• 14 hours Hedge Funds Having A Banner Year
  • 17 hours Disney Heiress Asks “Is There Such A Thing As Too Much?”
  • 20 hours BHP Turns Bullish On EVs
  • 22 hours Investors Turn Bullish On America’s Nuclear Decommissioning Business
  • 2 days The $90M Inflatable Rabbit Redefining Modern Art
  • 2 days Huawei’s Fate In The Air
  • 2 days Tesla Slashes Prices Again
  • 2 days The Modern History Of Financial Entropy
  • 3 days Italy’s Central Bank Embraces Sustainable Investing
  • 3 days Trump Lifts Metals Tariffs To Cool Simmering Trade War
  • 3 days Researchers Push To Limit Space Mining
  • 3 days Could China Start Dumping U.S. Treasury Bonds?
  • 4 days Is Winter Coming For HBO?
  • 4 days Rise Of EVs Signals Peak Gasoline
  • 5 days Jeff Bezos Doubles Down On Space Colonization Ambitions
  • 5 days Gold Mining Stocks Stuck In Limbo
  • 6 days Executive Order Targets Huawei Over Espionage
  • 6 days Why Now May Be The Best Time Ever To Hold Gold
  • 7 days Fake News Sinks Shares In UK-Based Bank
  • 7 days De Beers To Build $468 Million Diamond Recovery Ship
Trade War Pushes Ultra-Rich Back Into Cash

Trade War Pushes Ultra-Rich Back Into Cash

Asia’s and Latin America’s wealthy…

Hedge Funds Having A Banner Year

Hedge Funds Having A Banner Year

fter trouncing the market last…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Investing
  3. Other

Tesla Cuts Prices As China Suspends Auto Tariffs

Tesla

Tesla has reduced the prices of its Model X and Model S vehicles sold in China, after the Chinese authorities suspended additional tariffs on U.S.-manufactured cars for three months starting January 1.

Tesla has cut the price of certain Model S cars in China by up to US$15,230 (105,000 yuan), while prices for some Model X vehicles have been reduced by up to US$9,430 (65,000 yuan), Reuters reports, quoting Tesla’s Chinese website.

The price cuts could help lift the sales of the U.S. electric vehicle maker in China, which were said to have plummeted in recent months over the tariff uncertainty and frequent price changes, due to the U.S.-China trade war.

As Washington and Beijing are trying to negotiate a trade deal amid a three-month trade truce, China confirmed on Friday that it would suspend for three months as of January 1 the planned 25-percent tariffs on 144 vehicles and auto parts made in the United States and 5-percent tariffs on another 67 car items.

Tesla, which doesn’t have local Chinese production yet, was among the first U.S. automakers to raise prices in China, due to the heated trade tariff war in the summer. As a result, reports have had it that Tesla’s sales in China plummeted by 70 percent in October in the latest demonstration of the adverse impact the U.S.-Chinese trade war is having on business.

China is a key market for Tesla where it plans to build a gigafactory, and in October it only sold 211 cars there, according to data from the China Passenger Car Association reported by Reuters.

In an email to Barron’s, a Tesla spokesman disputed the report of the 70-percent sales plunge, saying that the numbers obtained from an official at the association are “wildly inaccurate” and “off by a significant margin.”

Freeman Shen, chief executive at China’s electric vehicle maker WM Motor, said reports that Tesla’s vehicle sales in China plunged by 70 percent is “misleading information” because of the opaque and not always accurate sales numbers coming out of China. Shen told CNBC that Chinese car sales numbers are always “kind of a mystery” because data is collected through several channels.

But another China-based auto industry expert, Jacob George, vice president, and general manager of the Chinese branch of U.S. marketing intelligence company J.D. Power, said last week that the third-party data about Tesla’s plunging sales was accurate, as sales had suffered from frequent price changes in the latter half of this year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment