Tesla's more affordable model started production in June and is a cheaper Model Y, the company said on its Q2 earnings call.

Tesla's market cap fell below $1 trillion, but it still reflects investors' assumptions of enormous future growth.

Analysts expect the Austin, Texas-based company to report quarterly earnings at 40 cents per share, down from 52 cents per share in the year-ago period. Tesla projects to report quarterly revenue at $22.13 billion, compared to $25.5 billion a year earlier, according to data from Benzinga Pro.