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

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.