Tesla Company announced that deliveries of its electric vehicles in the first quarter of 2023 amounted to 422,875 units, including 412,180 Model 3 and Y and 10,695 Model S and X. This is a record for Tesla, which is 36% higher than the results of the first quarter of 2022 and 4% higher than the previous quarter, reports The Verge.

Tesla did not explain the reasons for such growth, so more detailed information should be expected in the company’s full financial results, which should be announced on April 19. One of the reasons for the increase could be the reduction of prices for various Tesla models in the US, Europe and China. In January, the Model Y electric car with a maximum range was 20% cheaper in the US.

The news of increased supply also comes after a volatile period for Tesla’s stock price, which fell from more than $360 a share last April to around $113 in early 2023 (it has recently recovered to around $200). Tesla faces challenges such as weak demand amid economic turmoil, increasing competition from traditional automakers and an aging lineup that has remained largely unchanged since the Model Y launched in 2020.

In January, CEO Elon Musk announced that Tesla aims to deliver 2 million vehicles in 2023, up from 1.3 million in 2022. However, the company fell short of its target last year, when it wanted to increase shipments by 50% to 1.4 million. Analysts expected Tesla to deliver about 1.8 million vehicles.

These figures include only Tesla’s consumer electric vehicles, and there is no information on the production and delivery of Tesla Semi trucks, which began arriving to customers last December. Tesla may start production of the long-awaited Cybertruck this summer, and expand its scope next year. There’s also a new Roadster that should also go into production at some point.