Tesla is readying a software update for customers in China to offer driving-assistance capabilities similar to its Full Self-Driving (FSD) features in the U.S., Bloomberg News reported on Monday, citing a person familiar with the matter.

Tesla Inc.’s stock fell briefly back to three-month lows on Monday after a short-lived boost from news that the electric-vehicle giant was making progress in its full self-driving offerings in China.

Tesla plans to update software in cars in China to add driving-assistance capabilities that will help drivers navigate city streets, according to a