- Tesla's (NASDAQ:TSLA) sales in Hong Kong fell sharply after the tax breaks for electric vehicles were lowered drastically, observes Financial Times.
- The tax break changes began last April and are slated to last until at least March.
- A similar pattern emerged in Denmark after the government pulled some EV tax breaks. The unsurprising link between tax incentives and sales increases pressure on Tesla to produce vehicles locally in China or set up a joint venture to lower costs. On that note, The Wall Street Journal tipped last October that Tesla struck an agreement to build a factory in the free-trade zone in Shanghai, although full details haven't emerged since that report.
- TSLA -1.25% premarket to $339.47.