Tesla reported a big drop in quarterly profits Tuesday amid an increasingly cutthroat electric vehicle market, but shares rallied as CEO Elon Musk pledged to accelerate plans for a more affordable EV. Tesla reported profits of $1.1 billion, down 55 percent from the year-ago quarter on revenues of $21.3 billion, down nine percent as the company described EV sales as “under pressure.” But shares rocketed up more than 11 percent in after-hours trading after Tesla pledged to “accelerate” new more affordable autos — something Wall Street analysts have been clamoring for. The results, which lagged …