Equities

Reuters first to report Tesla solves customs issue in China; shares rise

Reuters first to report Tesla solves customs issue in China; shares rise

Reuters was almost two hours ahead with the news that U.S. electric carmaker Tesla had resolved problems with customs clearance for its cars in Shanghai. Making inroads in China, the world’s largest electric vehicle market, is crucial for the Silicon Valley firm as it seeks to offset softening demand in the United States and generate profit. The customs issues had knocked 5 percent off the company’s shares in pre-market trading; they jumped almost 3 percent – or around $1.5 billion – in the minutes after Reuters reported that the issues, which involved mislabeling of the cars, had been resolved.


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