Tesla has unveiled disappointing results that missed Wall Street expectations with its first-quarter profit down by 55 per cent.

But CEO Elon Musk managed to deliver a sales pitch that convinced investors the troubled E-V maker can turn around its fortunes.

The plan is to introduce a cheaper car model to take on Tesla's growing competition from Chinese car manufacturers like BYD.

The share price rose by 13 per cent in after hours trading, though it had been down more than 40 per cent this year.
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