The world’s largest electric car manufacturer Tesla failed to meet analysts’ expectations in the first quarter despite record deliveries. According to its own information on Sunday, the US company handed over 422,875 cars to its customers in the reporting period. According to Refinitiv data, however, experts had expected an average of 430,008 vehicles.
Deliveries increased by 4 percent compared to the previous quarter and by as much as 36 percent compared to the same quarter last year. Tesla put production in the period between January and March at 440,808 vehicles.
Tesla was slowed down by the weak economic prospects and increasing competition. In January, Tesla reduced the prices of its cars by up to 20 percent in all markets, which many analysts see as the start of a price war by the market leader. The company wanted to boost demand with the step.
Tesla shares are up more than 68 percent this year as investors bet the vehicle maker will win the price war that has started. The share certificate is still more than 50 percent below its high of November 2021.