Tesla blames misprinted label for China customs hiccup


"We have already reached a resolution with Chinese customs, and we are working closely with them to resume clearance procedures on these vehicles", the spokesperson said.

On Tuesday, Tesla's shares fell more than 5 percent in early trade after Chinese media reported Shanghai customs had suspended clearance for a batch of Tesla's cars.

A parking lot of Tesla Model 3 electric vehicles is seen in Richmond, Calif., on June 22, 2018.

In its Q4 Update letter, Tesla said that "In January 2019, we started to produce Model 3 vehicles for Europe and China, and the auto is now fully certified for sale in these markets".

Tesla fell 3.1 percent to close at $276.54 on Tuesday, the lowest since October 22.

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Elon Musk has played up the support, Tesla is getting from the Chinese authorities. Daniel Ives an analyst from Wedbush Securities said that "Selling into China has clear hurdles and this is a reminder of the pitfalls when betting on growth in the region".

Tesla is hoping to reduce the cost of producing and transporting the Model 3 by making the auto at its own manufacturing site near Shanghai, where construction began in January.

Financial publication Caixin had first reported about China's customs authorities blocking the cars.

The Chief Executive Officer of Tesla, Mr. Elon Musk posted a tweet on Sunday about the fact that Tesla would be unveiling their Model Y in the LA, California area on the 14th of March. The electric auto will be put on a disadvantage as it will be taking against the government subsidized, locally-made electric vehicles.

Around that same time, the electric-car maker also made major progress ramping up production of its Model 3 sedan. The plans to start making the Model 3 at the end of this year.