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

Tesla reported a 9% drop in first-quarter revenue, the biggest decline since 2012, missing analysts' estimates

CEO Elon Musk's announcement of potentially earlier production for new affordable EV models caused a jump in stock prices.

Revenue and earnings per share fell short of Wall Street expectations.

Net income declined 55% year-over-year to $1.13 billion.

Automotive revenue dropped 13% year-over-year to $17.38 billion in Q1 2024.

Musk mentioned plans to start production of new models earlier than expected, possibly in late 2024 or early 2025.