Technology Tesla prices shoot up $20,000 in China as US trade war begins

09:21  10 july  2018
09:21  10 july  2018 Source:   cnet.com

Tesla will build its 1st factory outside US in Shanghai

  Tesla will build its 1st factory outside US in Shanghai Electric car producer Tesla will build its first factory outside the United States in Shanghai, becoming the first wholly foreign-owned automaker in China. Tesla Inc.'s announcement comes amid mounting U.S.-Chinese tension over technology and follows Beijing's April promise to end restrictions that required foreign automakers to work through local partners.

Tesla exports more electric vehicle to China than any other automaker today, but the company’s exports are likely to slow down as it raises the price of the Model S and Model X significantly due to rising tariffs as part of the current escalating trade war .

U . S . carmaker Tesla has hiked prices on its Model X and S cars by about 20 percent in China , becoming the first automaker to raise prices in the world's largest automotive market in response to a U . S .- China trade war .

a car parked in a parking lot: 2017 Tesla Model X© Provided by CNET 2017 Tesla Model X

The US-China trade war officially kicked off on Friday, and it didn't take long for the consequences to flow on to the public.

Tesla cars became considerably more pricey in China over the weekend, according to the Wall Street Journal. The Model X is now priced at $140,100, for instance, over $20,000 more than the $117,100 it previously sold for. The Model S, at $128,400, is also roughly $21,000 more expensive than it previously was, the Journal reports.

The US implemented a 25 percent tariff on $34 billion worth of Chinese imports on Friday, causing China to retaliate. The Chinese tariff on electric cars shot up from 15 percent to 40 percent, reports Bloomberg. The publication previously reportedElon Musk will be meeting Chinese officials in Shanghai and Beijing this week.

China just recorded the largest trade surplus with the US on record

  China just recorded the largest trade surplus with the US on record <p>In what will do little reduce trade tensions between the two sides, China's trade surplus with the US jumped to $US28.97 billion, larger than the $US24.58 billion recorded in May.</p>China's trade surplus increased sharply in June, including with the United States.

The price of a Tesla has gone up in China following the country’s first round of retaliatory tariffs in the burgeoning trade war with the United States .

(Reuters) - Tesla Inc (TSLA.O) has raised prices on its Model X and S cars by more than $ 20 , 000 in China , automotive news website Electrek reported on Monday, making it one of the first U . S . carmakers to hike prices in the wake of rising trade tensions.

Tesla has been contacted for comment.

Among Musk's chief concerns in recent months is the production of the Model 3, which had previously failed to hit targets several times. Over 5,000 Model 3 sedans were built in the final week of June, a goal that was pushed back more than once, due in part to Musk's ambitious plans to automate as much of the process as possible. In an April interview with CBS This Morning, Musk admitted that the Model 3 production ramp has been a serious learning process.


This American Cargo Ship Is Racing to China to Beat a Huge New Tariff on the Soybeans it's Carrying .
A ship carrying U.S. soybeans is steaming toward northern China in a race to beat a 25 percent tariff.&nbsp;Peak Pegasus is expected to arrive in Dalian on Friday, the same day that China is scheduled to impose tariffs on imports from the U.S., according to shipping data compiled by Bloomberg and a person familiar with the matter. If it arrives as scheduled, it should be able to clear customs before the tariffs are imposed, according to the person, who asked not to be identified because they’re not authorized to speak to the media. Ship-tracking data currently shows it arriving at about 5 p.m. local time.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!