00:00 It's Benzinga and here's what's on the block.
00:02 Tesla's stock price jumped 12% on Wednesday after CEO Elon Musk said the company would
00:07 accelerate the rollout of more affordable electric vehicle models. Musk did not provide details on
00:12 the cheaper EVs but said they would use Tesla's current manufacturing platforms and production
00:16 lines. Analysts saw this as a sign Tesla had retreated from previous plans for an all-new
00:21 $25,000 vehicle and would offer stripped-down versions of existing models. Competition and
00:27 high costs have eaten into Tesla's bottom line after years of rapid growth, putting
00:31 pressure on Musk to cut prices. For all things money visit Benzinga.com
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