Tesla (NASDAQ: TSLA) stock is moving lower following new European sales tracking data. The electric vehicle (EV) company's share price was down 2.5% as of 2 p.m. ET. Meanwhile, the S&P 500 was down 0.

CompanyOverview|NASDAQ:TSLA] Shares of Tesla Inc. (NASDAQ: TSLA) closed just under $290 before the weekend, marking a stunning 30% rebound from their pre-earnings low earlier this month. The stock is still down from its December all-time highs,

Tesla (NASDAQ: TSLA) has been talking about a cheaper EV for years, but it has always been just out of reach, and plans to build one have continually changed. Here are three things we know about Tesla's upcoming lower-priced EV and what it may mean for the company after it is launched.