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Tesla shares jumped almost 12 percent in pre-market trading on Wednesday after CEO Elon Musk announced that the company aims to start production of affordable electric vehicle models by early 2025, or possibly even late this year. The bounce comes despite dismal earnings, including net income that dropped 55 percent in the first quarter.that saw Tesla’s revenue drop by nine percent year-over-year to $21.
The company’s automotive revenue declined 13 percent year-over-year to $17.38 billion in the first quarter, while net income dropped 55 percent to $1.13 billion. Tesla’s gross profits also plummeted 18 percent, partly due to the price cuts implemented earlier this year to stimulate demand.
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