Tesla's shipments of its Model 3 electric auto to China have been stymied after custom authorities suspended clearance of the vehicle. Any additional Tesla models entering China will also be rigorously checked.
Until then, Tesla has to import USA -made cars with substantial customs duties, putting it at a disadvantage against locally-made, government-subsidized electric vehicles from rivals such as Nio Inc, Byton and XPeng Motors. They were last down 1.3 percent at $281.73. The company is now working with the Chinese government to look for solutions.
"Sales of Model 3 in the country are not impacted, and we continue to deliver Model 3 vehicles that have already been processed".More news: Jussie Smollett Case: Chicago Police Launch Internal Investigation Over Alleged Leaked Information
Tweet by Musk about the Model Y unveiling comes shortly after the U.S. Securities and Exchange Commission questioned Musk over the tweet about 500 thousand cars in a year.
Tesla's first vehicle was its Roadster sports auto.
Musk follow-up tweet stated that the new and latest Model Y would be an SUV, which would be around 10 percent larger than the previous model, Model 3, This SUV is thus likely to cost 10 percent lesser but it has a slightly lower range with the same battery.More news: How To Update Google Chrome-And Why You Need To Right Now
During the February 28 call, Musk discussed the arrival of the long-awaited $35,000 version of the automaker's Model 3 sedan and changed a prediction about Tesla's profitability in the first quarter of this year.
Tesla offered for the first time a $35,000 version of its Model 3 last week and said its global sales would now be online-only, steps created to increase demand and cut overhead costs for the company.More news: Movie Characters Who Were Perfectly Cast (The Second Time)