Investing.com -- Tesla jumped in afterhours trade Tuesday as the EV maker's announcement that it was accelerating the launch of new model overshadowed fiscal first-quarter results that fell short of estimates amid waning EV demand.

Tesla Inc (NASDAQ: TSLA) rose more than 5% in afterhours following the report.

For Q1, the company reported adjusted earnings per share of $0.45 on revenue of $21.03 billion, missing Wall Street estimates of $0.49 a share and $22.27B, respectively.

Tesla delivered 386,810 EVs during the quarter, down from 433,371 in the three-month period a year earlier.

The EV maker touted the launch of new models amid some investor concerns about reports that Tesla could scrap plans for a cheaper EV.

"We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025," the company said.