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Electric vehicle (EV) industry leader Tesla (TSLA) saw its sales drop to a three-year low of 26,006 vehicles in October in China. The Chinese EV market has become highly competitive, which has affected Tesla’s demand in the country. The EV giant’s share in the Chinese market dropped from 8.7% in September to just 3.2% in October, marking another three-year low.
Tesla also made headlines when it was reported that its shareholders had approved CEO Elon Musk’s staggering $1 trillion pay package. In addition to this, shareholders also approved a resolution allowing Tesla to invest in Musk’s artificial intelligence (AI) project, called xAI.