Tesla reports that Tesla vehicle deliveries rose by approximately 35 percent in the quarter ending March after price cuts

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• Tesla released its Q1 production data and deliveries data Sunday. It reported a record number delivery.
• The company initiated a series of price reductions in January that seem to have increased the demand for EVs.
• An earnings call this month will give investors a better understanding of the impact the cuts have had on the company's finances.

Tesla reported record-breaking vehicle deliveries in the first quarter 2023, an increase of 36% over the first quarter 2022. This was due to the company's efforts to increase sales through a series price cuts.

In the first quarter, the electric vehicle manufacturer reported production of approximately 440,000 vehicles and just under 423,000 deliveries of electric vehicles. This figure is close to Tesla's sales figures.

The company's Q1 earnings report will be released later in the month.

Tesla's January price cut of Model 3 and Model Y, which saw them drop their prices by as much as 20%, may partly explain the sales rise. Tesla's most-popular vehicles are the Model 3 and Y, which account for 97% of all Q1 deliveries.

Insider's George Glover, Beatrice Nolan and Beatrice Nolan reported that March's cuts seemed to have been working as the demand for Teslas at a lower price rose after the January cuts. It remains to be seen if the increased demand will offset the price drop.

According to the latest data, the company's Eon Musk led numbers show a 4% increase in Q4 deliveries. Tesla reported just over 405,000 deliveries. This is compared to a 36% increase for the first quarter of 2022 when Tesla reported 310,000 deliveries.

Analyst expectations of FactSet — an average of 432,000 deliveries Friday — were not met by the car manufacturer, which was reported in the Wall Street Journal as well as CNBC.

Tesla stock has rebounded after falling about 65% in the last quarter of 2022. It has gone from a low of just over $100 in January to $207 by Friday's closing bell.

Federal regulators are conducting investigations into possible crashes caused by the company’s driving aid software. There have also been reports of defective seat belts, and steering wheels. Some electric semi trucks of the company were recalled last month due to problems with their parking brakes.

New regulations regarding electric vehicle tax credits were also released by the Treasury Department. They will be in effect this month. These changes could have an impact on the affordability and demand for Teslas and other electric cars, as some models are no longer eligible for $7500 tax credits.

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By: amcdade@insider.com (Aaron McDade)
Title: Tesla reports vehicle deliveries are up about 35 percent from last year in first quarter following price cuts
Sourced From: www.businessinsider.com/tesla-deliveries-first-quarter-price-cuts-2023-4
Published Date: Sun, 02 Apr 2023 20:05:10 +0000

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