The BYD Seal offering is simpler, with just the £45,695 Seal Design and the £48,695 Seal Excellent AWD to pick from. Both have the same battery but the cheaper model has a single motor driving the rear wheels, while the pricier car has two motors and all-wheel-drive.

Still, Tesla needs a less-expensive model, as more affordable options are coming from a number of competitors. The least-expensive Tesla, the Model 3, starts at $42,490 before a $7,500 federal tax credit, according to Tesla’s website. Yet Tesla CEO Elon Musk remains confident, and looking at the competition, he has reason to remain so.

Tesla is planning to launch more electric cars this year, including some cheaper ones, according to its latest investor relations report. It’s likely the new cars will include variants of existing models,

Tesla’s new EVs will use parts from existing platforms and aspects of the next-gen platform. Prices haven’t been confirmed but will likely sit around $30,000, undercutting the 3 and Y. In June, Tesla will launch a paid self-driving service in Austin and could expand it to other cities.