GLOBAL MARKETS: Tesla cuts China car prices
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 an...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.