Tesla’s earnings report on Tuesday revealed a 9% revenue decline and a $1.4 billion drop in profits. Despite this news, the company’s stock price surged due to the announcement of plans to launch a lower-priced electric vehicle (EV) within the next year. While Tesla’s current models, the Model Y and Model 3, are top sellers, the company aims to expand its reach into a broader market with the introduction of a more affordable EV, potentially called Model 2. However, concerns remain regarding the timeline and feasibility of this low-end vehicle, considering Tesla’s history of delayed projects.