Tesla is planning to produce a smaller and more affordable electric vehicle called the 'Model 2,' CEO Elon Musk revealed in a meeting with shareholders shortly after the Cybertruck launch event this past week. Production of the Model 2 could begin as soon as 2024 and it will be mass produced in Tesla's factory located in Texas. The Model 2 is expected to be smaller and less expensive than Tesla's current models like the Model 3 and Model Y. The announcement of the Model 2 production plans caused Tesla's stock price to rise, with investors seeing potential for higher sales with a more affordable EV.