Tesla promises ‘more affordable’ cars after shelving all-new Model 2

Tesla said on Tuesday, April 23, it would introduce “new models” by early 2025 using its current platforms and production lines as it retreated from more ambitious plans to produce an all-new model that had been expected to cost $25,000.

The talk of new offerings on a faster timeline sent Tesla shares soaring in after-hours trading, a much-needed boost, after months of decline during which Tesla has struggled with fierce competition and falling sales. The gains came despite Tesla releasing...