According to Reuters, Tesla is canceling a highly anticipated lower-cost electric vehicle that was aimed at expanding the company into a mass-market auto manufacturer. The report cites anonymous sources “familiar with the matter and company messages seen by Reuters.”

Tesla CEO Elon Musk repudiated the report, stating on X, “Reuters is lying (again).” He also claimed the news agency is failing, stating on X, “Reuters is dying.” Musk did not elaborate on what was inaccurate in Reuters’ report.

The report by Reuters caused Tesla stock to drop from its opening price this morning of $168.95 per share to $160.52, but it recovered this afternoon to $165.14 after Musk responded on X.