Tesla has been promising more affordable models as the thing that will help pull it out of its current rut. But in an earnings call Wednesday, the company’s CEO came right out and confirmed rumors that it would just be a stripped down version of the Model Y, rather than a brand new vehicle program. “It’s a Model Y,” Musk said. “I let the cat out of the bag there.” The cheaper Model Y is currently in production and expected to go on sale in the fourth quarter of 2025. (Musk’s response to the question starts at 1:00:14.)