China Agrees to Tesla Remedy for Model 3 Customs Block

Tesla Model 3

Tesla's shipments of its Model 3 electric auto to China have been stymied after custom authorities suspended clearance of the vehicle.

Shares in Silicon Valley billionaire Elon Musk's company fell more than 5 percent in early trading after Chinese media reported Shanghai customs had suspended clearance for a batch of Tesla's cars.

The roll out of the Model 3 in China was put on an accelerated timeline late past year after the company stated worries about the impact of trade tensions between Washington and Beijing. It appears that will now be delayed following the announcement, which came from Chinese customs authorities, Caixin said.

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".

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China is reportedly suspending customs clearances, and the sale and use of Tesla's Model 3 auto in the country, due to improper labeling, according to a report from Chinese news agency Caixin on Tuesday.

"Selling into China has clear hurdles and this is a reminder of the pitfalls when betting on growth in the region", Wedbush Securities analyst Daniel Ives said. Although Tesla did not respond to a request for comment from Business Insider, Caixin states that the company is blaming "incorrect settings on its printers", for the issues.

To cut costs and support its drive to generate profit, Tesla last week launched a $35,000 version of its Model 3 sedan and said its global sales would now be online-only. Other vehicles had electric motors that were improperly labeled.

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