Elon Musk has made a bold prediction, announcing the company plans to release a new Tesla for half the price of existing models.

According to InsideEVs, Musk made the announcement at the company’s Q3 2022 earnings call, saying the new vehicle would be a compact model and outsell all other Teslas combined.

“The next-generation vehicle will be about half the cost of the 3/Y platform and it will be smaller,” Musk said. “It will, I think, certainly exceed the production of all other vehicles combined.”

Musk did say there is no launch dates planned, but the new model is “the primary focus of the new vehicle development team.”

If Tesla is able to deliver on Musk’s promise, it would be a major boost to the company and help it attract an all-new demographic.