Elon Musk shares Tesla's EV outlook; promises Robotaxi, production of cheaper vehicles and Optimus robot to investors

livemint.com:

Elon Musk makes multiple promises to investors, analysts for Tesla: Electric vehicle (EV) manufacturer Tesla saw its first-quarter net income plummet by 55 percent, in results released on April 23, AP reported. The stock has however soared 11 percent in after-trading hours after CEO Elon Musk announced plans to accelerate the production of new, more affordable vehicles, the report said. Notably, this boost comes amid a challenging year for Tesla, with its stock declining by over 40 percent since the beginning of the year.

During the period from January to March, Tesla reported earnings of $1.13 billion, a stark contrast to the $2.51 billion recorded in the same period last year. The company's revenue for the first quarter totalled $21.3 billion, representing a 9 percent decrease compared to the previous year. This decline was attributed to increased competition and a slowdown in demand for electric vehicles worldwide.

Investors and analysts were eagerly awaiting signals from Tesla regarding measures to address the decline in its stock price and stimulate sales growth. In a letter to investors on April 23, Tesla announced that it would commence production of smaller, more affordable models earlier than initially anticipated. These models, including the much-anticipated Model 2 small car expected to be priced around $25,000, will use new generation vehicle underpinnings and incorporate features from current models, AP reported.