The company previously expected to begin production of the new EV model in the second half of 2025.
Tesla reported adjusted earnings of 45 cents a share on revenue of $21.3 billion, below estimates for earnings of 51 cents a share and revenue of $22.15 billion, according to LSEG.
Revenue was $23.3 billion in the year-ago period and down from $25.17 billion in the previous quarter.
Analysts at Bank of America said in a note to investors Wednesday that Tesla's first-quarter results and management commentary “addressed key concerns” and “reinvigorated the growth story.” He urged the company to upgrade the stock from Neutral to Buy while maintaining its $220 price target.
They also expressed bullish optimism that Tesla has a positive business outlook as it prepares to launch new vehicle models and license driver assistance systems.
“In the short term, the news flow appears to suggest that risks to the stock are tilted more positively,” the analysts wrote.
Analysts at UBS on Tuesday reiterated their neutral rating on Tesla stock, lowering their price target to $147 from $160 and saying they remain skeptical of the company's story.
“TSLA has become increasingly autonomous, and while we are seeing progress, we are cautious about its short-term viability,” they wrote in the memo. “Growth in the current lineup is limited and it is unclear what these ‘new vehicles’ will bring.”
—CNBC's Michael Bloom contributed to this report.
