Analysts said recent delivery data implies further price cuts may be needed.
Following Tesla 's delivery and production data, some Wall Street analysts were left wondering if the electric vehicle maker will need to make a habit out of slashing prices. The electric-vehicle maker reported 422,875 deliveries in the first quarter . While that marked a 36% increase over the same period a year ago, the company fell short of the 432,000 delivery consensus expected by analysts polled by FactSet. Meanwhile, 440,808 vehicles were produced in the quarter.
That places him in the majority, with more than half of analysts rating Tesla a buy, according to Refinitiv. Goldman Sachs analyst Mark Delaney, who also has a buy rating on the stock, said Tesla will likely have to cut prices over the course of the year to drive up volume given the broader economy remains challenged. Looking at the Y model specifically, he said the price could come to to $48,500 in the fourth quarter from $55,000 in the third quarter of 2022.
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