Tesla Q1 2023 Deliveries Set New Quarterly Record but Falls Short of Analysts’ Expectations

UTC by Tolu Ajiboye · 3 min read
Tesla Q1 2023 Deliveries Set New Quarterly Record but Falls Short of Analysts’ Expectations
Photo: Tesla / Twitter

The 422,875 deliveries Tesla made for Q1 2023 surpassed the company’s previous record of 405,278 in Q4 2022.

Tesla (NASDAQ: TSLA) has posted its Q1 2023 report on vehicle production and deliveries, setting a new company record. The EV manufacturing giant said it produced 440,808 vehicles and delivered 422,875 cars for the first quarter of 2023. Tesla’s deliveries are the closest sales approximation by the company and are not differentiated by individual model or region. 

Although Tesla set a new company record with quarterly production and deliveries, the Austin-based electric vehicle maker missed analysts’ delivery estimates. FactSet’s mean estimates had the company’s deliveries at around 432,000 units for the year’s first three months. 

Tesla’s previous quarterly records for production and deliveries were 439,701 cars produced and 405,278 delivered in Q4 2022. 

Tesla Q1 2023 Production & Deliveries by the Numbers

Tesla’s first-quarter delivery numbers represent a 36% climb year-over-year (YoY) from the 310,048 deliveries reported in Q1 2022. Furthermore, the company’s latest deliveries are 4% higher sequentially compared to the 405,278 reported in the fourth quarter of last year. 

Although Tesla did not include production and delivery numbers for its Semi trucks, the company was forthcoming on other models. According to the leading EV manufacturer, it delivered 10,695 of its Model S and X vehicles in Q1 2023. This figure represents around 2% of total deliveries recorded for the period ended March 31st. Tesla also reported delivering 412,180 of its lower-priced Model 3 cars and Model Y crossovers for the first quarter. 

Meanwhile, the automotive company also produced 19,437 Model S and X cars and 421,371 Model 3 and Y vehicles in Q1 2023. Tesla said in a statement, “we continued to transition towards a more even regional mix of vehicle builds.” 

The Tesla Q1 2023 production and deliveries report was strong enough to see the company’s stock finish Q1 up more than 68%. As a result, bulls also expect TSLA to remain stable going into Monday’s trading session. It should also be interesting to see how the company’s latest delivery figures impact its bottom line. 

Tesla appears set to post its full financial results for the first quarter after the market close on Wednesday, April 19th, 2023. 

Price War

Repeated price cuts to its EV models in the US, Europe, and China defined Tesla’s first quarter. The company aggressively cut pricing across most of its lineup to attract more buyers in an increasingly competitive industry. For instance, Tesla costed its Model Y down from $65,990 to $52,990 at the beginning of the year. The EV maker also slashed its Model S and X cars by as much as $10,000. 

Tesla Plant Expansion

In March, chief executive Elon Musk announced plans to establish a new factory in Monterrey, Mexico. As it stands, Tesla already operates two vehicle assembly plants in the US, another in Shanghai, and a fourth in Berlin. In addition, the EV manufacturer produces its heavy-duty Semi truck at its Nevada battery plant.

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