Elon Musk's Boring Co. Asks For Exemption From US-China Tariff War

Tesla CEO Elon Musk who recently garnered attention from all over world with his decision to take Tesla, private, has w asked Trump ministration to provide with an exemption for its company Boring for some of Chinese-me tunnel boring engine components. 

letter was submitted by billionaire engineer to government on July 31 but surfaced on government's website recently. In letter, company h requested US Tre Representative to exempt parts like cutter-hes, screw conveyors, and related, machinery. 

Boring Co. in letter has sought  "limited parts from China in near-term for use in a small number of tunnel boring machines." which are "reily available only from China."

company led by Elon Musk ded that it was "working to develop and manufacture our own tunnel boring machines" and wants to "restore w-dormant American tunnel boring machine industry."

Proposed Washington to Baltimore tunnel, according to company will experience a delay of at least two years if both countries with ir tariff wars. 

Apart from that, company clarified that exemption won't harm US industry as plans were t included in China's 'Me in 2025' plan. ding to this company said that its business model was aimed at 'substantially' reducing construction cost of tunnels in country. 

RE | Samsung To Launch New Premium Smartphone To Take On OnePlus 6

company, since June, has been promoting building underground high-speed transit options that would reach a speed of up to 240kph. plan, however, begs to be clarified as it states that high-speed transport used in plan would be completely automous and that would t utilize any kind of railway equipment. 

This news comes a few days after billionaire engineer in a tweet earlier, stated that he h planned to take company private at a rate of $420 per share which was 20 percent premium over current share price of nearly $350 (at time of anuncement). Later in an internal email, he stated that his proposal was based on structure where any existing shareholder who chose to remain as a shareholder in a private Tesla could do so. 

RE | Unfixed German Volkswn Cars Affected With Cheat Diesel Engines To Face De-registration

Explaining his real intent behind move, Musk explained that about two years ago he was approached multiple times by Saudi Arabian sovereign wealth fund to take Tesla private. In his statement, he stated that y h approached him as y felt it was 'important to diversify away from oil'. In years after that, Musk states that y held several meetings in order to proceed with transition. " Obviously, Saudi sovereign fund has more than eugh capital needed to execute on such a transaction." Musk said in his statement.