The majority of production and deliveries were the Model 3 sedan and Model Y crossover, with 460,211 produced and 446,915 delivered. The electric car maker produced 19,489 of the higher-priced Model X and Model S and delivered 19,225. Dan Ives, an analyst at Wedbush Securities, said it was a “trophy case quarter” for the company, adding “Tesla bears,” or pessimistic Tesla investors, will be sent back into “hibernation mode.” It was a record for deliveries, though widely expected.
In April, Tesla cut prices for the fifth time since January, slashing costs between 2% and nearly 6% as the US expects to limit EV tax credits. “Price cuts implemented early in 2023 have paid major dividends for Musk & Co. as demand appears to remain very strong and production efficiencies have allowed for the massive deliveries beat this quarter,” Ives said. The figures are a significant jump from this time last year.