Tesla is preparing to launch a couple of new more affordable electric vehicles and the first one is expected to basically be a stripped-down Model Y, according to a new report from China. We have been reporting on this new vehicle program from Tesla for a while now.

There have been rumors about a more affordable Tesla EV for a few years, but the stars may finally line up. According to three anonymous sources with knowledge on the matter, as quoted by Reuters, Tesla will launch a lower-cost model this year to try and regain lost ground in China—and everywhere else.