The share price of Tesla Inc closed 6% lower on Monday despite the company reporting better-than-expected deliveries in the first quarter.
Tesla delivered 422,900 vehicles in the first quarter of this year, beating the estimated 421,200 deliveries of Wall Street and also setting a new record for the company. Tesla also produced 440,800 cars in Q1, beating the estimated 432,500.
In the latest meeting call, Musk said that he planned to produce 1.8 million to 2 million vehicles this year.
However, investors were not pleased by the report as many believed that an increase in delivery comes after recent price cuts by Tesla that could erode margins. The car producer cut as much as 20% of its price globally in January after missing Wall Street delivery estimates for 2022.
