Tesla's recently published second-quarter financial report highlights a significant drop in both revenue and net profit, attributed to the continuous decline in sales. To address this and bolster performance, Tesla's Chief Financial Officer disclosed that a more affordable model has commenced production on the Model 3 and Model Y lines in the first half of this year, with mass production anticipated for the second half. Tesla CEO Elon Musk has since confirmed that this new offering will be a budget-friendly variant of the Model Y.