Tesla deliveries hit a new record in the first quarter, fueled by big price cuts worldwide and U.S. tax credits. But the electric-vehicle giant fell short of analyst estimates once again. Tesla (TSLA) broke out of a base on Friday, with TSLA stock up 68% in the first quarter.
Tesla deliveries rose 36% vs. a year earlier to 422,875. That was 4% above the prior record of 405,278 in Q4. But Wall Street was expecting around 432,000 Tesla deliveries, according to FactSet.
Q1 deliveries included 412,180 Model 3 and Y vehicles, along with 10,695 Model S and X luxury vehicles.
Production once again exceeded deliveries, at 440,808. Model S and X production was at 19,437.
Tesla has missed delivery estimates for several quarters. In Q4, analysts had expected roughly 420,000.
Analysts predict Tesla deliveries in 2023 to come in around 1.8 million, up from 1.313 million in 2022.
How will Tesla stock react?
On Jan. 3, the day after it missed fourth-quarter delivery estimates, Tesla shares sank more than 12%. That day remains the worst for Tesla stock in 2023. But shares have rebounded on the year, gaining around 68%. Tesla stock bottomed on Jan. 6, as the EV giant announced big price cuts in China and Asia and as the market staged a follow-through day. Tesla followed up with price cuts in Europe and the U.S. on Jan. 13. The EV maker has made subsequent price cuts in Europe as well as U.S. cuts for the Model S and X.
New U.S. tax credits of up to $7,500 also buoyed Tesla demand.
On Friday, Tesla stock jumped 6.2% to 207.46, breaking out above a 200.76 cup-with-handle buy point, according to MarketSmith analysis. However, shares are close to their 200-day moving average, a possible resistance area.
With deliveries out of the way, the next question is how the price cuts affected Tesla earnings and gross margins. The EV giant is due to report Q1 results on April 19.
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