Tesla prices shoot up $20,000 in China as US trade war begins
China bumped up its tariff on electric cars by 40 percent in retaliation to US tariffs on Chinese imports.
The US-China trade war officially kicked off on Friday, and it didn't take long for the consequences to flow on to the public.
Tesla cars became considerably more pricey in China over the weekend, according to the Wall Street Journal. The Model X is now priced at $140,100, for instance, over $20,000 more than the $117,100 it previously sold for. The Model S, at $128,400, is also roughly $21,000 more expensive than it previously was, the Journal reports.
The US implemented a 25 percent tariff on $34 billion worth of Chinese imports on Friday, causing China to retaliate. The Chinese tariff on electric cars shot up from 15 percent to 40 percent, reports Bloomberg. The publication previously reported Elon Musk will be meeting Chinese officials in Shanghai and Beijing this week.
Tesla has been contacted for comment.
Among Musk's chief concerns in recent months is the production of the Model 3, which had previously failed to hit targets several times. Over 5,000 Model 3 sedans were built in the final week of June, a goal that was pushed back more than once, due in part to Musk's ambitious plans to automate as much of the process as possible. In an April interview with CBS This Morning, Musk admitted that the Model 3 production ramp has been a serious learning process.