Tesla has teased its next electric car with a new image of the silhouette, and Elon Musk says it is already being built.

Today, Tesla held its annual shareholder meeting. While CEO Elon Musk said that the meeting was not the right place to make a new product announcement, he still decided to tease Tesla’s next car.

During the presentation, Musk confirmed that Tesla is currently working on two new vehicles that the automaker has yet to unveil. As the CEO discussed those, Tesla showed this silhouette of what is believed to be its next vehicle:

Interestingly, Musk added that this vehicle is not being “designed” but is being “built.”

It’s not exactly clear what he means by that. Typically, the CEO uses this language for production, but he could mean the company is “building” a prototype.

Either way, the image is a render and not an obscured picture.

Tesla has been expected to bring to market a smaller electric hatchback, often referred to as the “$25,000 Tesla” or sometimes “Tesla Model 2.”

Recently, what appears to be a Tesla prototype built on a Mazda was spotted being tested in China, where Tesla said it would design and build its next vehicle.

At the event today, Musk added that Tesla is currently working on two new vehicles that it has yet to unveil, including this one teased today. The company estimates that those two vehicles will sell at a volume of about 5 million units per year.

Tesla has previously talked about producing a cheaper model at Gigafactory Shanghai in China and exporting the vehicle globally.