Tesla's stock price jumped 12% on Wednesday after CEO Elon Musk said the company would accelerate the rollout of more affordable electric vehicle models. Musk did not provide details on the cheaper EVs but said they would use Tesla's current manufacturing platforms and production lines. Analysts saw this as a sign Tesla had retreated from previous plans for an all-new $25,000 vehicle and would offer stripped-down versions of existing models. Competition and high costs have eaten into Tesla's bottom line after years of rapid growth, putting pressure on Musk to cut prices.
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00:00 It's Benzinga and here's what's on the block.
00:02 Tesla's stock price jumped 12% on Wednesday after CEO Elon Musk said the company would
00:07 accelerate the rollout of more affordable electric vehicle models. Musk did not provide details on
00:12 the cheaper EVs but said they would use Tesla's current manufacturing platforms and production
00:16 lines. Analysts saw this as a sign Tesla had retreated from previous plans for an all-new
00:21 $25,000 vehicle and would offer stripped-down versions of existing models. Competition and
00:27 high costs have eaten into Tesla's bottom line after years of rapid growth, putting
00:31 pressure on Musk to cut prices. For all things money visit Benzinga.com
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