Model Y becomes 1st EV to earn world’s best-selling car
According to a report by Jato Dynamics, the Tesla Model Y has achieved the title of the world’s bestselling car, making it the first all-electric vehicle to do so. In the first quarter of 2023, this Model surpassed Toyota’s RAV4 and Corolla models in global sales figures. The Model Y, with a starting price of $47,490, outperformed the more affordable Corolla ($21,550) and RAV4 ($27,575) in terms of units sold, with 267,200 units sold compared to 256,400 Corolla units and 214,700 RAV4 units.
As early as 2016, Tesla CEO Elon Musk predicted that this Model would generate demand in the range of 500,000 to 1 million units per year. In 2021, Musk anticipated that the Model Y would secure the top spot globally. Tesla continues to lead the electric vehicle market in the United States, commanding over 50% market share and selling more cars than the combined total of the other 17 automotive groups.
The electric vehicle market in the US is witnessing growth, with EV sales accounting for 7% of all US passenger vehicle sales in 2022. Tesla’s dominance in the market has posed challenges for other automotive giants like Ford, General Motors, Stellantis, Volkswagen, and Hyundai, who are struggling to provide strong competition. Moreover, with recent price reductions by Tesla and all versions of the Model Y becoming eligible for EV tax credit subsidies, it is expected that Tesla will further increase its market share.
