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8/30, 1:24 PM (Source: TeleTrader)
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China to exempt 16 Tesla models from car purchase tax

Sixteen models made by Tesla Inc. will be exempted from the new car purchase tax, China's Ministry of Industry and Information Technology announced on Friday.

Earlier in the day, the American electric carmaker said it will raise prices of Model X and Model 3 in China by 19,900 and 10,000 yuan, respectively.

Tesla's stock rose 3.72% in premarket trade at 7:29 ET as the news came out.

Breaking the News / NI