For years, electric cars were seen as slow and boring, but that story has changed. In an epic speed battle, the Tesla Model S Plaid went head-to-head with two much more expensive electric beasts: the Lucid Air Sapphire and the Rimac Nevera.

Elon Musk's company intends to unveil a more economical version of the Model Y SUV in order to recover its market share in China's highly competitive electric vehicle market. The company has also planned to set up mass production by 2026.

Sources say the new EV will be a smaller Model Y, with mass production starting in 2026. Local rivals like BYD are eroding Tesla’s market share, prompting a new affordable model. The new electric car will reportedly be produced in China,