Today, many reports suggest that Tesla is considering spinning off or selling its China operations. Many point out that Tesla’s largest factory is in China, and its entire supply chain and market are centered here. If Tesla were to sell its China business, would Musk be willing to let go of such a massive opportunity? However, viewed from the perspective of Tesla’s potential merger with SpaceX, this isn’t entirely implausible. SpaceX is a business tied to the U.S. Department of Defense, while Tesla is Musk’s own private company. If the two were to merge, the U.S. Department of Defense would not permit a significant Chinese business segment to be included—such integration would almost certainly compromise data security, and the U.S. defense sector would never allow it. Therefore, I believe the likelihood of Tesla selling its China operations is very low. Given that Tesla has just partnered with DouBao, similar to its joint venture with Volkswagen, a spin-off or restructuring into a subsidiary is more probable. Since autonomous driving technology is unlikely to be approved in China anyway, it makes more sense to reduce costs and recoup some capital through this structure.