Tesla's Q1 Deliveries Exceed Expectations with Help from China and Price Cuts

Tesla delivered 422,875 electric vehicles in Q1 2023, beating Wall Street estimates, with a large percentage of deliveries coming from vehicles produced by Tesla’s Shanghai gigafactory. The automaker has been issuing price cuts in all markets, including China, where the most recent discounts have caused a price war among competitors, resulting in an increase of Tesla sales in China from last year. Tesla’s share price rose 6.24% Sunday following the automaker’s quarterly production and delivery results.