Elon Musk has teased two new electric vehicles (EVs) during its annual shareholder’s meeting, saying one new EV is already in the manufacturing process.

One of the new vehicles might be the $25,000 hatchback that Musk mentioned back in 2020 during the company’s battery day, reports TechCrunch.

“I just want to emphasize that we are actually building a new product. We are actually designing a new product. We’re not sitting on our hands here,” Musk told the gathering at the meeting in Austin, Texas, late on Monday.

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“Both the design of the products and the manufacturing techniques are head and shoulders above anything else that is present in the industry,” he added.

Tesla previously teased two new models at its Investor Day in March.

“We’ll probably make in excess of 5 million units per year of these two models combined,” Musk said.

At the meeting, Tesla’s board clarified there was no succession plan for Musk.

Musk also said he has no intention of stepping down as Tesla CEO.

“I think Tesla’s going to play an important role in AI and AGI and I think I need to oversee that to make sure it’s good,” he was quoted as saying.

Shares of Tesla remained somewhat flat after the meeting, rising only about 1 percent in after-hours trading.

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