Shares of Tesla, Inc. ( TSLA ) are falling Tuesday as the company continues to face vehicle sales headwinds. Here’s what you need to know.

TSLA shares are retreating from recent levels. Check the full analysis here.

What To Know: Reuters reported that Tesla’s China-made vehicle sales saw a 9.9% year-over-year decline in October. The report also indicates that Tesla’s Model 3 and Model Y vehicles made in China fell 32.3% month-over-month.

It’s worth noting that some of the month-over-month declines may be due to the company’s new lower-cost versions of the Model 3 and Model Y, which have not been made available in the Chinese market yet.

The reports of weaker sales in China follow plunging new car registrations data from earlier this week. Reuters reported on Monday that Tesla registrations fell 89% in Sweden, 86% in Denmark and 50% in Norway last month.

Tesla shares may also be facing selling pressure after Norway’s $2.1 trillion sovereign wealth fund, which is managed by Norges Bank Investment Management, said it plans to vote against CEO Elon Musk’s $1 trillion pay package.

“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk,” Norges Bank Investment Management said in a statement.

Norway’s sovereign wealth fund holds a 1.12% stake in Tesla worth roughly $17 billion. The firm said it will vote against the pay package during Tesla’s annual meeting later this week.

TSLA Analysis: Tesla is trading approximately 9.7% above its 50-day moving average of $413.20, indicating a robust short-term bullish trend. The stock is also well above its 200-day moving average of $337.32, which is about 34.4% lower, suggesting a solid long-term upward momentum. The Relative Strength Index (RSI) at 60.47 signals a neutral position, indicating that while the stock is not overbought, it is also not in a strong oversold condition.

The calculated support level is at $439.61, which may act as a cushion against further declines. On the upside, resistance is identified at $467.00, just below the previous close of $468.37. A break above this resistance could pave the way for a test of the 52-week high, while a drop below the support level might trigger more significant selling pressure.

TSLA Price Action: Tesla shares were down 3.05% at $454.14 at the time of publication on Tuesday, according to Benzinga Pro.

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