This document discusses the relationship between low-code development and model-driven engineering (MDE). It notes that low-code is essentially a style of model-driven development focused on specific application types using a fixed language. While low-code tools have improved, the core concepts of modeling and code generation from models have existed in MDE research since the 1980s. The document argues low-code is worth studying from social and economic perspectives but does not present significant new technical challenges for MDE research. However, low-code popularity could help bring modeling expertise to new domains and communities. Researchers should monitor no-code tools which may evolve low-code further.