Tesla has also been faulted for not launching an entirely new EV in looks and technology except for the Cybertruck, which has limited appeal and carries a price tag of around $80,000 for its cheapest trim. Musk in July said that a stripped-down version of the Model Y, Tesla’s most popular vehicle, is one of those long-awaited cheaper EVs.

Tesla posted teaser videos on social media suggesting a major announcement on Oct. 7, with analysts speculating about the launch of a lower-cost Model Y.