Teams at Tesla’s Shanghai plant are working to strip features from the current Model Y or simplify them so that the new model could be produced on existing manufacturing lines,

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.

Telsa plans to make a slightly smaller Model Y that costs at least 20 percent less to build than the recently refreshed Model Y.

A new report claims Tesla is planning a model that costs 20% less to build than its current smallest crossover.

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

Tesla plans to produce a more affordable version of its Model Y in Shanghai. The new model will be built using existing production lines and is set for mass production by 2026. This initiative aims to regain lost market share in China.

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.