Tesla Q1 profit falls 55%, but stock jumps as company moves to speed production of cheaper vehicles

Despite a 55% decline in net income for the first quarter, Tesla's stock price surged during after-hours trading on Tuesday following the company's announcement of plans to expedite production of new, more cost-effective vehicles. The Austin, Texas-based company reported earnings of $1.13 billion from January through March, a decrease from $2.51 billion in the corresponding period the previous year.