Tesla is speeding up plans for a range of cheaper cars as Elon Musk’s electric vehicle maker attempts to take on a wave of cut-price Chinese manufacturers. The company said it would “accelerate the launch of new models… including more affordable models” with production starting next year. Tesla’s shares rose by more than 5pc in after-hours trading despite the company reporting its biggest drop in sales in more than a decade. Investors have been awaiting news of a cheaper electric car, which Mr Musk has suggested could cost around $25,000 (£21,500), but have raised concerns that his attention is instead focused on an autonomous “robotaxi”. Tesla said on Tuesday [last night]: “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. “These new vehicles, including more affordable models, will utilise aspects of the next generation [manufacturing] platform as well as aspects of our current platforms, and will be able to be produced on the same manufacturing lines as our current vehicle line-up. “This update may result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle...