Tesla faces new challenges in China as Xiaomi's new YU7 electric SUV intensifies competition for Elon Musk's automaker.

Omead Afshar, a long-time Musk lieutenant, was tasked with improving the company’s business in North America and Europe late last year but sales continue to drop in both.

Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.