Tesla Model Y: first electric vehicle to win the title of best-selling car in the world

Tesla Model Y has become the first all-electric vehicle to be listed as the world’s best-selling car, a report shows.

Tesla Model Y surpassed Toyota’s RAV4 and Corolla models to top global sales rankings in the first quarter of 2023, according to data from Jato Dynamics.

The 2023 Model Y starts at $47,490, considerably more than the 2023 Corolla ($21,550) and RAV4 ($27,575), reports The Verge.

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Tesla Model Y sold 267,200 units globally in the first quarter of this year, compared to 256,400 Corolla and 214,700 RAV4 units sold.

Tesla CEO Elon Musk even estimated in 2016 that this model would generate demand “at the level of 500k to 1 million units per year.”

Musk in 2021 predicted that the Model Y would claim the top spot in the world.

“We believe Model Y will be the best-selling car or vehicle of any kind in the world. Probably next year. I’m not 100% sure about next year, but I think it’s quite likely,” he told investors.

Tesla remains the US electric vehicle (EV) market leader with more than 50 percent share, selling more cars than the other 17 auto groups combined.

Electric vehicle sales rose to account for 7 percent of all US passenger vehicle sales by 2022, according to Counterpoint Research.

“Tesla is dominating the US EV market, while other auto giants like Ford, General Motors, Stellantis, Volkswagen and Hyundai are struggling to provide strong competition,” according to research analyst Abhik Mukherjee.

“In addition, with Tesla’s recent price cuts and all versions of the Tesla Model Y becoming eligible for the EV tax credit subsidy, Tesla is expected to gain even greater market share,” Mukherjee added.

(This story has not been edited by News18 staff and is published from a syndicated news agency – IANS)