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TEXAS – Tesla Inc. missed its first-quarter shipment estimates on Sunday as a tough economic outlook and increased competition outweighed electric car makers’ efforts to support demand with price cuts.

Tesla delivered 422,875 vehicles, compared to analysts’ expectations of 430,008, according to Refinitiv data.

Investors are eyeing CEO Elon Musk’s bet to cut prices to stimulate sales and make up for lost profits due to lower margins. While the stock remains down more than 50% from its peak in November 2021, it has surged more than 68% this year in hopes of winning the price war Tesla has started.

The issue also weighs on Tesla’s efforts to bolster demand with price cuts at a time when orders are under pressure from a turbulent economy and increased competition from start-ups such as Lucid Group and legacy players such as Ford Motor Co. weakening.

Tesla has fended off competition in China by slashing prices in the world’s biggest car market, but its Model Y compact SUV has been one of the top performers.Reuters Tesla misses delivery quotes as price cuts fail to attract buyers

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