Tesla shares surged 12% on Wednesday after CEO Elon Musk said that 

Tesla shares increased 12% on Wednesday.

Elon Musk said company plans to begin production of new affordable EV models by early 2025.

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Musk's comments came on Tesla's earnings call on Tuesday, following the company's poor first-quarter results.

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Revenue declined 9% year on year, marking the largest yearly decline since 2012.

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Tesla had previously planned to begin production of the new EV vehicles in the second half of 2025.

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Revenue fell from $23.3 billion a year ago to $25.17 billion in the preceding quarter.

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Tesla has expressed a strong commercial outlook as it prepares to launch new vehicle types and license its driver aid system.

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