vehicles to be purchased for official use and was listed at the price of 249,900 yuan equivalent to 34,377 US Dollars.
According to media outlet Paper.cn, in the eastern province of Jiangsu, the list went public on June 6 and the Tesla Model Y is the single foreign-owned car on the list of 56 batches of EVs. The remaining batches are all Chinese-branded electric vehicles and hybrids, and on the list can be found Volvo Cars XC40, which is also owned by a Chinese automaker.
With the following meeting of Elon Musk with Premier Li Qiang in April, the same day a declaration of the lifted restrictions came from a top auto association that claims Tesla is a "successful" model for US-China collaboration.
This statement has pleased Elon Musk, because there is competition between the American electric car company and the Chinese-owned BYD, as at the end of last year, Tesla's competitor BYD overtook Elon Musk to become the world's biggest seller of EVs.
The competition between the two companies is very tight, as places fluctuate according to factory output. Tesla runs a Gigafactory in Shanghai city and manufactured over 947,000 electric vehicles in China in 2023 but the majority were used locally.
China has become a significant market with more than half of the world's total sales of electric vehicles and the CEO of Tesla, Elon Musk, has entered into an agreement with Baidu and Chinese regulators to launch a new self-driving feature for Tesla cars with high-resolution maps.
This agreement seems to have suited Tesla well because in the first 5 months of 2024 about 50% of EV production took place in China and 20% of sales occurred in the same country as analysts at Jefferies states.
Recently, in early June the European Commission affirmed that they will add supplementary taxes of up to 37.6% on imports of electric vehicles from China. These added taxes are seen by the EU as a necessary move to minimize the wave of cars coming from China listed at a much lower price. Following the announcement, Tesla is requesting separate tax calculations for electric vehicles, and the EV company currently has an environmental tariff of around 20.8%.
For now, the total number of Model Y cars that will be purchased is not disclosed, but the fact that they have been deemed eligible will further strengthen Elon Musk's relationship with the Chinese government and we expect more successor agreements between the two powers.
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