BEIJING (Reuters) – China will release Tesla Inc. (O 🙂 Electric Vehicles (EV) electric vehicles from tax on purchases, the Ministry of Industry and Information Technology (MIIT) announced on its website.
China currently imposes a 10% purchase tax on the sale of each vehicle. The move could reduce the cost of buying a Tesla car by up to 99,000 yuan ($ 13,957.82), according to a post on Tesla's social media account on WeChat.
The price of Tesla stock before the market jumped more than 5% after the announcement. [1
The American EV manufacturer builds a factory in Shanghai, the company's first overseas factory.
It is set to begin production by the end of the year, and Tesla has stated that it should be able to produce 3,000 models 3 models a week early. phases.
After the addition of Model Y, the annual production capacity is 250,000 vehicles.
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