Business

As America’s electric-vehicle industry sputters, Tesla announced gloomy first-quarter results. Revenue fell to $21bn, a decline of 9% year on year, and the firm’s operating margin fell by half. Shareholders, however, found something to celebrate as the firm said that new, more affordable models would go into production sooner than expected. Tesla’s share price, which has fallen by more than a third this year, climbed by 12% after its earnings release.