Tesla’s latest price reductions lead to record delivery numbers

Tesla is expected to release its full financial results for Q1 2023 on April 19th

Tesla has announced it sold 422,875 electric vehicles in the first three months of 2023, setting a new company record and beating Wall Street expectations.

The sales figure represents a 36 percent increase compared to the same period last year and a four percent increase from the previous quarter. Most of Tesla’s sales came from its Model 3 sedan and Model Y crossover, which accounted for 412,180 deliveries. The more expensive Model S sedan and Model X SUV made up the remaining 10,695 deliveries.

Tesla did not disclose how many of its vehicles were produced in which factories, but said it was transitioning to a more balanced regional mix of vehicle builds. The record sales performance comes amid a series of price reductions across its product lineup in various markets, which is likely why the demand for Teslas is increasing exponentially.

Back in January 2023, Tesla reduced the pricing across its range of vehicles, making the Model 3 RWD eligible for $5,000 federal iZEV rebate in Canada. More price cuts followed in March, with the Model S and Model X seeing a reduction in cost.

Tesla’s stock price has also recovered from a slump that saw it drop from over $400 per share in 2021 to around $100 in early 2023. The company’s shares closed at $207.79 on Friday, up more than 100 since the lows.

Tesla is expected to release its full financial results for Q1 2023 on April 19th.

In other Tesla-related news, the company’s long-delayed Cybertruck has been spotted undergoing steering wheel testing. Read more about it here.

Image credit: Shutterstock

Source: Tesla, Via:Electrek

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