In view of Tesla's declining market share, insiders say the company is working on an affordable new model based on the Model Y. The vehicle is to be built in

Not too long ago, Tesla had much of China’s new EV market to itself, but as local rivals like BYD are on their way to becoming international juggernauts, the American brand is now facing more competition than ever before. To combat this, Tesla’s Chinese division has reportedly developed a new, lower-priced version of the Model Y.