Tesla shares increased 12% on Wednesday.

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

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

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

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

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

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