Tesla stock soars 14% after Elon Musk commits to affordable vehicle launch following Q1 earnings miss

• Tesla stock surged as much as 14% on Wednesday after the company reported 1st-quarter earnings.

• While the company badly missed analyst estimates, Elon Musk did commit to an affordable car.

• "We're updating our future vehicle lineup to accelerate the launch of our low-cost vehicles," Tesla said.

Tesla stock surged as much as 14% on Wednesday after the company reported a big first-quarter earnings miss but reiterated its plans to sell affordable vehicles.

Investors were concerned that Tesla was pivoting away from a low-cost vehicle to instead focus on its robotaxi ambitions following a report from Reuters earlier this month, but it appears the company is committed to both endeavors.

"We're updating our future vehicle lineup to accelerate the launch of our low-cost vehicles in a more capex-efficient way," Tesla vice president of vehicle engineering Lars Moravy said on the earnings call.

Here are the key numbers:

• Revenue: $21.3 billion, compared to analyst estimates of $22.3 billion

• Adjusted earnings per share: $0.45, compared to analyst estimates of $0.50

• Gross margin: 17.4%, compared to analyst estimates of 16.5%

Tesla said its new vehicles could come in early 2025, or as soon as later this year.