Tesla is set to launch a stripped-down version of its popular Model Y electric SUV in an effort to make electric vehicles more affordable for the mass market. The new model will feature less powerful battery technology and fewer bells and whistles, but will come with a price tag that is significantly lower than the current Model Y.

According to reports, Tesla's CEO Elon Musk has been working closely with the company's engineering team to develop a more cost-effective version of the Model Y. The goal is to make electric vehicles more attainable for the average consumer, as well as to compete with other automakers who are also entering the electric vehicle market.

The decision to make a cheaper Model Y comes as Tesla faces increased competition from other electric vehicle companies, and as more consumers are looking to make the switch to electric vehicles for environmental and cost-saving reasons. Tesla's move to offer a more affordable option could help to further accelerate the adoption of electric vehicles worldwide.