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[Markets] Tesla Mulling Raising Prices (Again) In China Amid Yuan Weakening

Never a company to miss an opportunity to raise prices, Tesla is again considering raising prices in China from September as a result of "Yuan-related uncertainty," according to Reuters. The company's plan has not been made public yet and no specific details on the price change have been revealed.

Tesla imports all of the cars that it sells in China, but is currently in the process of building a factory in Shanghai that aims to help the company minimize the impact of the ongoing trade war and associated tariffs.

If Tesla moves forward with their price hike, it would be the first case of a planned price adjustment by an importer since China's decisive (in)action on the Yuan earlier this week. It also paints a picture of the growing pressure that importers could be facing. 

Tesla hopes to finish initial construction of its factory in Shanghai this summer and aims to begin production of the Model 3 toward the end of the year. We reported back in March that the constant price changes by Tesla in China had spurred protests against the company.

China threw a wrench in the gears of not only its ongoing trade war with the U.S., but also worldwide currency and equity markets on Monday, when it allowed the Yuan to weaken past the seven-per-dollar mark for the first time in a decade. The ensuing U.S. equity market session saw the Dow Jones Industrial Average drop more than 750 points. 

As a result, the United States labeled China as a currency manipulator, which further escalated tensions between the two countries. China pushed back on the label, claiming that it doesn’t use its currency to cope with trade frictions.

Published:8/7/2019 8:38:30 PM
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