SHANGHAI (Reuters) -Tesla will make a lower-cost version of its best-selling Model Y in Shanghai, three people with knowledge of the matter said, aiming to regain ground lost during a price war in its second-largest market.

The US company’s share of the world’s largest EV market has dropped to 4.3 per cent from more than 16 per cent in 2022.

Tesla is set to produce a lower-cost version of its Model Y electric vehicle with the aim of regaining market share in China, its second-largest market, Reuters has reported. Citing three sources, the news outlet

In a bid to regain market share in China, Tesla (NASDAQ:TSLA) is reportedly developing a lower-cost version of its best-selling Model Y in Shanghai. Citing people with knowledge of the matter, Reuters reported that the new model will be more compact and at least 20% cheaper to manufacture than the refreshed Model Y,

The upcoming Tesla "affordable" EV will be a lower-priced, stripped-down Model Y, not a new form factor, according to China media. Tesla stock fell.

Tesla is preparing to launch a couple of new more affordable electric vehicles and the first one is expected to basically be a stripped-down Model Y, according to a new report from China. We have been reporting on this new vehicle program from Tesla for a while now.