(Bloomberg) — Tesla Inc. won exemption from a 10% Chinese tax on automotive sales, following Chief Executive Officer Elon Musk’s visit to the country.The exemption, which previously applied only to domestic makers of electric vehicles, affects all Tesla models sold in China, the nation’s industry ministry said Friday on its website. The electric-car maker’s shares jumped 3.7% before the start of regular trading in New York.During a two-day visit, Musk made an appearance at the World Artificial Intelligence Conference in Shanghai, talked with local authorities and toured a new gigafactory being built about 70 kilometers away from the city center.A Tesla spokesperson didn’t respond to a request for comment. Shares of the carmaker were trading at $230 before markets opened in New York, from a close of $221.71 on Thursday.Tesla currently imports all of the cars it sells in China but plans to make the Model 3, its best-selling vehicle, at the new plant. The company on Friday raised prices in China as trade tensions weigh on the country’s currency.The price of a basic level imported Model 3 sedan went up more than 2% to 363,900 yuan ($50,900), Tesla’s website showed Friday. Prices for basic level Model S sedans and Model X sport utility vehicles increased by a similar percentage, to 793,900 yuan and 809,900 yuan, respectively.To contact Bloomberg News staff for this story: Chunying Zhang in Shanghai at czhang714@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Young-Sam ChoFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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