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%
Cars are seen parked at a Tesla dealership in Berlin.

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.