TESLA CE ELON MUSK. Tesla’s previous launches for its Model S sedan and Model X sports utility vehicle were hit by production delays and initial quality issues. Picture: BLOOMBERG/TROY HARVEY
TESLA CE ELON MUSK. Tesla’s previous launches for its Model S sedan and Model X sports utility vehicle were hit by production delays and initial quality issues. Picture: BLOOMBERG/TROY HARVEY

Tesla’s Musk says Model 3 gets regulatory nod

Tesla’s high-volume Model 3 sedan passed all regulatory requirements for production two weeks ahead of schedule, CE Elon Musk tweeted on Sunday night. "[Model 3] Production grows exponentially, so Aug should be 100 cars and Sept above 1,500," Musk said on Twitter. "Looks like we can reach 20,000 Model 3 cars per month in Dec," Musk wrote. Reuters

Richemont sells Shanghai Tang

Richemont has sold Shanghai Tang, a Hong Kong-based fashion maker that was one of the first Chinese luxury labels to seek a global presence, to Italian entrepreneur Alessandro Bastagli.

The Swiss company is ending 19 years’ ownership of Shanghai Tang, which makes men’s and women’s clothing combining Western and Chinese design influences. It is revamping its portfolio, having merged its Net-a-Porter online unit with Yoox SpA in 2015. It now owns 18 brands, including Cartier, Montblanc and IWC. Bloomberg

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