Tesla — Shares of the beaten-down electric vehicle maker jumped 12% in premarket trading after CEO Elon Musk said Tesla plans to start production of a new affordable EV model by early 2025. Tesla disappointed on first-quarter earnings, however, posting 45 cents in adjusted earnings per share on $21.3 billion in revenue, while analysts polled by LSEG expected 51 cents in earnings per share and $22.15 billion in revenue. Tesla’s revenue drop — the steepest year-over-year decline since 2012 — came amid slowing EV sales growth across the industry, which has led Tesla to implement price cuts in an attempt to spur demand.