Tesla raises prices in China as trade tensions weigh on yuan | Fin24
 
  • New Notes

    Long queues have formed in Harare after Zimbabwe released new bank notes and coins.

  • Open Book

    Former President Jacob Zuma says the public protector can access his tax records.

  • Electricity

    Sowetans should pay rate of R150/month to foster a payment culture, says an ANC councillor.

Loading...

Tesla raises prices in China as trade tensions weigh on yuan

Aug 30 2019 21:58
Bloomberg News
A Model S electric car of US car maker Tesla leave

A Model S electric car of US car maker Tesla leaves a Tesla service centre in Oslo, Norway. In the first half of 2018, Tesla has become the fourth company with the highest number of complaints to the Norwegian Consumer Council. (Pierre-Henry Deshayes, AFP)

Related Articles

Tesla starts offering car insurance, though details are still hazy

Tesla offers no-contract solar panel rentals, with a catch

Tesla scrutinised by US agency over Model 3 safety claims

Tesla plunges on profit doubts, co-founder’s surprise exit

 

Tesla Inc. raised car prices in China, responding to trade tensions that weigh on the country’s currency and have led to oscillating import tariffs on vehicles.

The price of a basic level imported Model 3 sedan went up more than 2% to 363 900 yuan ($50 900), Tesla’s website showed on Friday. Prices for basic level Model S sedans and Model X sport utility vehicles increased by a similar percentage, to 793 900 yuan and 809 900 yuan, respectively.

    Tesla is among automakers most affected by the US-China trade tensions, because it has no local production yet and therefore gets directly hit by any increases in tariffs. China threatened last week to increase duties on US-made cars to as high as 50% in retaliation for President Donald Trump’s latest planned levies on Chinese goods.

    A Tesla spokesperson in China declined to elaborate on the price change, referring to information available on the company’s website.

    Tesla is constructing a plant in China, an increasingly important market for the loss-making company as incentives for electric vehicles in the US wane. Tesla plans to start producing cars at the factory near Shanghai, Tesla’s first outside of the US, by the end of 2019. Chief executive officer Elon Musk is currently visiting the region, making an appearance at the World Artificial Intelligence Conference on Thursday.

    A decline in the yuan reduces the value of any earnings that Tesla brings back from China and converts to dollars. Earlier this week, the Chinese currency fell to an 11-year low against the dollar.

    tesla  |  ict  |  companies
    NEXT ON FIN24X

     
     
     
     

    Company Snapshot

    Money Clinic

    Money Clinic
    Do you have a question about your finances? We'll get an expert opinion.
    Click here...

    Voting Booth

    What do you think about private healthcare in SA?

    Previous results · Suggest a vote

    Loading...