Tesla EV sales down but shares soar

Tesla shares jumped 12% after chief executive Elon Musk announced in the EV company’s Q1 2024 earnings call that new models (including an ‘affordable’ EV) were due earlier than expected.

Those models are likely by 2025 if not later this year, says Musk, according to reports, including one from CNBC.

EV sales have been slowing, prompting Tesla and others to cut prices.

Tesla reported a 9% revenue drop in Q1 2024 (revenue NZ$35.8 billion) and webcast its Q1 results.