Tesla Inc (TSLA)

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Tesla to launch new models ahead of planned timeline, shares jump
16:31:45 PM ET, 04/23/2024 - Reuters
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April 23 (Reuters) - Tesla said on Tuesday it had pulled forward the launch of new models from the second half of 2025, sending its shares up nearly 7% in after-hours trading.

"This update may result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in a more capex efficient manner during uncertain times," the electric vehicle maker said.

Tesla did not elaborate on pricing of the new vehicles.

Reuters reported earlier that Tesla had canceled its long-promised inexpensive model that Chief Executive Elon Musk in January had predicted would be available in late 2025. The news organization reported that Tesla continues to develop robotaxis on the same small-vehicle platform.

Global growth in demand for EVs has eased, with sales expanding at lower-than-expected rates due to reductions in state subsidies and high interest rates.