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.

In 2020, Tesla controlled nearly 80% of the U.S. market, based on data from Experian. By 2022, that was down to 65.4%, followed by 55% in 2023. This year, per Cox Automotive, that share continues to decline, hovering around 45% as of July 11.

We might as well forget about the once-rumored $25,000 Tesla, but hitting the $35,000 mark won’t be easy either.