Tesla posts record vehicle deliveries but price cuts fail to supercharge sales

Rising competition and bleak economic outlook drag down sales despite Elon Musk's price-cutting gamble

Tesla on Sunday posted record quarterly vehicle deliveries, but quarter-on-quarter sales growth was modest despite price cuts as rising competition and a bleak economic outlook weighed.

The electric carmaker delivered 422,875 vehicles for the first three months of this year, up 4% from the previous quarter. This was 36% higher than a year ago. In January, the chief executive, Elon Musk, said Tesla could achieve 2m vehicle deliveries this year, up 52% from last year.