In early July, President Donald Trump called out Musk directly, tweeting that Tesla might “close up shop” in the absence of government subsidies. That jab, layered with policy shifts, sent a chill through Tesla bulls. Tesla’s Q2 results are in, and they’re not pretty.

Elon Musk has finally confirmed that Tesla’s new ‘affordable’ electric car is just going to be the Model Y in a cheaper format. Musk has ended months of speculations and misinformation, which he partly created, about Tesla’s upcoming cheaper electric vehicle model.