Tesla misses delivery estimates as price cuts fail to lure buyers

TEXAS – Tesla Inc on Sunday missed estimates for first-quarter deliveries as a bleak economic outlook and rising competition outweighed the electric automaker’s efforts to prop up demand with price cuts. Tesla delivered 422,875 vehicles compared with analyst expectations for 430,008 vehicles, according to Refinitiv data. Investors have been watching CEO Elon Musk’s gamble that cutting prices would stimulate sales, making up for the profit hit from eroding margins. Shares have soared more than 68 per cent this year on hopes that Tesla would win a price war it started, although the stock remains more than 50 per cent down…