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Tesla sales in China dropped to a three-year low in October, raising concerns the electric vehicle maker could see its first full-year sales decline in the country this year.

Fierce competition from local rivals such as NIO and Li Auto — both reporting this week — and a bruising price war in the face of a down economy pushed Tesla's China sales to 26,006 last month. The U.S. automaker's share in the Chinese EV market shrank to 3.2% in October from 8.7% in September.

"Tesla is getting surrounded by a swarm of Chinese automakers — from above, below, left and right," Michael Dunne, CEO of Dunne Insights and auto analyst, told CNBC. "Like a swarm of drones, each is taking some sales from t

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