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Reports indicate that the Tesla Model Y, one of the brand’s most popular models, is about to get a new trim and a lower price. Back-end coding on the automaker’s website indicates a new base price of $61,990. From the looks of it, the new Model Y will keep its dual-motor AWD system but have less range than the current base trim.

As of this writing, those interested in a brand-new Tesla Model Y have two trims to choose from. The base car is called the “Long Range”. Priced at $65,990, it comes with 330 miles of range. The top-spec Model Y Performance also features dual-motor AWD but limits range to just 303 miles.

Code on the configurator site indicates that Tesla has another trim, a ‘Standard Range’ or ‘Short Range’ Model Y in the works. According to Electrek, the code indicates that this new base model will feature Tesla’s in-house 4680 battery cells as well.

More: German Tuner Gives The Tesla Model Y A Neat Off-Road Makeover

Tesla Likely To Announce New Lower-Priced Model Y Soon

Offering a new lower-priced Model Y could help Tesla compete better with newer rivals like the Kia EV6, the Mustang Mach-E, and the Hyundai Ioniq 6. Each of those costs considerably less than a Model Y. Of course, each one is also available as a rear-drive-only EV as well. Tesla could at some point offer a similarly-spec’d Model Y to compete. It’s worth noting that Tesla offers a RWD-only version of the Model Y in Europe right now.

At $61,990, this new US model isn’t much cheaper than the current car, but it’s better than nothing. Early indications point to a range somewhere in the neighborhood of 279 miles per charge. That was the range of the last Model Y dual-motor AWD with 4680 cells built at the Texas Gigafactory.

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There’s no telling when or even if Tesla will introduce this model but they’ve done the work on the back end to make it possible. We’ll keep you posted as new details emerge.

Tesla Likely To Announce New Lower-Priced Model Y Soon