Tesla promises smaller, cheaper models as Q1 net income drops 55%
Tesla's first-quarter net income plummeted 55 per cent, but its stock price surged in after-hours trading Tuesday as the company said it would accelerate the production of new, more affordable vehicles.
![Tesla promises smaller, cheaper models as Q1 net income drops 55%](https://i.cbc.ca/1.7182832.1713911629!/cpImage/httpImage/image.jpg_gen/derivatives/16x9_620/cars-parked-at-tesla-dealership-in-berlin-germany.jpg)
![Cars are parked at a Tesla dealership in Berlin Tuesday, April 23, 2024. Cars are seen parked at a Tesla dealership in Berlin.](https://i.cbc.ca/1.7182832.1713911629!/cpImage/httpImage/image.jpg_gen/derivatives/16x9_620/cars-parked-at-tesla-dealership-in-berlin-germany.jpg)
Tesla's first-quarter net income plummeted 55 per cent, but its stock price surged in after-hours trading Tuesday as the company said it would accelerate the production of new, more affordable vehicles.