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BENGALURU/SHANGHAI (Reuters) – Tesla Inc said on Tuesday that China’s customs authorities have accepted the electric carmaker’s plan to resolve problems with the clearance of its Model 3 sedans that centered around misprinting of labels. Shares in Silicon Valley billionaire Elon Musk’s company fell more than 5 percent in early trading after Chinese media reported Shanghai customs had suspended clearance for a batch of Tesla’s cars. They were last down 1.3 percent at $281.73 are cufflinks in style 2017.
“We have already reached a resolution with Chinese customs, and we are working closely with them to resume clearance procedures on these vehicles,” a Tesla spokesperson said in a statement are cufflinks in style 2017. “Sales of Model 3 in the country are not impacted, and we continue to deliver Model 3 vehicles that have already been processed.”. Making inroads into China, the world’s largest electric vehicle market, is crucial for the Tesla as it seeks to offset softening demand in the United States and convince investors of its ability to become consistently profitable..
“Selling into China has clear hurdles and this is a reminder of the pitfalls when betting on growth in the region,” Wedbush Securities analyst Daniel Ives said. Musk has played up the support Tesla is getting from Chinese authorities as the company invests in the country’s first wholly foreign-owned car plant in Shanghai, due to come online later this year. Until then, Tesla has to import U.S.-made cars with substantial customs duties, putting it at a disadvantage against locally-made, government-subsidized electric vehicles from rivals such as Nio Inc, Byton and XPeng Motors are cufflinks in style 2017.
Financial publication Caixin had first reported about China’s customs authorities blocking the cars. A total of 1,171 Model 3 sedans arrived at north China’s Tianjin Port, after 84 such cars were imported via the port in February, China’s state news agency Xinhua reported here on Tuesday. The first shipment of Model 3 cars arrived in Shanghai on Feb. 22, and deliveries started at the end of the month, according to media here reports are cufflinks in style 2017. Tesla’s Shanghai factory, made possible by raising funds from local banks at low interest rates, plans to start making Model 3s at the end of this year and eventually produce cars at a rate of 10,000 per week..
NEW YORK (Reuters) – The two biggest U.S. oil companies tried to outdo each other on Tuesday, boasting about their prowess in shale to lure investors to their side. Chevron Corp and Exxon Mobil Corp released dueling Permian Basin projections that, if realized, would cement the rivals as the dominant players in the West Texas and New Mexico field, with one-third of Permian production potentially under their control within five years. Chevron expects shale production from the basin to reach 600,000 barrels per day (bpd) by the end of next year, 59 percent above current production, and 900,000 bpd by the end of 2023, it said at its annual meeting with equity analysts in New York are cufflinks in style 2017.