COLLATERAL DAMAGE Tesla’s move comes amid severe trade tensions between China and the US, which have seen led to extra tariffs being slapped on US imports into the country, including automobilescars, hurting. This has hurt Tesla, which imports all the cars it sells. Picture: BLOOMBERG/STEFAN WERMUTH
COLLATERAL DAMAGE Tesla’s move comes amid severe trade tensions between China and the US, which have seen led to extra tariffs being slapped on US imports into the country, including automobilescars, hurting. This has hurt Tesla, which imports all the cars it sells. Picture: BLOOMBERG/STEFAN WERMUTH

Tesla is cutting the price of its Model X and Model S cars in China, the US firm said last week, in a shift in strategy that will result in it taking more of a hit from tariffs linked to a trade war between China and the US.

The electric-car maker said it will cut prices of the two models to make them more "affordable" in the world’s top auto market, where sales of new-energy vehicles are rising fast.

Mattress Firm exits bankruptcy

Steinhoff International said last week its Mattress Firm unit, the largest US mattress retailer, emerged out of bankruptcy with access to $525m in exit financing, within two months of filing for chapter 11 protection. Mattress Firm also closed about 660 underperforming stores, said Steinhoff, which has been working to restructure the debt of some units.

The store closures still leave the company with about 2,600 stores across the US. Mattress Firm had filed for voluntary bankruptcy protection in early October, gaining some breathing room to restructure and shore up its finances.

Reuters