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Thursday, 12 July 2018

Tesla moves first to hike prices in China as trade war hits car makers

Tesla moves first to hike prices in China as trade war hits car makersBEIJING/SHANGHAI (Reuters) - U.S. carmaker Tesla Inc has hiked prices on its Model X and S cars by about 20 percent in China, the first automaker to do so in the world's top automotive market in response to mounting trade tensions between the countries. The move is the earliest indication of how much higher Chinese tariffs on certain U.S. imports will flow through to buyers, with other automakers likely to follow suit or shift a greater portion of production to China. "It's only chapter one of this story," said James Chao, a Shanghai-based analyst at consultancy IHS Markit, who expects more companies worldwide to be hurt by the trade spat.




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