New Delhi, May 27 (IANS) Tesla (NASDAQ:) The Model Y has become the first all-electric vehicle to be touted as the world’s best-selling car, according to a report.
Tesla Model Y overtook Toyota’s RAV4 and Corolla models at the top of the global sales chart in the first quarter of 2023, according to data from Jato Dynamics.
The 2023 Model Y starts at $47,490, significantly more than the 2023 Corolla ($21,550) and RAV4 ($27,575), reports The Verge.
Tesla Model Y sold 267,200 units worldwide 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 attract demand “between 500,000 and 1 million units per year”.
Musk in 2021 predicted that the Model Y would claim the top spot in the world.
“We think the Model Y will be the best-selling car or vehicle in the world. Probably next year. I’m not 100% sure next year, but I think it’s quite likely,” had he told investors.
Tesla remains the market leader in electric vehicles (EVs) in the United States with more than 50% market share, selling more cars than the other 17 automotive groups combined.
Sales of electric vehicles have grown to represent 7% of all passenger vehicle sales in the United States in 2022, according to Counterpoint Research.
“Tesla dominates the U.S. EV market while other auto giants like Ford, General Motors (NYSE:), Stellantis, Volkswagen (ETR:) and Hyundai struggle to provide strong competition,” according to the report. research analyst Abhik Mukherjee.
“Additionally, with Tesla’s recent price cuts and all versions of Tesla’s Model Y becoming eligible for the Electric Vehicle Tax Credit subsidy, Tesla is expected to take further market share. higher,” added Mukherjee.