Elon Musk told investors to expect Tesla sales to grow this year. Plummeting sales in a growing number of countries complicates that goal.

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.