Tesla Cuts Prices to Boost Sales After Missing Q1 Delivery Targets

• Tesla cutting prices and offering incentives after weak Q1 deliveries, shares edge up • Reduced Model Y prices in Australia by over 9%, follows incentives in China, but hiked US and Europe prices • Delivered only 386,810 vehicles in Q1, widely missing estimates, blamed production ramp up and factory shutdowns • Analysts now predict 2024 EPS below 2023 level amid aggressive price cuts hurting margins • Stock dropped to 2024 lows in March but seen picking up from seasonally slow Q1 with Model 3, Cybertruck sales