Tesla’s first-quarter net income plummeted 55%, but its stock price surged in after-hours trading Tuesday as the company said it would accelerate production of new, more affordable vehicles

Tesla has seen its profits more than halve this year, and says it will bring forward the launch of new models and cut thousands more jobs to try to reverse its fortunes. The electric vehicle (EV) maker said on Tuesday it had made $1.

Investors and analysts were looking for some sign that Tesla will take steps to stem its stock’s slide this year and grow sales. The company did that in a letter to investors Tuesday.

In the wake of Tesla (NASDAQ:TSLA)'s earnings report after the close on Tuesday, which fell short of analyst expectations, Wall Street is witnessing a downward revision in stock targets for the electric vehicle giant.

Tesla saw a 9 percent year-over-year decline in first-quarter revenue, the electric vehicle (EV) company said Tuesday. The drop in revenue, Tesla’s largest since 2012, comes as the EV firm faces falling sales and growing competition.

Tesla announced worse-than-expected first-quarter earnings and revenue Tuesday, with the EV giant reporting its lowest quarterly EPS since 2021. TSLA shares advanced after the market closed. Please watch the video at Investors.