Tesla Records Increase in First Quarter Report in 2023, Compared to Last Year

Automotive and clean energy company Tesla has announced better-than-expected first-quarter (Q1) financial results, according to the company’s financial statement.

The electric vehicle (EV) company recorded a 36% increase in Q1 vehicle production to 444,000 vehicles and delivered over 422,000, up from 310,048 that were delivered in the same quarter last year.

The report showed Tesla produced 19,437 Model S and X vehicles and delivered 10,695 of its higher-priced Model S and X vehicles, which is about 2% of deliveries in the quarter.

Speaking on its first-quarter report, the company stated that it continued to transition towards a more even regional mix of vehicle builds.

The statement noted that a large percentage of Tesla’s first-quarter deliveries came from vehicles produced in its Shanghai gigafactory in China following massive price cuts.

Recall that in a bid to boost sales, the automaker has been issuing price cuts in all markets, which saw it roll out price cuts in markets like China and the US over the past few months.

The EV company on several occasions slashed the prices on some of its models in China, its biggest market, where the most recent discounts have caused a price war among competitors. Other EV brands such as BYD, Nio, and Xpeng have all followed suit in slashing the prices of their vehicles.

Also, in the U.S., it slashed the price of its entry-level Model Y by 20 percent.

Investors King understands that Tesla now sells four models of its vehicles which are produced at the company’s two vehicle assembly plants in the U.S., one in Shanghai, and another outside of Berlin.

In March this year, Tesla CEO Elon Musk revealed plans to construct a new factory in Monterrey, Mexico to boost production, after during Tesla’s Q4 2022 earnings call in January, Musk tried to assuage investors by saying that demand exceeded production.

Following the disclosure of its delivery figures for the first quarter (Q1) of 2023, Tesla disclosed that it will present its first quarter (Q1) financial result in April.