"Preparations remain underway for our offering of new vehicles — including more affordable models — which we will begin launching in the first half of 2025," the company said in its earnings report.

The Model 3 is currently Tesla’s cheapest electric car. It starts at £39,990 for the most basic rear-wheel-drive model, rising to £59,990 for the “performance all-wheel drive” edition. More advanced self-driving features also cost extra. You’ll pay an additional £6,800 for the top level of in-car intelligence. A Tesla Model 3 is not cheap.

Tesla executives reiterated that the company will launch more affordable EVs in the first half of next year, with Musk adding that, with incentives, that EV would be "sub-$30,000, which is kind of a key threshold.