For the first time ever, an all-electric vehicle, and more specifically, the Tesla Model Y electric crossover, is the best-selling vehicle in the world. Jato Dynamics claimed in its research that Tesla Model Y outsold Toyota Corolla in the first quarter of this year to take the top spot. Interestingly, the Model Y achieved this feat despite being almost twice as expensive as the Toyota Corolla.
The study revealed that Tesla Model Y sold 267,000 units globally in the first quarter of this calendar year. In comparison, the Toyota Corolla and RAV4 sold 256,400 and 214,700 vehicles, respectively, during the same period. The study also said that compared to the same period in the previous fiscal year, Tesla Model Y sales increased by as much as 69% year-on-year in the last quarter. Interestingly, Tesla CEO Elon Musk expressed confidence in the crossover even before its launch. He said in 2016 that the Model Y would sell 500,000 to 1 million a year.
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The U.S.-based electric automaker claimed a few weeks ago that it had delivered more than 400,000 Model Y and Model 3 vehicles to customers in the first quarter of 2023, although it did not provide an exact breakdown of its sales. Another reason behind this lead, the Model Y’s biggest advantage, is that other automakers have been much slower to adopt EVs, allowing Tesla to dominate the EV market. Moreover, the automaker has frequently slashed prices across most of its product line as recently as late 2022 and early 2023. The Model Y has also seen multiple price cuts, which may have contributed to the surge in EV sales.
First published date: May 29, 2023 at 15:36 PM CST