Any hope for a cheaper Tesla model may be on hold for now. But how about a Tesla taxi for your troubles?

• Elon Musk teased details about a cheaper Tesla model just a few months ago.

• Bloomberg reported Tesla has shifted to robotaxis, which Musk said will be revealed in August.

• The change in priority comes as Tesla reports slow sales and decline in revenue.

If EV consumers were looking for a cheaper Tesla in the immediate future, that hope may have to be put on hold for now.

Bloomberg reported that the company's priorities have changed, shifting away from a mass-market $25,000 Tesla to robotaxis, which Elon Musk said will be unveiled in August.

The pivot comes after Tesla's disappointing earnings report, which revealed a 20% decline in vehicle deliveries for the first quarter. Bloomberg reported that the company is also expected to report a 40% decline in operating profit and its first revenue decline in four years on Tuesday.

In response, Musk is reducing head count at his company by 10% and betting on robotaxis to give Tesla a much-needed boost.

Musk announced on X at the beginning of April that Tesla plans to reveal its first robotaxi in August, which will likely require some significant advancements to the automaker's FSD software.

Currently, Tesla's so-called Full Self-Driving technology can allow a vehicle to change lanes automatically, self-park, and enter a highway, among other features. However, it still requires full-time supervision of a driver. The automaker is also facing several lawsuits related to the software.

Tesla hasn't revealed many official details on what the robotaxi will look like. Still, Musk has offered various statements on his vision of the company's autonomous cab, including removing human-oriented controls such as mirrors, pedals, and steering wheels. He also said that Tesla owners could turn their vehicles into a robotaxi, earning them up to $30,000 annually.