Tesla is accelerating the launch of more affordable models in a bid to arrest a deterioration in its profit margins and sales.

The maker of electric vehicles plans to release the cheaper cars by the end of this year or in early next year, well ahead of the late-2025 timing it had previously pledged. The company has been coping with a sales slump as demand for EVs falters.

"We’ve updated our future vehicle line-up to accelerate the launch of new models ahead of the previously mentioned start of production in the second half of 2025. So we expect it to be more like early 2025, if not late this year,” Tesla CEO Elon Musk said on a call with analysts.