Tesla to Accelerate Price Hikes in China?

Tesla Inc. will raise prices on its electric cars in China this week rather than wait until September, sources tell Bloomberg News.

The company is accelerating the timing because of China’s weak currency, now at an 11-year low, and the country’s threat last Friday to hike import tariffs on vehicles from the U.S. to as much as 50%. The news service’s sources did not indicate the size of the price increases.

Tesla is especially vulnerable to both issues because it imports 100% of the cars it sells in China. The company is racing to open a factory near Shanghai that would sidestep most trade issues. The plant is expected to begin limited production of its Model 3 electric sedan (pictured) by the end of this year.