Benzinga - China has proposed to fast-track the construction of charging facilities for new energy vehicles like electric cars and improve policies for purchasing and using them.
China which boasts of the largest auto market is accelerating toward an electric future.
Improved charging infrastructure for new energy vehicles will help unleash rural consumption's potential and support rural tourism's growth, adding fresh impetus to rural revitalization, Reuters cites state media.
The government is studying policies to promote auto consumption and support modernization as China's NEV market faces the challenges of weak domestic demand.
The cabinet, or State Council, has approved plans to speed up the development of advanced manufacturing clusters.
China's NIO Inc (NYSE: NIO), XPeng Inc (NYSE: XPEV), and Li Auto Inc (NASDAQ: LI) compete against Tesla Inc (NASDAQ: TSLA) of the U.S. in the medium and premium segments. Other Chinese EV players include domestic leader BYD Co, Ltd (OTC: BYDDY) (OTC: BYDDF).
Tesla increased the prices of its Model S and Model X in China by 19,000 yuan or about $2,750. While the Model S is now priced at 808,900 yuan, Model X is priced at 898,900 yuan.
Earlier this week, it hiked prices across U.S., China, Japan and Canada. In China, Model 3 and Model Y prices were increased marginally by 2,000 yuan or about $290.
In March, Tesla delivered 76,663 China-made vehicles in the country, a 16.6% increase year over year from the 65,754 vehicles delivered in March 2022, as per China Passenger Car Association (CPCA) data. April figures have not been released yet.
Price Action: TSLA shares traded higher by 4.25% at $168.05 on the last check Friday.
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