Can you picture a community without even one Tesla (TSLA)? Take Tesla Inc. Report for a drive. Given how well-known they’ve grown to be since Elon Musk established the business in 2003, it could feel like a thing of the past.
However, one county in northern China is making it a reality this summer, as was first reported by Reuters.
For the next two months, no Tesla vehicles are allowed to enter the Beidaihe district. In the northern Hebei province, which has 74 million residents and borders the coast of the Bohai Sea, there is a beach resort.
|Bid||648.30 x 1100|
|Ask||648.97 x 800|
|Day’s Range||639.60 – 662.91|
|52 Week Range||608.88 – 1,243.49|
|Beta (5Y Monthly)||2.13|
|PE Ratio (TTM)||87.88|
|Earnings Date||Jul 25, 2022 – Jul 29, 2022|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||908.47|
Why Is This District Banning Teslas?
The purpose for the prohibition is not so much to preserve a serene, car-free coast as it is to accommodate an annual, ultra-secret gathering of top Chinese officials in Beidaihe.
The occasion is always shrouded in secrecy, especially to outside spectators. Every year, some coverage of the summit appears only after it has already taken place, and the actual dates are never disclosed.
The most watched unofficial event in the country’s political calendar, according to journalist William Zheng for the South China Morning Post, was once “an annual break for [China’s top leaders] to switch off and relax on the long beaches of the fabled northern resort town.” However, it has since evolved into a time for the nation’s most powerful to glad-hand, logroll, and gossip with one another.
According to a member of the Beidaihe Traffic Police Brigade, the Tesla ban was implemented because of “national affairs.”
He did not elaborate on why Tesla was singled out for attack as opposed to other foreign automobiles, and Tesla, which dismantled its PR department, was not available for comment.