Tesla Inc investors are waiting to see how much Elon Musk's price cuts will pay off: the electric vehicle (EV) maker is expected this weekend to report record sales as cheaper sticker prices, helped by U.S. subsidies, spurred demand.
Tesla forecast a 37% rise in production volume for 2023 to 1.8 million vehicles, down from 2022's pace of 40%. Musk, who has missed his own ambitious sales targets for Tesla in recent years, said 2023 deliveries could hit 2 million vehicles, absent external disruption.
Tesla shares have soared more than 65% so far this year on hopes that the company would win the price war it started, although the stock remains down more than 50% from its peak of $414 in November 2021.on March 1 when Musk said little about how soon the EV maker might launch a more affordable, mass-market vehicle.
Reporting by Hyunjoo Jin in San Francisco and Akash Sriram in Bengaluru Editing by Peter Henderson and Matthew LewisAkash reports on technology companies in the United States, electric vehicle companies, and the space industry. His reporting usually appears in the Autos & Transportation and Technology sections. He has a postgraduate degree in Conflict, Development, and Security from the University of Leeds. Akash's interests include music, football , and Formula 1.
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