Tesla makes record profit in Q1 thanks to EV price cuts

Tesla delivered record 422,875 cars worldwide in the first quarter

It cut prices to appeal to consumers buffeted by rising interest rates

 The company produced 440,808 vehicles during the quarter

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Majority of sales were of the Model 3 sedan and Model Y

 Tesla aims to make 1.8 million to 2 million vehicles this year

Tesla slashed prices early in the year to boost demand

The step was taken after fourth-quarter deliveries disappointed investors

The company makes the Model S, X, 3 and Y models in Fremont

 Tesla's Shanghai factory produces the Model 3 and Y
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