Washington, 3 April 2023 (dpa/MIA) - Electric car manufacturer Tesla on Sunday reported a 36% increase in production for the first quarter, following its decision to cut prices of its electric vehicles.

The Austin, Texas-based carmaker said that it delivered 422,875 vehicles in the first quarter of 2023, an increase of about 36% from last year's 310,048 vehicles.

It delivered 412,180 units of its Model 3 and Model Y, along with 10,695 units of its Model S and Model X.

The company produced 440,808 vehicles in the first quarter compared to 305,407 vehicles in the previous year.

Earlier this month, Tesla slashed prices of its Model S sedan and Model X SUV vehicles in the United States, aiming to boost demand. The price cut came for the second time this year after the company drastically cut prices in January in a bid to boost sales.

According to the company's website, the Model S's price was reduced by about $5,000 while the price of its Model X vehicles was dropped by about $10,000.

Tesla on Sunday said that it will post its financial results for the first quarter of 2023 after market close on April 19.