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Home / Business / Tesla China's revenue fell 70 percent in October: auto industry

Tesla China's revenue fell 70 percent in October: auto industry



FILE PHOTO: A man charged his Tesla car at a charging station in front of the Tesla China headquarters in Beijing, China on July 11, 2018. REUTERS / Jason Lee / Photo Photo

BEIJING / SHANGHAI (Reuters) – Tesla Inc's ( TSLA.O ) Vehicle sales in China fell last month by 70 percent over the previous year, it said Reuters' passenger car association said on Tuesday, underscoring how the Sino-US trade war injured the US automaker.

A China Passenger Car Association official said the industrial organization's data showed that Tesla sold just 21

1 automobiles in October in the world's largest car market.

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

The electric car maker, which imports all cars sold in China, said in October that tariff increases in auto imports pounded its sales there. In July, Beijing increased tariffs on imports of US cars to 40 percent, as trade with the US worsened.

While sales of new new-vehicle vehicles in China continued to grow, broader car sales have slowed sharply since the middle of the year, pushing the market to the brink of its first annual decline in sales in nearly three decades.

Tesla, led by billionaire boss Elon Musk, said last week he lowered the prices of his X and S models in China to make the cars "more affordable" and absorb more of the hit higher tariffs.

Tesla recently secured the location for its first overseas plant in Shanghai to avoid the steep tolls.

Report by Yilei Sun and Adam Jourdan; Cut by Himani Sarkar

Our Standards: The Thomson Reuters Trust Principles.

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