The company promised that it has high hopes for the future, and one is a new ‘affordable model.’ Set to go into volume production later this year, Tesla is apparently already building it in low numbers. Amid questions at the end of yesterday’s earnings call, someone asked what the new model would look like.

Elon Musk has finally confirmed that Tesla’s new ‘affordable’ electric car is just going to be the Model Y in a cheaper format. Musk has ended months of speculations and misinformation, which he partly created, about Tesla’s upcoming cheaper electric vehicle model.

Tesla's more affordable model started production in June and is a cheaper Model Y, the company said on its Q2 earnings call.