The CEO is already eyeing expansion for his Tesla Diner dishing merchandise and food served by Optimus robots.

Tesla says it has started production of a more affordable model and expects volume production in the second half of the year.

Tesla's stock gained more than 1% in the extended session Wednesday, after the EV maker reported second-quarter earnings that were largely in line with Wall Street's expectations. Investors appeared to cheer news that a cheaper Tesla model is still in the works.

Even with shares down 12% this year, Tesla Inc. (NASDAQ:TSLA) still carries an out-of-this-world price-to-earnings ratio of 189x. That's not just lofty—it's meme-level. Tesla's Valuation Is Still From Another Planet For context,

Stocks rose Wednesday, with the S&P 500 setting an intraday high, as the U.S. and Japan reached a trade agreement and Wall Street looked ahead to earnings reports later in the session from Tesla and Alphabet.

Tesla’s reputation is in a crash it can’t control, much like the people who are behind the wheel when the car’s self-driving features fail to stop. In the latest Electric Vehicle Intelligence Report, Tesla saw its perception erode among consumers, leading to the company scoring the lowest trust score among all major EV makers.

Tesla's earnings are due today with an investor call at 5:30 p.m. ET. Elon Musk's politics have rocked TSLA stock, with shares down 18% YTD.

Tesla is no longer the EV king of Europe. After dominating sales charts for years, the American automaker has slipped to second place