China lifts bans on Tesla Model 3 imports
Mar 14, 2019
Chinese customs authorities have reported that the suspension on Tesla imports has been lifted and sources familiar with the matter said that Tesla had made the required corrections. The General Administration of Customs in China had stopped clearing Model 3 imports last week claiming that they didn't have the required Chinese language warning labels and had incorrect nameplate labels. Shares of the automaker dropped 5% on the day the news broke out, but then gained 3% after Tesla said it had reached an agreement with the authorities. Tesla imports all the cars it sells in China, but there are plans to finish building a mega-factory in the country and start production by the end of the year.