Tesla posted impressive numbers on Sunday as it reported growth in vehicle deliveries for the first quarter of the year. In its report, the automobile company announced that it delivered a total of 422,875 electric vehicles (EVs) for the first quarter of 2023.
Not only does this mark an increase as compared to its performance in Q4 2022, but it exceeded the estimates set by Wall Street. Tesla also produced 440,808 vehicles in the same period. The numbers mark a growth of 4% in deliveries sequentially (compared to the 405,278 deliveries it made in the winter quarter of the previous year), as well as an annual growth of 36% in deliveries compared to the corresponding quarter in the previous year.
The independent researcher who publishes under the Twitter handle TroyTeslike posted on Twitter that they were expecting Tesla to report deliveries of 427,000 and production of 445,920 vehicles for the quarter. Note that Tesla will post its financial results for the first quarter of 2023 after the market close on Wednesday, April 19, 2023, and issue a brief advisory containing a link to the Q1 2023 update, according to the company.
Tesla’s shares clocked a growth of 6.24% on Monday after the company announced the news, and are currently priced at $207.46 per share. Despite clocking an increase in its EVs for the quarter, the company failed to clock a significant QoQ growth in its sales – even after it slashed the prices of its vehicles globally – the prices of its Model S and Model X vehicles dropped by about $5000-10000 in the US as the company aimed to increase its sales in the region. Later, it reduced the prices of its vehicles in other markets as well, including Europe and China.
Tesla reported on Sunday that it continued to transition towards a more even regional mix of vehicle builds, including its higher-priced Model S/X vehicles in transit to EMEA and APAC. It produced a total of 19,437 Model S and Model X vehicles for the first quarter of 2023, while it delivered 10,695 units of the same models (an increase of 2% in deliveries). The company also produced a total of 421,371 units of its Model 3 sedan and Model Y crossover during the first quarter and delivered 412,180 vehicles of the same.
“If they hadn’t done the price cut, 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, said on Sunday, adding, “They showed an acceleration, but they didn’t accelerate to the level that Elon had suggested it would.”
