Tesla’s Mighty Year – Quarterly Deliveries Increase After Price Cuts 📈

Tesla’s Mighty Year – Quarterly Deliveries Increase After Price Cuts

Throughout the first quarter of 2023, it has seemed last year’s immense struggles in tech companies have, on the majority, turned their situations around and have excelled greatly. The Nasdaq Composite, an index that tracks several publicly traded tech stocks, has risen an astonishing 17.35% year-to-date, following their 2022 loss of over 30%. On a more magnified scale, the same has been true for Elon Musk founded EV manufacturer Tesla, which has universally changed the tides of their shareholder sentiment. Just this year, shares of Tesla have soared over 80% after their stock plunged nearly 65% for the previous year. Although Tesla is still down 50% from their all-time high in November of 2021, they are on track to continue to retrace several losses made last year, especially from its most recent production successes.

To begin the new year, Tesla controversially slashed the prices of several of their car models to both bolster demand and remain competitive in the saturating electric vehicle market. Recently, Tesla CEO Elon Musk announced positive news revolving around their car deliveries, pointing directly toward the actions made to lower prices. In the first quarter, Musk reported Tesla delivered 422,875 vehicles across the globe, beating last year’s first-quarter deliveries by over 35%. Although this is less than the projected 432,000 cars, several have marked it a tremendous feat amidst the cooling car market and slow consumer growth. Nevertheless, investors should focus on Tesla’s official earnings report for the first quarter, which will come in two weeks on April 19th.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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