Tesla beat previous records for quarterly vehicle deliveries after cutting its prices. However, analysts warn rising competition and an uncertain economy may dampen the EV maker’s quarter-on-quarter sales growth.
The brand put deliveries at 422,875 vehicles in the first three months, up 4% from the previous quarter and 36% higher year-over-year.
Tesla delivered 6% more Model 3/Model Y vehicles in the first quarter over the fourth quarter. However, the number of deliveries for its higher-priced Model X/Model S vehicles plummeted 38%.
The automaker manufactured 440,808 vehicles in the first three months. Tesla tweeted out that its Texas factory built 4,000 Model Y cars last week. It reported in February that its German plant could produce 4,000 vehicles a week.
Tesla slashed its prices by as much as 20% in January after missing 2022 Wall Street delivery estimates. Now, the basic Model Y costs $54,990 compared to its previous price of $65,990.
"If they had not cut the price, it would have been ugly. I think what it tells you is the economy is getting tough," Gene Munster, managing partner at Deepwater Asset Management, told Automotive News.
Originally posted on Auto Dealer Today
See all comments