05:12 PM EDT, 04/23/2024 (MT Newswires) -- Tesla (TSLA) late Tuesday reported first-quarter results that were below Wall Street's estimates while the electric vehicle manufacturer said it was planning to launch new models earlier than previously expected.

Revenue decreased 9% year over year to $21.3 billion, trailing the consensus on Capital IQ for $22.26 billion. Adjusted per-share earnings slumped to $0.45 from $0.85 a year earlier, below the Street's view of $0.50.

The company said in a shareholder report that sales were weighed down by reduced average prices, lower deliveries and foreign exchange headwinds. Earlier this month, the EV maker posted first-quarter vehicle deliveries that fell 9% year over year and missed analysts' expectations at the time.

"Global EV sales continue to be under pressure as many carmakers prioritize hybrids over EVs," Tesla said. "To support our growth, we have been increasing awareness and expanding vehicle financing programs, including attractive leasing terms for our customers."

Shares were up 8.1% in after-hours trade.

Tesla said it plans to speed its launch of new vehicles, some of which will be more affordable models.

"We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025," the company said.

Operating margin shrank by 592 basis points year over year to 5.5% amid costs associated with artificial intelligence initiatives and cell advancements, as well as Cybertruck's production ramp.

"We experienced numerous challenges in (the first quarter), from the Red Sea conflict and the arson attack at Gigafactory Berlin, to the gradual ramp of the updated Model 3 in Fremont," Tesla said.

The company recently announced a restructuring plan that would trim its global headcount by more than 10%, and on Tuesday said it remains committed to company-wide cost cuts.

Tesla reiterated that its vehicle volume growth rate in 2024 "may be notably lower" than that of 2023 as it seeks to launch the next-generation vehicle and other products. In 2023, Tesla's production grew 35% year over year to a total of 1.85 million vehicles.

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