The earnings report covers Tesla’s finances for April, May and June — a period that overlapped with Musk’s tenure in the White House. Musk left his government job May 30.

"It's just a Model Y. Let the cat out of the bag there," Musk said when asked about Tesla's budget-friendly EV in an earnings call.

Tesla and its CEO Elon Musk are walking an increasingly difficult tightrope as the company navigates declining electric vehicle sales and an autonomous driving business that has yet to get off the ground.

The automaker is manufacturing scarcity to drive a final sales boom before its cars get $7,500 more expensive overnight.

Tesla has said it will build cheaper cars and win approval for its self-driving software in Europe this year after seeing sales fall at the sharpest rate in at least a decade. Elon Musk's electric car firm told investors it had started "first builds of a more affordable model in June" while posting a slump in car deliveries and shrinking profits.

The fallout from Elon Musk’s plunge into politics a year ago is still hammering his Tesla business as both sales and profits dropped sharply again in the latest quarter. The car company that has faced boycotts for months said Wednesday that revenue dropped 12% and profits slumped 16% in the three months through June as buyers

In an earnings call Wednesday, Tesla CEO Elon Musk “let the cat out of the bag”: The new, more affordable electric vehicle the company has been touting for over a year, and that has been singled out as the one thing that could pull Tesla out of its sales rut, wasn’t new at all. It was just the Model Y.

Elon Musk warned that Tesla could face "a few rough quarters," as it weathers shifting tariffs and the end of EV tax credits in the US.