Tesla boss Elon Musk (L) walks with Shanghai Mayor Ying Yong during the ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019. – Musk presided over the ground-breaking for a Shanghai factory that will allow the electric-car manufacturer to dodge the China-US tariff crossfire and sell directly to the world’s biggest market for ‘green’ vehicles.
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China’s automotive regulatory body declared on Friday that it will exempt Tesla electric vehicles from its purchase tax, helping the U.S. company avoid any increased costs tariffs in the ongoing trade war.
The statement came from the Ministry of Industry and Information Technology, according to Reuters.
Tesla shares rose 3.7% in premarket trading.
This story is developing. Check back for updates.
