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Auto group says Tesla’s China sales plunge; company’s shares slide

According to Reuters, the sales of vehicles of Tesla Inc in China dipped by 70 percent in October, when comparing it from the data of same month from the last year. The information was told to Reuters by the passenger car association of the country.

The news was given to Reuters so as to underscore how the trade was between the United States and China is hurting the electric car-maker of the United States.

In the wake of the report which was released during the Asian Business Day on Tuesday, the share prices of Tesla witnessed a fall of 1.8 percent.

The company responded to the report from its headquarters located in California hours later, stating that the report by the industry group is “wildly inaccurate.”

Source: zonebourse

China Passenger Car Association’s official stated that the data from the automobile industry showed that in the month of October, the number of cars sold by Tesla in the world’s largest automobile market just accounted to 211 cars.

According to Reuters, the representatives of Tesla Inc in China did not respond to the repeated requests of commenting on the matter either via written letters or calls.

However, later a spokesperson from the headquarters in California issued a written letter statement stating that the data of CPCA was disputed by Tesla but no internal sales figures were provided by him.

Source: financialcontent

The spokesperson further stated that this is wildly inaccurate and that the company does not disclose either the regional or monthly sales numbers but the numbers stated in the data of CPCA were off by a great margin.

In October the company had stated that the imposition of tariffs on the import of the parts of the car in China was hammering its sales there.

Source: Reuters,TodayOnline

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Written by Ketakee Srivastava

I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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