• 3 hours Three Stocks To Watch Ahead Of Earnings Season
  • 7 hours Markets Flat As Bulls And Bears Battle It Out
  • 9 hours The Mining Industry Still Has a Human Rights Problem
  • 1 day 5 Billionaires Booted From Their Own Companies
  • 1 day Can Toyota's Hydrogen Car Take On Tesla?
  • 2 days Why Universal Basic Income Won't Work
  • 3 days Is This The Real Golden State?
  • 3 days Blockchain Firm Pushes For Ethical Mining
  • 4 days America’s Working Class Are Footing All The Bills
  • 4 days Market Volatility Sends Investors Scrambling Into This Asset Class
  • 4 days How Much Energy Would It Take To Power The Death Star?
  • 5 days A Tweet About Hong Kong Could Cost The NBA $4 Billion
  • 5 days World's Largest Miner Doubles Down On Renewables
  • 5 days Nasdaq Cracks Down On Small Chinese IPOs
  • 6 days Is There Any Reason To Be Bullish About Netflix?
  • 6 days Precious Metals See Record Inflows As Investors Hedge Against Teetering Economy
  • 6 days NYU Professor: Tesla Could Lose 80% Of Its Value
  • 7 days Uber To Offer On Demand Employment
  • 7 days SoftBank Reeling After Questionable WeWork Investment
  • 7 days Opportunity Arises In The Democratic Republic Of Congo
Blockchain Firm Pushes For Ethical Mining

Blockchain Firm Pushes For Ethical Mining

Two companies have joined forces…

World's Largest Miner Doubles Down On Renewables

World's Largest Miner Doubles Down On Renewables

BHP, the world’s largest miner,…

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. News
  3. Breaking News

Tesla’s Chinese Sales Are Plummeting

Tesla

Tesla’s sales in China nosedived by 70 percent last month in the latest demonstration of the adverse impact the U.S.-Chinese trade war is having on business. The news, from the Chinese passenger car association as reported by Reuters, comes a few days after the carmaker said it plans to cut its prices for the Chinese market.

China is a key market for Tesla where it plans to build a gigafactory, and last month it only sold 211 cars there, according to the association’s data. A price cut makes sense amid continued trade tension between Beijing and Washington, and a speeding up of the gigafactory plans would also make sense. Tesla also plans to move some production to China.

The company last month said it was launching pre-orders for its affordable model, Model 3, in Europe and China before the end of this year and added it was considering moving the production of some Model 3s to China next year. “We are aiming to bring portions of Model 3 production to China during 2019 and to progressively increase the level of localization through local sourcing and manufacturing,” Tesla said in its third-quarter earnings report. The cars manufactured in China would be sold in China, Tesla also said. 

Separately, earlier this week chief executive Elon Musk admitted the company had been on the brink of collapse because of the delays in the Model 3 production ramp up.

“Tesla faced a severe threat of death due to the Model 3 production ramp. Essentially, the company was bleeding money like crazy and if we didn’t solve these problems over a short period of time we would die. It was extremely difficult,” Musk said in an interview with Axios on HBO.

The money bleeding was certainly no secret at the time Musk talked about—spring this year—but somehow the company managed to turn things around quickly enough to not just avoid death by money bleeding, but even to turn in a profit for the third quarter of the year.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment