Tesla May Have Nearly 4,700 Model 3 Cars Held by China Customs

08 March, 2019, 14:44 | Author: Mary Valdez
  • A side view of Tesla's new Model 3 car on display is seen on Friday

Tesla fell 3.1 percent to close at $276.54 on Tuesday, the lowest since October 22.

Tesla CEO Elon Musk said the automaker will one day make vehicles that cost less than its Model 3 sedan, which starts at $35,000 before federal and state incentives. They were last down 1.3 percent at $281.73. This is after the Chinese media reported that the Shanghai customs had suspended the clearance for a specific batch of Tesla's cars.

The world's largest electric vehicle market making inroads into China is crucial for Tesla.

A full-fledged auto assembly factory can take about two years to build but the Shanghai government has thrown its support behind the Tesla project, which would be China's first wholly foreign-owned vehicle plant and a reflection of the government's broader shift to open up its vehicle market.

Tesla said it had "already reached a resolution with Chinese customs".

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Financial publication Caixin had first reported about China's customs authorities blocking the cars.

Deliveries of Model 3 outside the United States will be a crucial development for Tesla, whose chief executive Elon Musk has said that he wasn't anxious about Model 3 setbacks because of the drop in the USA tax credit, as he expected deliveries to Europe and China to take off. The electric auto will be put on a disadvantage as it will be taking against the government subsidized, locally-made electric vehicles.

Shanghai Customs is now holding 1,600 of the brand's Model 3 cars, after some of the vehicles lacked product labels that would make them legal on the Chinese market.

In February, Tesla said it would start selling Model 3 on the Chinese market ahead of schedule.

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