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Tesla cuts prices in China as country lowers auto tariffs

Electric-car maker Tesla Inc. is reducing the prices of its Model S sedan and Model X sport utility vehicle in China, CNBC reported Dec. 14, citing a company statement.

The decision comes on the heels of China's decision to suspend its retaliatory additional tariffs on U.S. autos for three months amid a trade truce between Washington and Beijing.

According to CNBC, the tariffs on U.S.-made cars and light trucks will be temporarily reduced to 15% from Jan. 1, 2019, to March 31, 2019.

Meanwhile, Bayerische Motoren Werke AG on Dec. 15 said it will cut the price for models, including the X5 sport utility vehicle imported from the U.S., by 4%, the Nikkei Asian Review reported Dec. 16.