Tesla Shares Jump, As EV Maker Announces Plan To Launch New Models

During the company's quarterly earnings call Tuesday, Tesla announced it is accelerating plans to introduce “new models” by early 2025, sending its shares soaring nearly 11% in after-hours trading. CEO Elon Musk told investors that production would start early in 2025, if not late this year.

The new models would be built on its current manufacturing lines and use “aspects” of its current platform and a next-generation platform, the EV company said, cautioning that this plan may “result in achieving less cost reduction than previously expected.”

This plan the EV maker says, would let it better control capital expenditures during “uncertain times.”

"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," the company said in a filing.

"This update may result in achieving less cost reduction than previously expected, but enables us to prudently grow our vehicle volumes in a more CapEx efficient manner during uncertain times," Tesla said

Musk in his remarks during the earnings call Tuesday, also mentioned a “purpose-built robotaxi product” that the company planned to build with a “revolutionary” manufacturing process. He had announced in a recent post on X that the vehicle will debut in August.

Tesla reported revenue of $21.3 billion for the three months ended March, compared with $23.33 billion a year earlier. Analysts on average had estimated $22.15 billion, according to LSEG data. Net profit in the first quarter stood at $1.13 billion, compared with $2.51 billion, a year earlier.

The EV maker's average revenue per vehicle delivered in the quarter fell by nearly 5% from a year ago to $44,926 a vehicle, reflecting the impact of repeated price cuts.

The company also gave updates on its Optimus robot and its line of power storage and supply products.

WATCH Elon Musk remarks on the earnings call