Tesla Lowers Prices, Delivers 422,000 Units in Q1... Falls Short of Wall Street Expectations

American electric vehicle manufacturer Tesla, which has initiated price cuts, announced on the 2nd (local time) that it delivered 422,875 vehicles in the first quarter of this year.

This represents a 36% increase compared to the previous year. It also marks a 4% increase compared to the previous quarter, setting a record for the highest quarterly deliveries ever. However, it fell short of the Wall Street forecast of 432,000 units compiled by FactSet.

Specifically, Tesla delivered 10,695 units of its premium models, the Model S and Model X, in the first quarter of this year. This accounts for about 2% of the deliveries for this quarter. Additionally, 412,180 units of the Model 3 sedan and Model Y crossover were delivered. Sales figures for semi-trailer trucks and other vehicles were not disclosed.

Along with this, Tesla's production volume in the first quarter recorded 440,808 units.

[Image source=AP Yonhap News]

Last year, Tesla's stock price plummeted amid concerns over weak demand, but this year it has aggressively implemented discount sales by significantly lowering prices of key models in the US, Europe, and other markets. The market has been closely watching how much the increase in sales driven by price cuts can offset the pressure on margin declines. Tesla's quarterly earnings will be released on April 19. Despite an expected increase in first-quarter revenue, Wall Street anticipates a contraction in profit margins. Tesla's stock price has surged more than 68% this year, recovering the losses from last year.

This year, Tesla aims to deliver 1.8 million vehicles, which is a 37% increase compared to last year's annual delivery volume. Vehicles are currently being produced in the US, China, and Germany. The company plans to launch the Cybertruck pickup in the market by the end of this year.