Tesla has cut prices ahead of the automakers Q1 report. The companies best selling Model Y and Model 3 vehicles have had their sixth round of price cuts in under a year. The electric vehicle-maker is looking to spur demand with lower prices and tax incentives, presumably forgoing some of the auto market industry-leading profit margins for a longer term goal of cornering 20% of the world's auto market shares and to remain competitive. The cuts have analysts predicting even more price cuts down the line as competition rises at home, in its largest market, with rivals such as Ford and G.M, and Tesla plays catch-up with BYD in China, its second-largest market.

Tesla's website showed late on Tuesday that it cut prices of its Model Y 'long range' and 'performance' vehicles by $3000 each and of its Model 3 'rear-wheel drive' by $2,000 to $39,990.

The new round of cuts sent the stock down nearly 3% in early trading. Shares have risen just a little under 50% this year, after posting their biggest annual drop in 2022.

Tesla will post its financial results for the first quarter of 2023 after market close on Wed., April 19.