Tesla has teased the idea of a more affordable car slotted beneath the Model 3 for many years. But as recently as a few months ago, the company said the project was off the table. Now, a new report suggests otherwise; Tesla's entry-level EV could show up in 2025.

Referred to internally as the "Model Q," Tesla's head of investor relations, Travis Axelrod, reportedly told Deutsche Bank that the $30,000 EV would debut early in 2025. It will be priced below $30,000 with subsidies, or $37,499 if those subsidies are cancelled by the Trump administration. "The new Tesla model (we refer to as "Model Q") should launch in 1H25 and will be priced <$30k including subsidies (i.e., $37,499 if US EV tax credit goes away)," the Deutsche Bank report stated.
The entry-level Tesla will reportedly use the same production line as an existing model. That could mean that this isn't a new model at all, but rather, a cheaper version of an existing vehicle like the Model 3 or Model Y. The base Model 3 currently starts at $44,130 with destination and incentives included, while the cheapest Model Y costs $44,990.

Other rumors point to the Cybercab, which Tesla debuted in October. Musk previously suggested that the Cybercab would cost less than $30,000, but it's unclear if that vehicle will act as the base for this new entry-level model. In terms of capacity, the Model Q's battery pack will reportedly be 15 percent smaller and 30 percent lighter than the Model 3's battery, with 53.0-kilowatt-hour and 75.0-kilowatt-hour options both available.

The Model Q will reportedly be joined by a long-wheelbase, three-row Model Y for China. The duo would help increase Tesla's production volume by 20 to 30 percent over the next year, according to the same report. There's still plenty we don't know about the rumored Model Q, but if these reports are true, we could see a new Tesla in just a few months.