BEIJING/SHANGHAI – Tesla Incorporated China experienced a 70% decrease in sales in October 2018 in comparison to October 2017. Representatives of China’s passenger car association briefed media on Tuesday, elaborating how the Sino-U.S. trade wars are affecting the U.S. electric car maker.
The stats are even more astounding as Tesla only managed to sell 211 Units in the virtually the worlds largest auto market I.e China. These sales stats are from October 2018.
According to Tesla, the increase in import tariffs has caused a serious blow to Tesla sales in China, as they import all of their electric vehicles to retail in China. The Tariffs on U.S Imports were raised to 40% due to the rising Trade Tension between the 2 economic giants.
Tesla CEO – Elon Musk recently said that he plans on cutting the prices down for both the Model X and Model S cars in China to make Tesla’s products “More Affordable”
Tesla is working on setting up overseas production plants in Shanghai to battle the steep import tariffs