During their meeting on Sunday, Li told Musk that he hoped the United States would engage with China on “win-win” cooperation, citing Tesla’s operations in China as a successful example of working together, Chinese state media reported.

“China’s very large-scale market will always be open to foreign-funded firms,” Li was quoted as saying.

“China will stick to its word and will continue working hard to expand market access and strengthen service guarantees.”

Musk said in a post on X that he was “honoured” to meet the No 2 official.

“We have known each other now for many years, since early Shanghai days,” Musk said.

Musk’s visit was not announced in advance and it is unclear whether his itinerary might include a visit to the Beijing auto show, where Chinese carmakers are showing off electric vehicles that compete directly with Tesla’s models.

The billionaire entrepreneur’s trip comes just over a week after he cancelled a scheduled visit to India to meet Prime Minister Narendra Modi due to “very heavy Tesla obligations”.

Tesla operates its biggest manufacturing plant outside the US in Shanghai, where about half of its vehicles are produced.

The electric car maker has been struggling with sluggish sales, in part due to fierce competition from Chinese brands.

Tesla’s vehicle deliveries fell by 8.5 percent in the first quarter, contributing to a 40 percent slide in its stock price since July.

The company last week reported profits of $1.1bn in the first quarter, down from $2.51bn a year ago.

Musk earlier this month told staff in a memo that the company would lay off more than 10 percent of its global workforce so that it would be “lean, innovative and hungry for the next growth phase cycle”.

Chinese auto giant BYD dethroned Tesla as the world’s biggest electric vehicle maker in the last three months of 2023, although the Austin, Texas-based company reclaimed the title in the first quarter of this year.

Musk has made multiple trips to China in recent years, wrapping up his most recent visit in June last year.

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The meeting took place at Musk’s request during Yoon’s state visit to the United States, according to senior presidential secretary for economic affairs Choi Sang-mok.

Yoon said Korea boasts world-class manufactured robots and an advanced labor force, making it an ideal location to run a gigafactory.

South Korean President Yoon Suk Yeol, right, laughs with Tesla CEO Elon Musk during their meeting at Blair House in Washington, April 26. Yonhap

“Should Tesla decide to invest, we will provide active support in terms of location, workforce and taxes,” he was quoted as saying.

Musk responded that he expects to pay a visit to Korea, saying the country remains an interesting and leading candidate to host a gigafactory, according to Choi.

Yoon also voiced hope for greater cooperation between South Korean businesses and SpaceX, a U.S. spacecraft company headed by Musk, to help foster South Korea’s space industry. (Yonhap)

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