Tesla reported a 55 percent drop in profit amid fierce competition in the electric vehicle market, but shares rallied on plans to accelerate the production of more affordable models.
The Austin, Texas-based company on Tuesday reported profits of $1.1bn in the first quarter, down from $2.51bn a year ago.
But shares of Tesla soared by 11 percent after CEO Elon Musk said that production of new, more affordable vehicles would begin in the second half of next year “if not late this year”.
