Elon Musk in China

Elon Musk in China

Elon Musk in China

Tesla lost $710 million in its latest quarter, though it says it should turn profitable soon. (TSLA) finally met its production goal for 5,000 Model 3's per week in the last week of the June quarter after a series of production setbacks and missed targets.

Tesla has also started changing its strategy for the Model 3.

If CEO Elon Musk and the rest of his team are successful, they could make a huge dent in the automotive market with a relatively affordable electric auto.

When Nikkei Asian Review reached out to Panasonic, Tesla's battery partner at its Nevada Gigafactory, the company said, "We have not received any specific production requests".

Tesla is the first automaker to reach this milestone, while General Motors has said that it expects to follow sometime later this year.

Panasonic would be open to working with Tesla in Shanghai, Bloomberg reported.

United States electric vehicle maker Tesla's exports to China are possibly on the verge of a possible slowdown because of a recent move by the Chinese government to increase import duties from the current 25% to a significantly high 40%. It is expected to serve as a research, manufacturing and sales center.

China is the No. 1 electric vehicle market, with total 2017 sales of 468,000, or more than double the USA level of 200,000. He also blames the EV maker for his problems of finding legal representation, stating: "There's nearly a cult of Tesla". The tax credit is then reduced by 50 percent every six months until it phases out.

Norway today is the third country in number of vehicles sold Tesla after the U.S. and China. In its lawsuit, the electric vehicle giant has also claimed that Tripp leaked false and misleading info in the media.

Hundreds of customers are on the waiting list for the lower-priced Model 3 sedan, which becomes available in 2019, and the reduction of the tax credit could impact some buyers' ability to afford the vehicle. "Incredibly impressed with Tesla China team & potential for the future", Musk further tweeted.

However, under changes to subsidies for electric cars introduced previous year, the support is gradually phased out after a company has sold 200,000 vehicles. CEO Elon Musk, for one, noted on Twitter that the Model 3, while newer than the Model S, is not a superior vehicle.

Related news

[an error occurred while processing the directive]