According to Electrive, Musk said that "the next-generation vehicle will cost about half of the 3/Y platform and will be smaller."
Since the company is now "done with engineering for the Cybertruck and the Semi", per the CEO, Tesla researchers will implement all they learned previously on the new, more affordable platform.
Elon Musk didn't disclose any details regarding battery size or any specifications for that matter and we don't know currently when the vehicle could be released.
What we do know is that the new car will be a more compact EV, which will reduce both labor time and costs.
"I think it will certainly exceed the production of all the other vehicles combined", Musk added.