Tesla shares (TSLA) soared Monday morning after CEO Elon Musk traveled to China and secured regulators' support for its self-driving technology.

China Beige Book CEO Leland Miller tells Yahoo Finance that Tesla "has to be the most technologically advanced car option because they can't compete on price because of the dynamics of the Chinese market." Miller says that because Tesla has to make a profit, unlike some of its Chinese rivals, it has to compete on technology, not pricing.

Watch the video above to hear Miller's take on Musk's trip to China.

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This post was written by Stephanie Mikulich.