Quarterly deliveries of Tesla vehicles rose by 4%

The Tesla company published its quarterly results, according to which, due to increasing competition and unfavorable economic prospects, sales growth was very modest despite the reduced vehicle prices.

The automobile manufacturer delivered 422,875 vehicles in the first three months of this year, i.e., by four percent more compared to the previous quarter. This figure is 36 percent higher compared to the same period last year. The company’s general director, Elon Musk, said in January that deliveries of Tesla vehicles could reach two million this year, or 52 percent more compared to last year, writes Reuters.

Investors watched Musk’s risky decision to cut prices to boost sales, worried about shrinking margins.

In January, the company Tesla, since it did not achieve the number of deliveries forecasted by analysts from the American stock markets, lowered its prices at the global level by about 20 percent. So the base Model Y, which retailed at $65,990, now costs $54,990.

Deepwater Asset Management partner Gene Munster said they would have found themselves in a difficult situation had they not lowered prices. The company showed acceleration (delivery), but it was less than Musk suggested.

Various estimates

According to data from Refinitiv, seven analysts expected Tesla deliveries to reach 430,008 vehicles.

Wall Street expected Tesla to report deliveries of about 432,000 vehicles in the first quarter, according to median estimates compiled by data processing firm FactSet, the WSJ, and CNBC reported.

The company’s shipments fell short of the figures forecast by analysts polled by Refinitiv and FactSet. Still, other estimates show the company beat Wall Street analysts’ expectations with 422,875 vehicles delivered.