The upcoming Tesla "affordable" EV will be a lower-priced, stripped-down Model Y, not a new form factor, according to China media. Tesla stock fell.

The picture looks even gloomier when you consider that in both the Norwegian and German markets, overall EV adoption has steadily been on the rise, with sales in Germany climbing 30.8% in February, and Norway’s EV market growing by 53.4% since the beginning of the year.

Tesla China is working on a cheap Model Y variant that might launch later this year to boost demand if the refreshed Model Y sales disappoint