Tesla Inc.’s shares significantly increased following the first-quarter earnings report released after the market closed on Tuesday. Although earnings per share fell below analysts’ forecasts, the company exceeded expectations for gross margin. Tesla also announced plans to accelerate the production of new models of more affordable vehicles.

Shares of the company surged over 10% in volatile trading soon after the results were announced. The shares rose by 1.8% on Tuesday, but have fallen by 42% since the beginning of 2024 as of the close of trading.

During the earnings call, Tesla CEO Elon Musk discussed the company’s plans to introduce its Robotaxi later this year and efforts to speed up the production of a more affordable range of electric vehicles.