(Reuters) – Tesla said on Sunday it delivered more than 422,000 vehicles in the first quarter, a figure below analysts’ expectations, despite price cuts the U.S. electric car maker faces growing competition in a still uncertain economic environment , proceeded to stimulate demand.
Tesla’s deliveries are up 36% compared to the same period last year, but its CEO Elon Musk had forecast a growth rate of 52% at the start of the year.
Tesla delivered 422,875 vehicles in the first three months of the year, a record in the company’s history, while analysts had expected an average of just over 430,000 vehicles, according to Refinitiv data.
The American manufacturer has manufactured just over 440,000 vehicles at the same time, increasing its production in new factories in Berlin and Texas, as well as in China where health restrictions linked to Covid-19 have been lifted.
Elon Musk said in January that Tesla deliveries in 2023 could reach 2 million vehicles, up from 1.3 million in 2022.
After missing Wall Street expectations for its 2022 deliveries, Tesla in January made price cuts of up to 20%, sparking a price war in the electric vehicle market.
(Report Akash Sriram in Bangalore and Hyunjoo Jim in San Francisco, Jean-Stéphane Brosse)
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