Elon Musk has long been getting fans and investors excited about the prospect of more affordable electric cars and self-driving robotaxis.
The Tesla CEO has announced that Tesla fans can expect another model as early as 2025, with production starting in June next year.
Describing it as a 'next-generation, low-cost' car, Musk foresees that the upcoming vehicle will achieve a lower price through a 'revolutionary manufacturing system.'
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The new project, called Redwood, is currently under wraps and is rumoured to be a compact crossover - potentially making it a popular and affordable option for buyers.
Estimating around $25,000, the entry-level model aims to give traditional gas cars and other affordable electric vehicles - like those from China's BYD - a run for their money.
Moreover, the new release might strike some competition with Tesla's current best-selling vehicle, the mid-sized SUV, Model Y. The electric car company also plans to releases an updated version of the Model Y later this year.
Alongside this, Musk has also previously mentioned plans to build a futuristic robotaxi, designed to haul passengers autonomously.
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Musk, known for his overly optimistic timelines, suggested: 'Our current schedule shows that we will start production towards the end of 2025, sometime in the second half.'
Although no specifics on the features or pricing of the vehicles have been revealed, Musk did warn that his timeline 'should be taken with a grain of salt' due to the complexities of developing new manufacturing technologies.
The SpaceX founder also highlighted that 'both the design of the products and the manufacturing techniques are head and shoulders above anything else that is present in the industry.'
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According to reports, Tesla is looking to produce 10,000 units of this new model per week.
In a quarterly results report earlier this week, the electric car company stated that the new project may impact the company's vehicle volume rate.
The company said: 'In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle.'
Musk added: 'You have to design a machine that has never existed to build a car in a way that has never existed.'
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Putting that aside, let's not forget the Cybertruck release. After several years of delays, the unique Tesla design came with its own share of issues from Tesla fans including its massive size, overwhelming price tag, disappointing charging curve, as well as safety concerns.