Tesla (TSLA) has reported that its first-quarter deliveries rose 36% from a year earlier to 422,875 electric vehicles.
The Austin, Texas-based company’s Q1 deliveries were up 4% from 405,278 in the previous fourth quarter of 2022.
The automaker reported deliveries of 10,695 of its higher-priced Model S and X electric vehicles, and deliveries of 412,180 for its lower priced Model 3 sedan and Model Y crossover during Q1.
Tesla said it produced 19,437 Model S and X vehicles, and 421,371 of its Model 3 and Y vehicles for the period ended March 31, 2023.
Tesla currently sells four models that are produced at two vehicle assembly plants in the U.S., one in Shanghai, China, and another outside of Berlin, Germany.
In March, Tesla announced plans to build a new factory in Monterrey, Mexico, a day’s drive from its headquarters in Austin.
According to estimates compiled by FactSet, Wall Street analysts had expected Tesla to report deliveries of around 432,000 vehicles for this year’s first quarter.
The first quarter sales figures come after Tesla announced several price cuts to its electric vehicles, including in Canada, China and across Europe.
Tesla’s stock declined 2% on news of the Q1 delivery figures. However, the company’s share price has gained 92% so far in 2023 to trade at $207.46 U.S. per share.