Beijing: After temporarily holding Tesla cars at customs, China on Tuesday allowed 1,600 Model 3 sedans to enter the country, according to media reports. According to a CNBC report, shares of Tesla fell 4 per cent after the news of Tesla cars being held up in China spread.
“The news that 1,600 Tesla vehicles were being held was first reported by Chinese financial publication Caixin,” said the report. Tesla did not issue a comment on this. In January, Tesla CEO Elon Musk laid the foundation of Tesla Gigafactory in Shanghai — the first-ever outside the US — that is expected to produce 500,000 electric vehicles per year and double the production capacity According to reports, the Tesla Gigafactory is the biggest foreign investment in Shanghai. Musk had earlier said that China’s progress in advanced infrastructure is “more than 100 times faster than the US”.