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Musk says rumors are 'False'; Tesla will not export vehicles from China to U.S.

Stock Markets Nov 11, 2022 11:45AM ET
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© Reuters Musk says rumors are 'False'; Tesla (TSLA) will not export vehicles from China to U.S.
 
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By Michael Elkins 

Tesla (NASDAQ:TSLA) CEO Elon Musk replied "False" to a Reuters story on Twitter today after the report suggested that the company was considering exporting its cars made in China to the United States.

The original report cited two people familiar with the situation saying that the electric vehicle giant has been studying whether parts made by its China-based suppliers are compliant with local regulations in North America, and if they are, could ship China-made Model Y and Model 3 cars for sale there as soon as next year.

One of the sources who refused to be named in the report claimed that the alleged study could also open a channel for exports to Canada.

Tesla's Shanghai Gigafactory has the capacity to produce 1.1 million electric vehicles per year after an upgrade earlier this year, making it Tesla's most productive manufacturing hub. The Shanghai plant makes Model 3 sedans and Model Y crossovers to sell in China and for export to markets including Europe, Australia, and Southeast Asia.

Until this point, Tesla's U.S. strategy has been to build the cars it sells in North America at its plants in Fremont, California, and Austin, Texas. The California plant produces the Model S, the Model 3 sedans and the Model X and Model Y crossovers. The Texas plant makes the Model Y and will produce Tesla's upcoming Cybertruck.

Shares of TSLA are down 1.47% in mid-day trading on Friday.

Musk says rumors are 'False'; Tesla will not export vehicles from China to U.S.
 

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Comments (3)
Casino Crypt
CasinoCrypt Nov 11, 2022 12:36PM ET
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In shanghai Musk can pay for 4 workers at the same cost as 1 worker in US . This is is how industrialists make profit. I havent googled what tesla pay in Tesville ,Texas.
Don Getty
Don Getty Nov 11, 2022 12:21PM ET
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but its got a blue checkmark - twitters highest bot recognition seal of approval and for only 8$ a month
First Last
First Last Nov 11, 2022 12:08PM ET
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Not maga at all
 
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