Electric car maker Tesla released its Q1 production and delivery report over the weekend, which showed a record number of deliveries for the company. However, this still wasn’t enough for the company to meet the Wall Street estimates.
According to the report, Tesla delivered 422,875 electric vehicles in the first three months of 2023, which is shy of the 430,008 cars mark that was expected by Wall Street experts. The company also set the record in production during the same period of time, with 440,808 units getting off the production track.
Tesla’s head of investor relations Martin Viecha was proud of the numbers nonetheless, saying in a Twitter post that the company’s “sequential growth continues even in the first quarter.”
Tesla tried to ramp up its sales at the start of the year by slashing prices. Some of its most popular models have been discounted by 20 percent compared to their original price. However, the challenging economy and growing competition obviously prevented the company from making the most out of this tactic.
Tesla’s stock has been surging the entire past week, closing at $207.46 on Friday. The company’s shares have jumped more than 91 percent year-to-date and are at their highest since February.