There are various challenges ahead, including tariffs, an evolving EV market and a history of delays on new products.

Tesla shares climbed Wednesday as investors focused on comments from Tuesday's earnings call rather than the electric vehicle maker's disappointing first-quarter results.

Tesla CEO Elon Musk said his role as a special government employee will take much less of his time beginning very soon. The company also said it is on track to add a lower-priced vehicle to its lineup within the next two months.