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Tesla announced that it had delivered a record 422 875 vehicles in the first quarter of 2023, a 36% increase from the same period last year, but only a 4% increase from the previous quarter.
Elon Musk's EV-maker had slashed its prices by up to 20% in January, leading to a price war and concerns about eroding margins. They produced more cars than they delivered, manufacturing 440 808 vehicles for the quarter.
The number of deliveries for Tesla's higher-priced Model X/Model S vehicles slumped by 38%, while deliveries of its mainstay Model 3/Model Y vehicles rose 6%.
We remain very positive about Tesla's sales growth.
