CEO Elon Musk could build a factory in China to produce his cars and avoid additional duties.
Tesla Model S and Model X car prices have risen by roughly 20 percent after China on Friday implemented tariffs in retaliation against some $34 billion worth of U.S. tariffs in 2017 import value imposed against the nation on the same day, Seeking Alpha reported Sunday.
China imposed an additional 25 percent tariff on U.S. car exports on Friday.
Tesla doubled car sales in China last year to over $2 billion, representing more than 20,000 vehicles based on average sale price, and company CEO Elon Musk could push hard for more investment in China, including the possibility to build a Chinese factory to avoid the additional tariffs, reported Seeking Alpha, citing a Zero Hedge story.
As of 9:59 a.m. Monday, the Dow Jones was up by about 194 points, as concerns over a trade war dissipated following last week, which saw bilateral imposition of tariffs between the United States and China, as well as a second and final round of Mexican retaliation against the U.S. for its national security tariffs on steel and aluminum.
Stocks also were buoyed by U.S. government reports that the U.S. economy added 213,000 jobs in June, which surpassed expectations, according to CNBC.
Tariff retaliation drives up Tesla prices in China
