During Tesla's recent earnings call, CEO Elon Musk confirmed plans for future affordable cars based on a new platform.

The potential launch for these affordable cars could be as early as late 2024 or early 2025.

The Model 2, a low-cost Tesla based on the Model Y platform, is expected to utilize both current and next-generation platforms for increased production capacity.

Former board member Steve Westly emphasized the market demand for a $25,000 Tesla.

Other automakers like Stellantis, General Motors, and Ford are also working on affordable EVs, increasing the competitive pressure on Tesla.

Production for the Model 2 is now planned for Texas instead of Mexico.

The compact crossover is rumored to resemble a smaller Model Y and could potentially cost around $32,500.

Despite limited official details on design and features, the Model 2 promises to be a game-changer in the electric vehicle market.