Most people are in the know abuot Tesla's Model 3 plans. This EV is supposed to be affordable at a price of around $30,000 after tax incentives. But we now have word that Tesla is also intending to produce another affordable EV, they will call it the Model Y.
Electrek has run an article that suggests Tesla may simultaneously introduce a smaller SUV called the Model Y to go along with the Model 3. it would have Falcon doors similar to the Model X and would contain the same "pancake" battery platform as the Model 3.
Another clue that points towards the model Y being a thing is Elon Musk's tweet (which he later deleted) that said there would be "a Model 3 and Model Y".