What just happened? Tesla's first quarter production and delivery report is in and it's another home run for the electric vehicle maker. For the three-month period ending March 31, 2023, Tesla produced 440,808 vehicles and delivered 422,875 during the same span. The mark represents the most vehicles Tesla has delivered in a single quarter, besting the 405,278 vehicles delivered in the fourth quarter of 2022 by just over four percent.
The production / delivery split continues to heavily favor the more affordable Model 3 and Model Y variants. Collectively, these two models accounted for 421,371 production units and 412,180 deliveries. The remaining 19,437 vehicles that rolled off the assembly line and 10,659 vehicles delivered were made up of the Model S sedan and Model X SUV.
Despite the impressive performance, Tesla still fell short of some analysts' expectations. Independent analyst Troy Teslike's final production and delivery estimates were 445,920 units and 427,000 units, respectively.
Shares in Tesla are trading down around 5.3 percent on the news as of this writing.
Tesla has implemented nearly half a dozen price cuts in recent months, moves that are clearly attracting the attention of consumers. Most recently, the Model S saw an instant $5,000 price cut and the Model X starting price was slashed by $10,000.
The increased sales could also be a sign that shoppers are more receptive to the eventuality that EVs will soon replace gas-powered engines.
Just last month, Dodge unveiled its seventh and final Last Call special edition vehicle. The 2023 Challenger SRT Demon 170, one of the last to be petrol powered before Dodge switches to electric motors, delivers 1,025 horsepower and 945 lb.-ft. of torque on E85, which is enough to propel the muscle car from 0-60 mph in just 1.66 seconds and smash the quarter mile in 8.91 seconds at 151.17 mph.
Tesla plans to share full financial results for Q1 after the market closes on April 19.
Image credit: White Tesla by Screen Post, Red Tesla by Makara Heng