Tesla has plans to produce a low-cost version of its best-selling Model Y to boost sluggish sales in China, according to a report. The car will cost at least 20% less to produce than the version launched last year, and will be manufactured on existing production lines, sources with knowledge of the matter told Reuters.

Tesla says it is important to ensure that the Trump administration's efforts to address trade issues "do not inadvertently harm U.S. companies."