Tesla Inc. delivered 422,875 cars worldwide in the first quarter, setting a record after it cut prices to combat rising interest rates and inflation.
The results, posted Sunday, compare with the 421,164 vehicles analysts surveyed by Bloomberg had expected would be shipped.
Austin, Texas-based Tesla has led the auto industry into battery powered cars. The company produced 440,808 vehicles during the quarter, more than the 432,513 analysts expected. On the last earnings call, Chief Executive Officer Elon Musk said Tesla aims to make 1.8 million to 2 million vehicles this year.
Tesla doesn’t break out sales by region, but the US and China are its largest markets. The overwhelming majority of sales were of the Model 3 sedan and Y crossover.
Tesla slashed prices early in the year to boost demand after fourth-quarter deliveries disappointed investors.
The company makes the Model S, X, 3 and Y models in Fremont, California. Its Shanghai factory produces the Model 3 and Y. Tesla also makes the Model Y at its plants in Austin and Berlin.