Tesla launches a long-range rear-wheel-drive Model Y in China, offering up to 821 km of range under the CLTC standard. Sales in China fell to 26,006 units in October, the lowest in three years. Domestic EV competition is growing, with XPeng and NIO offering cheaper models with comparable range.

Tesla’s market share in China dropped to 3.2%, down from 8.7% in September. The company reported softer demand in Europe as well. Tesla’s Shanghai plant saw exports jump to 35,491 units in October, the highest in two years. The new Model Y+ aims to help Tesla regain ground in China’s competitive EV market.

Shares of Tesla have gained 6% YTD, trailing the industry’s 12% growth. TSLA trades at a forward price-to-sales ratio of 13.47 with a Value Score of D. The Zacks Consensus Estimate for TSLA’s earnings has been revised over the past 90 days. Tesla stock currently holds a Zacks Rank #3 (Hold).

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Read more at Nasdaq: Can Tesla’s New Model Y+ Rev Up China Sales After a 3-Year Low?