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Tesla Stock Surges Despite Dismal Quarter as Elon Musk Promises Affordable EVs by 2025

Posted on AllSides April 24th, 2024
From The Right

Tesla shares jumped almost 12 percent in pre-market trading on Wednesday after CEO Elon Musk announced that the company aims to start production of affordable electric vehicle models by early 2025, or possibly even late this year. The bounce comes despite dismal earnings, including net income that dropped 55 percent in the first quarter. CNBC reports that despite a dismal first quarter that saw Tesla’s revenue drop by nine percent year-over-year to $21.30 billion, missing analysts’ expectations, the electric vehicle maker’s stock experienced a significant boost following the earnings call....

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