Tesla Inc. (TSLA) obtained Chinese government approval Friday to sell longer-range, China-made model 3 vehicles in the country, according to Reuters, which cited the country's Ministry of Industry and Information Technology.
The vehicles have a driving range of more than 372 miles before they need to be recharged. In contrast, the current China-made Model 3 has a driving range of more than 248 miles.
Tesla shares were trading down 6.43% at $677.95 in Friday's premarket session. The stock has a 52-week high of $968.99 and a 52-week low of $176.99.