2023 started off rough for Tesla. Although its sales grew by 36 per cent, it was way short of what Tesla has anticipated. Nearly half of the cars they expected to sell in the first three months of 2023 remain unsold.
According to sales and production statistics published by Tesla on Sunday, sales of new Tesla electric cars increased in the first three months of 2023. Tesla delivered 422,875 EVs between the start of the year and the close of March; in 2022, they achieved 310,048 deliveries during the same period.
This indicates a 36 per cent year-on-year rise for the EV company and a 4 per cent increase from Q4 2022.
As anticipated, Models 3 and Y accounted for the overwhelming majority of its sales. Tesla does not provide additional details, nor does it disclose by area. It shipped 412,180 Model 3 and Y vehicles in the first three months 2023, with 5 per cent of them being rented.
Despite some yo-yoing up and down, a Model Y is $11,000 cheaper today than it was at the beginning of the year.
Looking at how the ageing Models S and X are doing provides a contrast to that case. What is the solution? Not good. Significant price drops in January and March do not appear to have moved the needle (at least not in the right direction), and Tesla shipped nearly 50 per cent fewer of these EVs in the first three months of this year–just 10,695–than in the first three months of last year.
In reality, Tesla was left with nearly as many Model S and X on board as it could sell, having built 19,437 for the first three months of 2023. A comparable amount of Models 3 and Y were made but never delivered. This is becoming an increasing issue for Tesla. It sold 5,000 more EVs than it made in the first three months of 2022. It manufactured 18,000 more EVs than it could sell in first three months 2023, adding to the 56,000 unsold EVs it disclosed at the end of 2022.
Tesla said in its 2022 financial statements that it plans to increase sales by 50 per cent and sell 1.8 million vehicles this year, though CEO Elon Musk has been more ambitious. However, if the business is not to disappoint investors again, it will need to ramp up revenue significantly for the remainder of the year.
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