China suspends customs clearance for Model 3 car

Tesla will send its electric car Model 3 to China after the customs authorities have suspended the release of the vehicle. The release was lifted after the Chinese customs had discovered incorrect labels on certain Model 3 cars.

It comes just a few weeks after Tesla began to supply the vehicle to China, which is the world’s largest car market and the key to the company’s future.Tesla said it had “already reached a solution with the Chinese customs”.

One speaker said: “We are working closely with them to resume clearance measures on these vehicles.”

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They said that the sale of model 3 In China “is not affected, and we continue to provide model 3 vehicles that have already been processed”.

Daniel Ives, an analyst at Wedbush Securities, said, however: “the sales to China have clear obstacles, and this is a reminder of the pitfalls of growth in the region.”
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Tesla shares fell by 1.14 percent to $ 282.11.

Tesla hopes to reduce the cost of manufacturing and transporting Model 3 by manufacturing the car in its own production facility near Shanghai, where construction began in January.

The plant, Tesla’s first outside the USA, is scheduled to go into operation by the end of this year.

Last week, the company announced that it finally managed to lower the price for its model 3 in the United States at $ 35,000, which it had promised more than two years ago by the closure of showrooms.

The cheaper car is to be ordered in Europe and China in three to six months.

Tesla made a profit in the second half of the financial year, but chief Elon Musk said the company is forecast to report a loss in the first quarter of this year.

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