DETROIT — Steep price cuts helped electric vehicle maker Tesla Inc. increase its fourth-quarter vehicle sales by almost 20% as EV sales growth slowed across the industry.

The Austin, Texas, company said Tuesday that it sold 484,507 vehicles worldwide from October through December. That handily beat Wall Street estimates of 473,000 for the quarter according to data provider FactSet.

For the full year, Tesla said it sold just over 1.8 million vehicles, up 37.7% from 2022 numbers.

Full-year sales numbers fell far short of CEO Elon Musk's prediction of 50% sales growth in most years. But the company did exceed an internal target for the year of 1.8 million vehicle sales.

Industry analysts expect the price cuts to trim Tesla's profit margins when it reports earnings on Jan. 24 after the markets close.

The increase helped Tesla hold off Chinese powerhouse BYD to keep the title of the world's top seller of electric vehicles. Fast-growing BYD reported a 73% EV sales increase for last year to 1.57 million.