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corporate watch

July 10, 2018

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Tesla raises car prices in China

NEW YORK: Tesla Inc has raised prices on its Model X and S cars by over $20,000 in China, automotive news website Electrek reported on Monday, making it one of the first US carmakers to hike prices in the wake of rising trade tensions.

China slapped retaliatory tariffs on US car imports in response to President Donald Trump’s move to impose tariffs on $34 billion worth of Chinese goods.

Tesla has been banking heavily on China, the world’s largest automotive market, to boost sales of its electric cars and had planned to build a factory in the country.

The company in May slashed up to $14,000 off its Model X in China after Beijing announced major tariff cuts for imported automobiles.—Reuters

Starbucks is ditching plastic straws

SEATTLE: Starbucks will eliminate plastic straws from all of its locations within two years, citing the environmental threat to oceans.

The coffee chain becomes the largest food and beverage company to do so as calls to cut waste globally grow louder.

A week after its hometown of Seattle banned plastic drinking straws and utensils, Starbucks said on Monday that by 2020, it will be using straws made from biodegradable materials like paper and specially designed lids.

The company already offers alternative straws in Seattle. Other cities, like Fort Myers Beach in Florida, have banned plastic straws. Similar proposals are being considered in places like New York and San Francisco.

Published in Dawn, July 10th, 2018