Tesla’s share price dropped 1.8 percent on Tuesday after reports surfaced that the company had sold just 211 cars in China last month.
An official from China Passenger Car Association (CPCA) shared the extremely low sales figures with Reuters on Tuesday. A Tesla spokesperson based in California denied the reports, saying “this is wildly inaccurate. While we do not disclose regional or monthly sales numbers, these figures are off by a significant margin,” according to CNBC.
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As one of the early victims of the US-China Trade War, foreign-owned automobile companies have had to navigate turbulent waters in the Chinese market.
In July, China placed a 40 percent tariff on American made vehicles imported to China, forcing Tesla to hike up the price of its Model S and Model X by RMB150,000 to RMB250,000.
Just last month, Tesla signed an agreement with the Shanghai government to build its first Gigafactory outside the US. The company said in a statement that they plan to produce the first cars at the Shanghai facility about two years after construction gets underway.
READ MORE: Elon Musk in Shanghai for Opening of China's First Tesla Factory
[Cover image via @jpvalery/Unsplash]
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