NEW YORK (TheStreet) -- Tesla Motors (TSLA) - Get Report stock is rising by 0.7% to $197.75 in Tuesday's pre-market trading session, as co-founder Elon Musk is looking to find a Chinese production partner given the potential that China's market has, Bloomberg reports.
Musk, who spoke in Hong Kong on Tuesday said that he had "a number of high level meetings" with the government.
The company is currently working with Hong Kong officials to release home power charging stations.
If Tesla is successful in finding a local Chinese production partner for its electric cars, it would help the company evade import tariffs of at least 25%, Bloomberg added.
Overall, Musk is optimistic and is focused on targeting the Chinese market as he believes worsening pollution in the country could spark the need for cleaner vehicles.
Separately, TheStreet Ratings currently has a Hold rating on the stock with a letter grade of C-.
The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and expanding profit margins. However, as a counter to these strengths, weaknesses include deteriorating net income, generally higher debt management risk and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: TSLA