Tesla beat expectations in the second quarter of 2023, announcing Sunday it produced nearly 480,000 vehicles and delivered over 466,000.

The majority of production and deliveries were the Model 3 sedan and Model Y crossover, with 460, 211 produced and 446, 915 delivered. The electric car maker produced 19, 489 of the higher-priced Model X and Model S and delivered 19,225.

Dan Ives, an analyst at Wedbush Securities, said it was a "trophy case quarter" for the company, adding "Tesla bears," or pessimistic Tesla investors, will be sent back into "hibernation mode."

Wall Street had predicted about 447,000 deliveries, Ives said.

In April, Tesla cut prices for the fifth time since January, slashing costs between 2% and nearly 6% as the US expects to limit EV tax credits.

"The price cuts were a smart poker move for Tesla and paying major dividends in the field, especially for the China market," Ives said.

The figures are a significant jump from this time last year. In the second quarter 2022, Tesla reported 254,695 deliveries and produced 258,580.

In the first quarter of 2023, Tesla produced about 441,00 vehicles and delivered about 423,000.

Tesla has set a target of 1.8 million deliveries this year, Reuters reported.

The company will post its financial results for the second quarter on July 19.