Tesla posts record vehicle deliveries but price cuts fail to supercharge sales

Tesla posts record vehicle deliveries but price cuts fail to supercharge sales

Rising competition and bleak economic outlook drag down sales despite Elon Musk’s price-cutting gamble

Tesla on Sunday posted record quarterly vehicle deliveries, but quarter-on-quarter sales growth was modest despite price cuts as rising competition and a bleak economic outlook weighed.

The electric carmaker delivered 422,875 vehicles for the first three months of this year, up 4% from the previous quarter. This was 36% higher than a year ago. In January, the chief executive, Elon Musk, said Tesla could achieve 2m vehicle deliveries this year, up 52% from last year.

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