Tesla is set to release a more affordable version of its best-selling Model Y in Shanghai. This initiative aims to regain ground in the crucial Chinese market, which the company has lost amid a pricing war. The new vehicle is being developed under the project code-named "E41" and will be manufactured on existing production lines.

Taiwanese company Foxconn $2317.TW, the world's leading electronics contract manufacturer and the primary assembler of iPhones for Apple $AAPL, reported a significant increase in revenue for January. According to data released on Monday, the company's revenue rose by 3.16% compared to the same period last year.