Tesla Q1 deliveries beat expectations as China helps boost sales
Tesla said Sunday it delivered 422,875 electric vehicles in the first quarter of 2023, just beating Wall Street estimates of around 420,000 units. The company produced 440,808 vehicles in the same period.
The delivery and production numbers are record results for the EV maker. In the fourth quarter of 2022, Tesla delivered 405,278 and produced 439,701 units. Those Q4 deliveries were also record results, but they missed Wall Street expectations.
It appears that a large percentage of deliveries came from vehicles produced by Tesla’s Shanghai gigafactory. The automaker has been issuing price cuts in all markets, including China, where the most recent discounts have caused a price war among competitors. The result is an increase of Tesla sales in China from last year, which suggests the East Asian country is helping to boost Tesla’s global delivery numbers.
Tesla doesn’t break down its delivery and production numbers by region, but according to data from the China Passenger Car Association (CPCA), Tesla collectively sold 140,453 China-made vehicles in…