Recap: Tesla stock surges despite plunging profits as Musk talks robotaxis and cheaper cars

Tue, 04/23/2024 - 18:41

tesla earnings image — Tesla stock rose Tuesday afternoon following the company's first-quarter earnings release.
JADE GAO/AFP via Getty Images; Chelsea Jia Feng; BI

Tesla reported first-quarter earnings on Tuesday.
Elon Musk talked Tesla's plans for a robotaxi and cheaper EVs.
Shares rallied 10% in after-hours trading as investors shrugged off falling profits.

Tesla reported first-quarter earnings on Tuesday after the closing bell.

The electric-vehicle maker posted first-quarter earnings-per-share that fell short of consensus forecasts, but exceeded estimates for gross margin. Tesla also said it will accelerate production of new models of low-cost vehicles.