Despite breaking a company record for deliveries over the first quarter, Tesla shares are down on Monday as production totals still came in short of both analysts' and CEO Elon Musk’s predictions.
In January, Musk said the company’s internal production potential was close to two million vehicles in 2023, up from 1.3 million in 2022. The company hoped to grow its deliveries by 50% in 2022 to 1.4 million while analysts wanted to see deliveries closer to 1.8 million.
New Tesla cars sit in a parking lot at the Tesla factory in Fremont, California. (Justin Sullivan / Getty Images)
Tesla delivered a record 422,875 electric cars to customers in the first quarter: 412,180 were Models 3 and Y, while 10,695 were Models S and X vehicles. The totals secured a 36% year-over-year increase and a 4% increase from the last quarter.
In January, the electric vehicle maker reduced the prices of the Model S and Model X by up to $21,000 and in early March, Tesla cut prices again.
Tesla Model X (Tesla)
Tesla sells its vehicles directly to consumers and frequently updates its list prices rather than using typical incentive or discount programs. Prices vary according to your location.
FOX Business reporter Gary Gastelu contributed to this story.