Deliveries are up 36%, but miss estimates due to stiff competition and a bleak economic outlook
Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom in Beijing, China, February 4 2023. Picture FLORENCE LO/REUTERSmissed estimates for its first quarter as rising competition and a bleak economic outlook overshadowed the electric-vehicle maker’s price cuts.
Tesla delivered 422,875 vehicles, a record high for the carmaker but smaller than analyst expectations of 430,008 vehicles, according to Refinitiv data. 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.
It ramped up production at new factories in Texas and Berlin, and as China production recovered from a Covid-19 lockdown hit.Some analysts expect Tesla may be pressured to lower prices further as many carmakers have matched the cuts and concerns about a weakening economy persist. Tesla’s cuts in China ignited a price war, with a number of Chinese rivals including BYD and Xpeng dropping prices to defend market share amid weakening demand.
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