Tesla sets new company record after delivering more than 422,000 EVs in Q1 2023

But it once again missed analyst estimates.

Stephen Lam / reuters

Tesla has shared its first production and delivery report of 2023. And in a repeat of its Q4 2022 results, the automaker set a new record for deliveries but fell short of Wall Street estimates. Tesla announced on Sunday it delivered 422,875 EVs during the first three months of the year. It produced 440,808 vehicles during that same period, another record for the company.

Going into the weekend, independent analyst Troy Teslike predicted the company was on track to deliver 427,000 vehicles in the first quarter of the year. The company’s final tally represents a 36 percent increase from the 310,048 deliveries it announced during this time last year. It’s also a four percent increase from the 405,278 deliveries it reported in the final quarter of 2022.

Unsurprisingly, the Model 3 and Model Y made up the bulk of Tesla’s deliveries in the first quarter of 2023, with 412,180 of those vehicles making their way to customers before the end of March. Comparatively, Tesla's more expensive Model S and Model X cars accounted for a modest 10,695 deliveries over the same time frame. That's a drop from the 17,147 Model S and Model X vehicles it delivered last quarter.

It will be interesting to see how Tesla’s latest delivery numbers affect the company’s bottom line. The first three months of the year saw Tesla aggressively cut pricing across most of its lineup. In January, for instance, the five-seat Model Y went from costing $65,990 to $52,990, and then $54,990 less than a month later. More recently, the automaker slashed the price of Model S and X vehicles by up to $10,000. Tesla will publish its full Q1 results on April 19th