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China will exempt Tesla cars from purchase tax

BEIJING (Reuters) – China will exempt Tesla Inc’s (TSLA.O) electric vehicles (EV) from purchase tax, the Ministry of Industry and Information Technology (MIIT) said on its website.

China currently levies a 10% purchase tax on the sale of each vehicle. The move could reduce the cost of buying a Tesla car by up to 99,000 yuan ($13,957.82), according to a post on Tesla’s social media WeChat account.

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