Tesla stock rallies as U.S. expands EV tax credit and China sales jump from price cuts
didn't qualify for EV credits because they fell short of the Treasury Department's weight requirement under its definition of an SUV.
But on Friday, Treasury broadened its definition of SUV, allowing more models from Tesla and other carmakers to qualify for EV tax credits that can reach up to $7,500 per car. Tesla CEO Elon Musk had criticized the Treasury's prior standards, which allowed some cars that were not fully electric to qualify while some fullyMeanwhile, Tesla sold 55,796 vehicles in China in January, according to data published Friday by the China Passenger Car Association.
That's up 18% from December and 10% from a year ago. The spike comes as Tesla slashed that price of cars in China last month by 6% to 13.5% on certain models. Tesla sales also remained strong despite the lunar new year holiday slowing consumer activity. After slowing production in December, the company plans to boost output at its Shanghai plant in the next two months as the price cuts spur more demand,
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk sits in as Tesla tweet trial arguments wrap - AutoblogElon Musk, the CEO of both Tesla and Twitter, made a surprise appearance for closing arguments in the Tesla tweet shareholder trial.
Read more »
Tesla Model Y owner says steering wheel fell off five days after getting the car - Autoblog'I was driving a normal speed in the left lane when all the sudden I had this loose wheel in my hand,' Prerak Patel told Insider.
Read more »
Tesla stock price jumps as US boosts EV tax credit and China sales popTesla stock rallies as US boosts EV tax credit and China sales jump amid price cuts
Read more »
Tesla sales of China-made electric vehicles up 18% in JanuaryTesla Inc sold 66,051 China-made electric vehicles in January, data published by the China Passenger Car Association showed on Friday.
Read more »
Ford CEO says $2 billion profit left ‘on table,’ stock price falls - AutoblogFord shares tumbled Friday after the carmaker missed earnings expectations, blaming poor execution and continued supply shortages.
Read more »
China’s False Denial of Violating International Law in South China SeaWith its coast guard’s activities “more robust than ever,” Beijing falsely claims its designs in the South China Sea remain above board.
Read more »