Tesla Q1 Vehicle Deliveries Up 36%

(RTTNews) - Tesla Inc.'s (TSLA) first-quarter vehicle deliveries rose 36% from last year, following the luxury electric major's decision to cut prices of its electric vehicles.

The Austin, Texas-based electric vehicle said Sunday that it delivered 422,875 vehicles in the first quarter of 2023, an increase of about 36 percent from last year's 310,048 vehicles. It delivered 412,180 units of its Model 3 and Model Y, along with 10,695 units of its Model S and Model X.

The company produced 440,808 vehicles in the first quarter compared to 305,407 vehicles in the previous year.

Earlier this month, Tesla slashed prices of its Model S sedan and Model X SUV vehicles in the United States, aiming to boost demand. The price cut came for the second time this year after the company drastically cut prices in January in a bid to boost sales.

According to the company's website, around $5,000 was reduced on Model S price and around $10,000 on Model X vehicles.

Tesla said Sunday that it will post its financial results for the first quarter of 2023 after market close on Wednesday, April 19, 2023.