On Tuesday, Tesla reported earnings and they weren't great. The company reported a 9 percent drop in revenue, as well as a $1.4 billion drop in profits. Much of that slump was due to missing its delivery targets as well as a series of price cuts over the past few months.

Tesla was due to report results after the bell Tuesday. Stocks have been trading higher early this week on the back of strong corporate earnings.

Tesla reports slide in earnings and revenue, but investors cheered by pledge to accelerate rollout of cheaper vehicles.

CEO Jim Farley confirmed that the company is working on new affordable EVs that could be priced between $25,000 to $30,000,.

Tesla CEO Elon Musk offered an outline of the company's plans to move forward with a lower-cost EV compared to its current platform next year, with production to start in early 2025.

Tesla shares surged about 10% on Wednesday after the electric-car maker eased some worries about slowing growth with its plans to roll out more affordable models in early 2025.

TESLA ASKS SHAREHOLDERS TO REINSTATE ELON MUSK'S PAY, MOVE TO TEXAS. The layoffs "will prepare Tesla for our next phase

Tesla Inc. plans to cut more than 6,000 jobs across Texas and California as part of Chief Executive Officer Elon Musk’s demand to slash more than 10% of the global workforce.