Tesla Stock Rallies Behind Model S Early Release

Despite announces giant loses, Wall Street focused on the company's positive news.

By Sajid Farooq
|  Wednesday, May 9, 2012  |  Updated 6:28 PM PDT
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Tesla Stock Rallies Behind Model S Early Release

Tesla announced that it will release its Model S one month earlier than expected.

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Tesla Motors' promise to deliver its Model S early excited Wall Street despite the company's revenue taking a dive.

The Palo Alto-based electric vehicle-maker announced that its first quarter revenue was down from $49 million last year to $30.2 million.

The company posted a loss of $89.9 million or about 86 cents per share.

But Wall Street was unfazed by the news, instead choosing to rally around the announcement that Tesla will deliver the first versions of its model S ahead of schedule in June instead of July.

The company's stock rose about 8 percent in after hours trading.

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