*TESLA POSTS RECORD Q1 QUARTERLY DELIVERIES OF 422,875, UP 4% FROM Q4 $TSLA
- Tesla Inc on Sunday posted record quarterly vehicle deliveries, but quarter-on-quarter sales growth was modest despite price cuts as rising competition and a bleak economic outlook weighed.
In January, Tesla slashed prices globally by as much as 20%, unleashing a price war after missing Wall Street delivery estimates for 2022. The basic Model Y that used to sell for $65,990 now costs $54,990. 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, absent external disruption, from 1.3 million in 2022.
Tesla missed the figure analysts surveyed by Refinitiv and FactSet were expecting. Other estimates show Tesla beat Wall Street expectations with its 422,875 vehicles delivered.Tesla said a consensus of more than 20 analysts called for 421,500 vehicles delivered, Tesla investor Gary Black said in a tweet. Reuters could not independently confirm that figure.Tesla delivered 6% more of its mainstay Model 3/Model Y vehicles in the first three months of this year than in the previous quarter.
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