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Twitter CEO Elon Musk revealed two new electric vehicles (EVs) during his annual shareholders meeting, saying that a new EV is already in the manufacturing process. According to a TechCrunch report, one of the new vehicles could be the $25,000 hatchback that Musk mentioned during the company’s Battery Day in 2020.

“I just want to emphasize that we’re actually building a new product,” Musk said late Monday in Austin, Texas. We are actually designing a new product. We are not sitting here with folded hands. Both the design and manufacturing technology of the products are above anything else in the industry, he added. Tesla had earlier introduced two new models at the Investor Day in March.