Tesla

China has always been welcoming visits by business people from various countries, including Mr. Musk, to better understand China and promote mutually beneficial cooperation, the Chinese Foreign Ministry said.

Musk is expected to meet with senior Chinese officials and tour Tesla's Shanghai factory, according to Reuters.

"That was many years ago. Their cars are highly competitive these days," Musk said.

Both models are eligible for a C$5,000 federal incentive in Canada.

The potential expansion would give the Shanghai factory the capacity to produce 1.75 million powertrains per year, up from the current 1.25 million, according to Reuters.

The revamped Model 3 is slightly longer and sportier than earlier versions and has a sleeker interior design, according to Bloomberg.

Shanghai will further deepen its cooperation with Tesla to promote the EV maker's businesses including self-driving and robotics in the city, a local official said.

Baillie Gifford trimmed its holdings in Nio and Tesla by 0.77 percent and 2.83 percent, respectively, in the first quarter, but the value of its holdings in them rose.

The recall involves the vehicles' regenerative braking strategy, which Tesla plans to update via OTA to reduce the risk of crashes due to prolonged deep pressing of the accelerator pedal.

From January to April, the Model Y sold 121,407 units, making it the second-best-selling new energy SUV in China during this period.