Tesla will launch a stripped-down Model Y as its first "affordable" electric vehicle, according to a Chinese media report Thursday, while Reuters had a slightly different take Friday. Tesla stock popped Friday morning after falling Thursday amid general market weakness.

For years, electric cars were seen as slow and boring, but that story has changed. In an epic speed battle, the Tesla Model S Plaid went head-to-head with two much more expensive electric beasts: the Lucid Air Sapphire and the Rimac Nevera.

Tesla China is working on a cheap Model Y variant that might launch later this year to boost demand if the refreshed Model Y sales disappoint