Summary:

• Tesla reported delivering 422,875 cars in Q1 2023, representing a 36% YoY increase.
• Its Model 3 and Y remain its bestsellers, with 412,180 deliveries out of the 421,371 produced.
• Tesla’s stock went up over 6% after the report came out, and the company’s performance was within range of analysts’ expectations.

Electric vehicle maker Tesla reported 422,875 vehicles deliveries in the just concluded first quarter of 2023. The company said it produced a total of 440,808 vehicles during the period.

A CNBC coverage of the news highlighted that the company delivered 310,048 vehicles during the same period in 2022, which represents a 36% increase. Even its previous quarter delivery report was 4% less.

Its more expensive cars, Model S and X, were responsible for 10,695 of the deliveries. Meanwhile, its lower-priced Model 3 and Y, represented the bulk of the delivery.

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A higher total of the produced Model S and X were not delivered, considering that Tesla made 19,437 of them during the quarter. Its Model 3 and Y cars remain its bestsellers as it delivered 412,180 out of the 421,371 that its factories made.

Tesla’s performance was within range of independent analysts who pegged expected deliveries at between 410,000 to 451,000.

Although, it need to be noted that the company did cut prices several times in different markets to boost sales and beat rivals.

Tesla did not add the delivery numbers for its Semi electric trucks, which it started shipping out in December 2022. It had recalled some of the vehicles because of a problem with its electronic parking brake valve module that could lead to “rollaway” accidents.

The company’s stock went up by more than 6% after the report came out as it has been on an upward trend since the turn of the year after having a lousy 2022 plagued by Elon Musk Twitter activities and stock sales.

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