Tesla CEO Elon Musk teased two new electric vehicles Tuesday at the\u00a0automaker’s 2023 annual shareholder’s meeting. The billionaire executive even claimed that Tesla is already in the process of building a new product.<\/p>\n

<\/p>\n

“I just want to emphasize that we are actually building a new product,” said Musk. “We are actually designing a new product. We’re not sitting on our hands here.”<\/p>\n

Musk went on to say that there are two new products in the pipeline, and that “both the design of the products and the manufacturing techniques are head and shoulders above anything else that is present in the industry.”<\/p>\n

As the CEO spoke, a rendered image of a vehicle silhouette appeared on the screen behind him, giving the audience a teaser of one of the vehicles. It’s possible that vehicle might be the $25,000 hatchback that Musk mentioned back in 2020 during the\u00a0company’s battery day. He said this meeting wasn’t the place to make a new product announcement, and that there would be a proper product launch eventually.<\/p>\n

Musk wasn’t clear on stage what he meant by “building” the vehicle. It’s likely that a prototype is being built, rather than a production volume vehicle.<\/p>\n