China Agrees to Tesla Remedy for Model 3 Customs Block

A side view of Tesla's new Model 3 car on display is seen on Friday

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According to Caixin, Tesla said that the improper labeling resulted from "incorrect settings on its printers" and "workers' poor operation".

At present, Tesla has established its charging network covering more than 170 cities in the country and has built more than 1,300 fast-charging supercharging stations in total. They were last down 1.3 percent at $281.73.

Producing cars locally is also likely to help Tesla minimize the impact of the Sino-U.S. trade war, which has forced the auto maker to lower prices of its U.S. -made cars in China - which has becoming increasingly important as the company seeks to offset softening demand in the United States. As it seeks to compensate for softening demand in the United States.

However, Daniel Ives, analyst at Wedbush Securities, said: "Selling into China has clear hurdles and this is a reminder of the pitfalls when betting on growth in the region".

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Tesla said it had "already reached a resolution with Chinese customs".

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. It is due to come online later this 2019. The electric auto will be put on a disadvantage as it will be taking against the government subsidized, locally-made electric vehicles. Tesla said Wednesday it was working to resume imports of its new Model 3 sedan in China after the company said a labelling hiccup caused problems with customs.

Tesla's Shanghai factory, made possible by raising funds from local banks at low interest rates, plans to start making Model 3s at the end of this year and eventually produce cars at a rate of 10,000 per week.

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