Tesla said it delivered a record number of vehicles in Q2 2023, after the firm cut prices to increase sales.

According to the BBC, Tesla delivered 466,140 vehicles in Q2, an 80% year on year increase.

Vehicle production reportedly increased to 480,000 in the same period.

The record came after price cuts in the US, UK and China in order to compete with rivals.

“We’re not ‘starting a price war’, we’re just lowering prices to enable affordability at scale,” Tesla CEO Elon Musk wrote on Twitter.

Tesla has faced challenges with increased competition and the impact of higher borrowing costs for customers.

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By GlobalData

Prices have been reduced in China, its second largest market, where it faces competition from local EV manufacturers such as BYD and Li-Auto.

The BBC said Li-Auto recorded deliveries at “an all-time high of 32,575 in June, marking its third consecutive monthly sales record”.