(April 4, 2023) Tesla Inc. posted record quarterly vehicle deliveries after cutting prices of its cars, but quarter-on-quarter sales growth was modest because of rising competition and a bleak economic outlook. The automaker delivered 422,875 vehicles in the first three months, up 4 percent from the previous quarter and 36 percent higher than in the same quarter a year ago after cutting prices on certain models, according to Reuters.

The company does not break down geographical results, so its U.S. performance won't be known until vehicle registration data arrives from the states in coming months.

Tesla delivered 6 percent more of its mainstay Model 3/Model Y vehicles in the first three months than in the previous quarter. But the number of deliveries for its higher-priced Model X/Model S vehicles slumped by 38 percent. The automaker produced more cars than it delivered, manufacturing 440,808 vehicles in the first three months.

Tesla ramped up production at new factories in Texas and Berlin, and in China as production recovered from a COVID-19 lockdown hit. The company tweeted on Sunday that its Texas factory built 4,000 Model Y cars last week, while the automaker said in February that its German plant was producing 4,000 cars a week.

CEO Elon Musk, who has missed his own ambitious sales targets for Tesla in recent years, said in January that 2023 deliveries could hit 2 million vehicles without external disruption, up from 1.3 million in 2022.

Sources: Reuters, Automotive News