Tesla Sales in China Plummet 70%

Retail sales Tesla Inc. in China plunged 70% to about 200 electric cars in November, according to the China Passenger Car Assn.

Tesla has been reeling from the 40% tariffs China began imposing in July on cars shipped from the U.S. The higher taxes are in retaliation for 25% tariffs added by the Trump administration on imported Chinese cars.

Tesla initially raised its prices to partly compensate for the Chinese tariffs. But the company announced last week it was reversing that policy in a bid to make its cars more affordable. The carmaker hopes to open a factory in Shanghai in about two years that would enable it to bypass the tariffs.