Tesla, the electric vehicle (EV) manufacturer, has once again set a new company record after delivering over 422,000 EVs in the first quarter of 2023. The production and delivery report released by the company showed that it produced 440,808 vehicles during the same period, representing an increase of 36 percent from the previous year. Despite the record-breaking delivery numbers, the company fell short of analyst estimates, just as it did in the previous quarter of 2022.
Tesla’s Model 3 and Model Y vehicles made up the majority of the deliveries, accounting for 412,180 of the total number of vehicles delivered. This was in contrast to the less expensive Model S and Model X cars, which had a modest 10,695 deliveries over the same period. This represented a drop from the previous quarter’s 17,147 Model S and Model X deliveries.
The company’s aggressive pricing strategy may have contributed to the increased deliveries. Tesla significantly cut pricing across most of its lineup in the first quarter, with the five-seat Model Y, for instance, experiencing a price drop from $65,990 to $52,990 in January. Less than a month later, the price was further reduced to $54,990. Similarly, the automaker recently cut the prices of its Model S and X vehicles by up to $10,000.
The market had anticipated higher delivery numbers than what Tesla reported. Independent analyst Troy Teslike had predicted that the company would deliver 427,000 vehicles during the first quarter of the year. Nevertheless, the new delivery record represents a four percent increase from the previous quarter’s 405,278 deliveries.
It will be interesting to see how the latest delivery numbers impact Tesla’s bottom line. The company is set to release its full Q1 results on April 19th.