk, paid a surprise visit to Beijing over the weekend and reportedly won tentative approval for its driving software. Musk met with a senior government official in the Chinese capital Sunday, just as the nation’s carmakers are showing off their latest electric vehicle models at the Beijing auto show.

Tesla has reported 20 more crashes involving Autopilot since the recall, according to the National Highway Traffic Safety Administration. In afternoon trading, shares in Tesla Inc., which is based in Austin, Texas, surged almost 15% — its biggest one-day jump since February 2020. For the year to date, shares are still down 22%. Tesla has been contending with its stock slide and slowing production.

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