Tesla misses delivery estimates for first quarter

The electric automaker Tesla missed its Q1 delivery estimates due to a difficult economic outlook and rising competition that impacted its sales performance. According to Refinitiv data, the company delivered 422,875 vehicles compared to the anticipated figure of 430,008 vehicles.

Tesla CEO Elon Musk’s strategy of cutting prices to stimulate sales has not achieved the desired outcome of enhancing margins. Nonetheless, investors remain optimistic, and the company’s shares have surged by over 68% in 2022 in the hope that its pricing strategy will pay dividends in a price war with rivals. Despite this, the stock is still more than 50% down since November 2021.

Due to the extremely turbulent economy, and increased competition arising from companies such as Ford Motor Co. and Lucid Group, Tesla has resorted to price cuts to maintain momentum. In China, the world’s largest auto market, the company used this approach to fend off competition, and sales of the Model Y compact SUV have been exemplary.

(This story has been corrected to remove the reference to price cuts failing to attract customers in the title and text)

(Reporting by Akash Sriram and Urvi Dugar in Bengaluru; Editing by Sriraj Kalluvila, Will Dunham and Lisa Shumaker)

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