A less expensive electric vehicle was supposed to be built by the company

Tesla CEO Elon Musk said the electric vehicle company will build an all-new electric vehicle “later in the 20th century”. “We’re focused on bringing the next-generation platform to market as quickly as we can, with the plan to start production at Gigafactory Texas,” Musk said in a letter to shareholders. Tesla plans to produce 10,000 vehicles weekly, he added.