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.

We might as well forget about the once-rumored $25,000 Tesla, but hitting the $35,000 mark won’t be easy either.