Elon Musk is launching a new electric car

Tesla CEO Elon Musk announced two new electric vehicles at his annual shareholder meeting.

A new EV (electric vehicle) is already in production, Elon Musk said at a meeting in Austin, Texas on Monday night.

TechCrunch reports that one of the new cars could be the $25,000 hatchback that Musk mentioned at the company’s Battery Day 2020.

“I just want to emphasize that we are actually creating a new product,” Musk said. We are actually designing a new product. We are not sitting here with folded hands.

Earlier last March, Tesla announced two new models at their Investor Day