04:47 AM EDT, 04/24/2024 (MT Newswires) -- (Updates with the stock move and analyst comments in the first and last five paragraphs.)

Tesla (TSLA) shares surged 13% in premarket activity on Wednesday after the company's plan to tackle slowing growth with a relatively quick introduction of new products and technology helped offset its Q1 earnings and sales miss.

The electric vehicle manufacturer reported Q1 non-GAAP earnings late Tuesday of $0.45 per diluted share, down from $0.85 a year earlier.

Analysts surveyed by Capital IQ expected $0.50.

Revenue for the quarter was $21.3 billion, down from $23.33 billion a year earlier.

Analysts surveyed by Capital IQ expected $22.26 billion.

The Q1 results were modestly below consensus, but messaging around new auto products and improving artificial intelligence developments were "distinctly positive surprises," a research note from Truist Securities said late Tuesday.

Such a strategy will likely smooth performance between the prior growth wave comprising the Model 3/Y ramp and the growth wave ahead from a line-up of next-generation vehicles, Truist analysts, including William Stein, said in the note.

"The most important update today is that, instead of waiting for the next-gen platform to drive a wave of growth starting in late 2025, [Tesla] now plans to release more iterative versions of vehicles before late 2025 using aspects of the next-gen platform," Stein said in the note.

On the AI front, management noted that full self-drive is "performing better than expected and expressed ever-more confidence in growing adoption rates," the analysts said.

Further, Tesla Chief Executive Elon Musk expects Optimus -- the humanoid robot -- will be used in the company's factory during 2024 and could be sold externally during 2025, "though this seems optimistic to us," Stein said.

Price: 163.96, Change: +19.28, Percent Change: +13.33