Tesla Shares Gain 8.6% After Updating New Lineup, Overcoming Lackluster 1Q Results

By Ben Glickman

Shares of Tesla gained in late trading Tuesday after the electric vehicle maker's earnings missed expectations but the company hinted at progress on its robotaxi initiative and its future lineup.

The stock was up 8.6% to $157.10 in after-hours trading, following a 1.9% rise in the regular session. Shares are down about 42% since the start of the year.

The company said it had updated its future vehicle line-up such that it could launch new models ahead prior expectations. Tesla previously said it would start production on new models in the second half of 2025.

Tesla said the new vehicles would include more affordable models and would use parts of the company's current platform.

The company also hinted at progress on its long-awaited robotaxi product, a model without a steering wheel or pedals. Chief Executive Elon Musk said earlier this month on social media that the company would unveil the robotaxi Aug. 8.

The company also said in its earnings deck that it was working on ride-hailing functionality that would be available in the future. Musk's announcement of the robotaxi launch in early April also sent shares higher in late trading.

Commentary on its new models seemed to overshadow a set of results that missed expectations.

Profit fell 55% from the prior-year period, falling short of estimates of analysts polled by FactSet. Revenue was down 9% to $21.3 billion, also missing forecasts.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 23, 2024 17:30 ET (21:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.