Musk’s China charm offensive yields Tesla tax break, publicity

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[BEIJING] Elon Musk‘s charm offensive in China appears to have paid off. Read more at The Business Times.

Tesla Inc CEO Elon Musk and Alibaba Group's Executive Chairman Jack Ma attend the World Artificial Intelligence Conference in Shanghai, China, August 29, 2019.The billionaire chief executive officer of Tesla Inc won a tax exemption for the electric-car maker, got to promote his ground-digging Boring Co passion project and even drew praise on social media for his frugal food and accommodation choices - he was spotted eating dumplings and staying at the Holiday Inn.

Mr Musk also toured a factory Tesla is building in the country and reportedly met China's Transport Minister Li Xiaopeng on Friday. Later that day, China announced Tesla cars will be exempted from a 10 per cent purchase tax, something typically reserved for domestic makers of electric vehicles.Tesla currently imports all of the cars it sells in China but plans to start making the Model 3, its top-selling vehicle, at the new plant later this year. Its shares jumped as much as 4.

China plans to resume a suspended extra 25 per cent duty on US cars on Dec. 15, with another 10 per cent on top for some vehicles. With existing general duties on autos taken into account, the total tariff charged on US-made cars would be as high as 50 per cent.

 

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