BUZZ-Tesla shares bounce after promise of new affordable cars

Reuters04-24

** Shares of Tesla up 10.7% at $160.36 premarket after the EV maker promised to launch "more affordable" cars

** If premarket gains sustain, stock set to touch a 10-day high at open

** TSLA said it would introduce "new models" by early 2025 as it retreated from more ambitious plans to produce an all-new model that had been expected to cost $25,000

** Chief Executive Elon Musk declined to provide details of the new vehicles

** Musk also said Tesla "should be thought of as an AI robotics company", not a car maker, as he outlined ambitious visions for diversifying Tesla's business into AI, humanoid robots and operating a fleet of millions of autonomous vehicle

** Average rating of 50 brokerages covering stock is "hold" and median PT is $175

** TSLA market value to swell by $50 bln if gains hold through the session

** Tesla dropped 42% so far this year and hit a 15-month low on Monday

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))

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