The new EV, codenamed “E41,” will use existing parts and assembly lines but will cost at least 20% less than the Model Y.

The upcoming Tesla "affordable" EV will be a lower-priced, stripped-down Model Y, not a new form factor, according to China media. Tesla stock fell.

Tesla China is working on a cheap Model Y variant that might launch later this year to boost demand if the refreshed Model Y sales disappoint