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 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.

Investing.com -- Tesla (NASDAQ: TSLA ), the U.S. electric vehicle manufacturer, is planning to produce a lower-cost version of its best-selling Model Y in Shanghai, according to Reters. This move is seen as a strategy to regain lost market share following a price war in China, Tesla’s second-largest market.