Transportation
Tesla Soars as Musk’s Cheaper EVs Calm Fears Over Strategy
- CEO teases new affordable cars as soon as late this year
- Shares soar despite revenue and earnings missing estimates
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Tesla Inc. shares surged after Elon Musk vowed to launch less-expensive vehicles as soon as late this year, easing concerns about disappointing earnings results and diminished growth prospects.
The automaker said Tuesday it’s accelerating new models using aspects of a next-generation platform that had been slated for the second half of next year. The new vehicles will be built on the same manufacturing lines as Tesla’s current lineup and be ready by early 2025, if not before year-end, the chief executive officer said.