Tesla's Q1 net income dropped 55%, global sales fell, but stock rose due to Musk's plan to speed up affordable EV production.

Tesla's Q1 net income dropped 55% as global sales fell, but the company's stock rose after announcing plans to speed up production of more affordable electric vehicles. Quarterly revenue also fell for the first time since 2020. Despite the profit decrease, Tesla CEO Elon Musk's pledge to accelerate affordable EV production led to share growth.