Tesla Stock Gains 13% as Investors Cheer Plan to "Accelerate the Launch" of Lower-Priced EVs

(NASDAQ: TSLA) stock gained 13.3% in after-hours trading on Tuesday, despite the electric-vehicle (EV) pioneer's release of disappointing first-quarter 2024 results. The stock's rise is attributable to investor relief stemming from two sentences in the company's "Outlook" section of its letter to shareholders:

We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025. These new vehicles, including more affordable models, will utilize aspects of the next generation platform as well as aspects of our current platforms, and will be able to be produced on the same manufacturing lines as our current vehicle line-up.

Had Tesla not released the above plans, its stock almost surely would have declined. That's because the company's first-quarter's revenue and adjusted earnings per share (EPS) fell short of Wall Street's estimates. Below is an overview of the quarter, centered on six key metrics.

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Source Fool.com