Benzinga | May 12, 2021 11:34AM EDT

Tesla Endorses Chinese Auto Industry Calibration Under New Rules: Reuters

* Tesla Inc (NASDAQ: TSLA) has extended support via Weibo Corp (NASDAQ: WB) to standardize the Chinese auto industry based on the country's cyberspace administration's draft rules on auto data regulation Reuters reports.

* The automakers will require customer approval for data collection from driving and regulatory permission for providing essential and private data to foreign entities under the rules.

* The cyberspace administration has sought public opinion on the rules.

* The control of use, sending, and storage of the images captured by vehicle cameras and sensors pose a challenge for the global auto industry and regulators.

* In March, the Chinese government prohibited Tesla vehicles' access to the military, state-owned enterprises in sensitive sectors, and critical agencies over national security concerns.

* Price action: TSLA shares traded lower by 2.43% at $602.19 on the last check Wednesday.