Officials remained firmly committed to a "patient" policy stance at their meeting earlier this month.The Fedread more
Stocks that would benefit from a federal infrastructure spending program fell after President Trump ended a meeting on infrastructure spending with Democratic leaders.Market Insiderread more
Despite the president's claim that "you can't investigate and legislate simultaneously," certain must-pass pieces of legislation, including a debt ceiling hike, will...Politicsread more
A slew of retail earnings the past two weeks makes it clear that while Americans continue to shop, they aren't ringing registers at department stores.Retailread more
Amazon shareholders demanded the company to take action on a number of different issues during its annual shareholder meeting on Wednesday.Technologyread more
Talk about 5G is everywhere right now, from the trade-war with China to the ban on Huawei. Here's what 5G is and why it matters.Technologyread more
Controversial lawyer Michael Avenatti was indicted on charges of trying to extort athletic shoe giant Nike out of tens of millions of dollars by threatening to go public with...Politicsread more
Americans in certain areas of the country have significantly higher average credit scores than others. Experian's annual State of Credit report shows the average score in each...Spendread more
The president abruptly walked out of a meeting Wednesday, saying he would not negotiate with Democrats while they continue to investigate him.Politicsread more
More voters in five key industrial states disapprove than approve of Trump's handling of trade — 56% to 41%, according to a report.Politicsread more
Ireland's privacy watchdog, which leads supervision of Google in the EU, launched an inquiry into the firm's online advertising practices.Technologyread more
Tesla has slashed up to $14,000 off its Model X in China after Beijing announced major tariff cuts for imported automobiles, a potential sales boost for the U.S. firm as the world's largest auto market pivots towards electric cars.
The carmaker will lower prices of its Model S and Model X cars by just over 6 percent, a Beijing-based sales representative told Reuters on Wednesday.
China said on Tuesday it will cut import tariffs for automobiles to 15 percent from 25 percent, a fillip for premium car brands like Tesla and BMW which import a significant number of vehicles.
Tesla said on Tuesday that any of its cars sold in China would be subject to adjusted prices, even before the tariff change comes into effect on July 1.
The price of a top-of-the range Model X will be cut to 1.3 million yuan ($203,830) but that remains well above the $140,000 cash price-tag before savings for the priciest version in the United States — Tesla's Model X P100D.
The move by the California-based electric carmaker likely foreshadows wider price cuts for imported cars in China as foreign firms look to narrow a price gap with domestic rivals. Imports, however, only make up a fraction of the overall market and tend to be upper-end models.
Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said price cuts by foreign premium brands will likely force them to adjust the price tag for vehicles they produce locally in China. This, in turn, will gradually impact the price of more affordable, mainstream cars — even local Chinese brands.
"With imminent price adjustments in the higher-end segment, that will over time lead to a pricing adjustment for the entire market," Zhang said.