Tesla Stock Soars 12% as Elon Musk Promises More Affordable Electric Vehicles from fye bottom Watch Video

⏲ Duration: 0:36
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✓ Published: 26-Apr-2024

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Tesla's stock price jumped 12% on Wednesday after CEO Elon Musk said the company would accelerate the rollout of more affordable electric vehicle models. Musk did not provide details on the cheaper EVs but said they would use Tesla's current manufacturing platforms and production lines. Analysts saw this as a sign Tesla had retreated from previous plans for an all-new $25,000 vehicle and would offer stripped-down versions of existing models. Competition and high costs have eaten into Tesla's bottom line after years of rapid growth, putting pressure on Musk to cut prices.