Categories: world

Tesla China's sales stop 70 percent in October: automotive industry

November 27, 2018 Business 1 Views PHILOTTEE: A man stops charging his Tesla car at a charging point outside of…

PHILOTTEE: A man stops charging his Tesla car at a charging point outside of Tesla China’s headquarters in Beijing, China on July 11, 2018. REUTERS / Jason Lee / File Photo

BEIJING / SHANGHAI (Reuters) – Tesla Inc TSLA.O ) China’s car sales dropped 70 percent last month a year ago, the country’s passenger car association told Reuters on Tuesday and underlined how the Chinese and American commercial war harms the American electric car maker.

An official from the China Passenger Car Association said data from the industry’s body showed that Tesla sold only 21

1 cars on the world’s largest car market in October.

Tesla did not respond to repeated calls and written requests for comment on Tuesday.

The electric car manufacturer, who imports all the cars it sells in China, said in October that the tariff increases on auto imports hampered sales there. In July, Beijing increased import prices of US cars to 40 percent due to a decline in trade with the United States.

Although so-called new energy sales have continued to climb in China, wider car sales have fallen sharply since mid-year and marketed the edge of its first annual sales trend in nearly three decades.

Tesla, headed by billionaire chief Elon Musk, said last week that it lowered the price of its model X and model S cars in China in a shift in strategy to make cars more affordable and absorb more of the hit from higher fees .

Tesla recently secured the location of its first overseas factory in Shanghai to help avoid the steep tariffs.

Reporting of Yilei Sun and Adam Jourdan; Editing Himani Sarkar

Our Standards: Thomson Reuters Trust Principles.

Source link

Published by