Tesla has started production of its first affordable car model in June, and is expected to mass produce it in the second half of the year.

Tesla said on Wednesday that the company has started production of its first affordable car model in June and expects to achieve mass production in the second half of this year. In April, Tesla canceled its full-year delivery forecast citing economic concerns and has not provided a new forecast since then. Tesla's revenue in the second quarter decreased by 12% year-on-year, the biggest drop in more than a decade. Analysts now expect that this cheaper car will boost sales. Tesla had previously stated in April that production of this model would start at the end of the first half of the year. Sources say that this car is a simplified version of their Model Y. On Wednesday, Tesla did not reveal any details of this car model or how many have been produced.