Tesla shares jump 13% after Musk says company aims to start production of affordable new EV by early 2025

[{"selector":"#anim-d28edd6a-0fa0-4bd2-9d1c-d2d075ece021","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-720654a0-3076-43bc-a1f7-405b0cdb8af6","keyframes":{"transform":["translate3d(-106.57534%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Tesla reported a 9% drop in first-quarter revenue, the biggest decline since 2012, missing analysts' estimates

[{"selector":"#anim-b09b048d-9396-48b2-a88b-d0fc4b4d0d49","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d089c17a-7ffc-43f5-b9a4-3c940b2374b0","keyframes":{"transform":["translate3d(-106.30137%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] CEO Elon Musk's announcement of potentially earlier production for new affordable EV models caused a jump in stock prices.

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[{"selector":"#anim-045f52ae-e764-4045-9032-64dda01d89f9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8a0e2c47-9f12-4b20-a494-0f18a7d3f0f7","keyframes":{"transform":["translate3d(-106.57534%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Net income declined 55% year-over-year to $1.13 billion.

[{"selector":"#anim-088fede9-5e76-4459-a510-c5eca8c1cb0e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-032fdaff-619d-4686-8278-513d7858fc91","keyframes":{"transform":["translate3d(-106.57534%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Automotive revenue dropped 13% year-over-year to $17.38 billion in Q1 2024.

[{"selector":"#anim-4e7547a4-1abb-42ec-bbf3-d4aae2127bf6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-70854f56-3a1c-49a6-b8f4-c9ce170ea1ad","keyframes":{"transform":["translate3d(-106.30137%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Musk mentioned plans to start production of new models earlier than expected, possibly in late 2024 or early 2025.