(Bloomberg) -- Tesla Inc. gave back some of its $82 billion gain in market value as several analysts questioned just how meaningful it is that Chief Executive Officer Elon Musk secured tacit approval to offer driver-assistance features in China.

The news that sent Tesla shares soaring 15% on Monday was “only a small” positive for the company, in that regulatory approval is difficult to get in China and the timing was a surprise, Evercore analysts led by Chris McNally wrote in a report Tuesday. He estimated that Tesla will generate around 3 cents of earnings per share for every 10% uptake of the system the company calls Full Self-Driving, or FSD.

“Ultimately, little has changed,” McNally wrote.

Tesla shares soared the most in more than three years on Monday after Bloomberg News reported that the company had received in-principle approval to deploy FSD in the world’s biggest auto market. The US carmaker was granted the approval under certain conditions, according to a person with knowledge of the matter, who asked not to be identified because details of all the criteria aren’t clear.

The stock fell as much as 5.5% as of 11:40 a.m. Tuesday in New York and is down more than 25% for the year.

While Tesla’s suite of FSD features require constant supervision and don’t make its cars autonomous, the company charges $8,000 for them in the US, or $99 a month for a subscription.

Tesla is likely only able to charge $50 a month for FSD in China to be competitive with offerings from XPeng Inc., Nio Inc. and Geely Automobile Holdings Ltd.’s Zeekr, McNally said. Analysts at Bernstein flagged similar concerns, noting that Huawei Technologies Co., XPeng, Nio and Li Auto offer capabilities similar to Tesla, “and the functionality is often given away for free.”

“We don’t see FSD driving material incremental auto sales in China, and see limited incremental revenues in the near term,” Bernstein’s Toni Sacconaghi said in a report.

Bank of America analysts led by John Murphy spoke to the wide range of outcomes that could arise from Tesla offering FSD in China, saying in a note to clients that earnings from the product could exceed $2 billion in 2030, or zero.

“Given the competitive nature of the auto industry, especially in China, there is risk that the deployment of FSD is a necessary feature and not an incremental product consumers pay for,” Murphy wrote. “This would relegate FSD to the many advancements in auto tech that benefit consumers and not companies.”

(Updates with additional analysts starting in the seventh paragraph.)

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