Tesla’s first-quarter vehicle sales rose 36% after the company cut prices twice in a bid to stimulate demand
. In January it slashed the sticker numbers on several versions of its EVs, making some eligible for a U.S. $7,500 federal tax credit. Some versions of the top-selling Model Y small SUV saw price trims of nearly 20%, and the base price of the Model 3 small car was dropped by 6%.
The Austin, Texas-based company said it sold 412,180 Model Y and Model 3s for the quarter, up almost 40% from the 295,324 sold a year ago.When Tesla cut prices, some analysts wondered whether demand was slowing. Others suggested the company was taking advantage of its higher profit margins in a bid to pull market share from upstart companies and legacy automakers that are starting to sell more EVs. Some analysts predicted the start of a widespread price war that has yet to materialize.
Tesla produced more vehicles than it sold during the first quarter, making 440,808 as it ramped up production at new factories near Austin, Berlin and Shanghai.
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