On Sunday, Tesla (TSLA) beat estimates on first quarter delivery and production numbers, giving investors hope recent price cuts it implemented across the globe have spurred a second wind of demand.

Tesla made 422,875 vehicle deliveries globally, marking an all-time record high for the automaker. The final tally just barely edged out estimates compiled by Bloomberg, of slightly above 421,000 deliveries. Production was also above estimates, coming in at 440,808 cars produced in the quarter, handily beating the estimates of 432,500 vehicles. Although the automaker does not break sales data down regionally, the sales of Model 3 and Model Y SUVs surged, after prices for both vehicles were cut in both the US and overseas.

Prices were cut for the vehicles in China first, beginning in early January, as the Chinese-made Model 3 saw its prices slashed by 13.5%, and the Model Y saw its price fall by 10%. Tesla followed on with price cuts in the US, as the Model 3 RWD saw its price cut 6.4% and the long-range version of the Model Y fell by almost 20%.

US sales were supercharged even more when in early January the IRS allowed all versions of the Model Y to qualify for the IRA tax credit by classing it as an SUV, subject to the $80,000 price cap, instead of subjecting it to the lower sedan price cap which would not have allowed it to qualify. Following the IRS ruling, production wait times on Model Ys were extended considerably.

During the company’s Q4 earnings call, Tesla CEO Elon Musk said his expectations were that Tesla would deliver 1.8 million vehicles for the year in 2023, and that he felt 2 million deliveries was entirely achievable should the company see a year without any significant production hiccups. He also indicated the highly awaited Cybertruck would begin production in the later half of the year.

The company has said it will post its first quarter financial results following the market’s close on April 19th, and that there will be an investor call scheduled for 5:30 PM EST that day as well.