The carmaker produced more cars than it delivered, manufacturing 440,808 vehicles in the first quarter. But the number of deliveries for its higher-priced Model X and Model S vehicles slumped by 38%. The company delivered 6% more of its mainstay Model 3 and Model Y vehicles in the first three months of this year than in the previous quarter. The consensus of analysts is “all over the place,” Munster added. The 422,875 deliveries fell short of many financial institutions’ previous analysis, including Refinitiv data’s 430,008 and Wall Street’s 432,000, but slightly above analysts surveyed by Bloomberg, who predicted 421,164 vehicles to be shipped, according to Reuters.Įlon Musk cutting prices on Tesla luxury cars again by nearly 10 percent “They showed an acceleration, but they didn’t accelerate to the level that Elon had suggested it would.” The company delivered 6% more of its mainstay Model 3/Model Y vehicles in the first three months of this year than in the previous quarter. I think what it tells you is the economy is getting tough,” Gene Munster, managing partner at Deepwater Asset Management, said on Sunday. “If they wouldn’t have done the price cut, it would have been ugly. The Tesla billionaire gambled that reducing prices would stimulate sales growth, but investors are concerned about eroding margins. The CEO Elon Musk said in January that Tesla could achieve 2 million vehicle deliveries this year, up 52% from last year. The basic Model Y that used to sell for $65,990 now costs $54,990.ĬEO Elon Musk said in January that Tesla could achieve 2 million vehicle deliveries this year, up 52% from last year, Reuters reported Monday. Tesla slashed prices worldwide by up to 20% in January, sparking a price war after the company’s failure to meet Wall Street’s delivery estimates for 2022. The electric-car maker delivered 422,875 vehicles for the first three months of this year, a 4% increase from the previous quarter and a 36% increase from the same period last year. Tesla’s quarterly vehicle deliveries hit a record, but growth was modest despite recent price cuts - leading some analysts to forecast further discounting as the global economy continues to wobble. Tesla loses $50B in value as stock tumbles 8% due to Elon Musk price cuts Tesla hikes prices on higher-end models - a day after vowing more discountsĮlon Musk’s top AI researcher Igor Babuschkin ‘arrested for domestic violence’ Tesla Autopilot didn’t fail in crash case, California jury finds
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