In a monumental shift in the global automotive landscape, the Tesla Model Y has claimed the title of the world’s best-selling vehicle for Q1 2023. Verified by industry analyst JATO Dynamics, the achievement marks the first instance an electric vehicle (EV) has attained this position. This paradigm-shifting milestone highlights the industry’s accelerating trend toward EVs.
As per initial reports, the ascendancy of the Model Y to the coveted best-selling vehicle spot was anticipated by Tesla, with predictions even before the car’s market debut suggesting demand could reach a million units annually. While greeted with skepticism by many, these ambitious goals, deemed by critics as yet another overly optimistic Tesla forecast, proved to be well within the realm of possibility. In 2022, Tesla already announced the Model Y was tracking toward becoming the world’s best-selling vehicle by 2023.
This recent achievement is backed by solid global sales figures. The Model Y, with robust performance in diverse markets such as Europe, California, and even China with its unique consumer preferences, has carved out an impressive niche. Despite the dominance of trucks and SUVs in the US, Model Y sales earned it a spot on the US top ten list as well. These achievements had positioned it as the third-best-selling vehicle in 2022 globally, paving the path to its current #1 position.
Say what you want about Elon and Tesla, but building the best selling car in the world is an incredible achievement. https://t.co/w8DZY6ZDK9
— Pomp 🌪 (@APompliano) May 25, 2023
Sales Surge: Model Y Overtakes the Competition
As the new best-selling vehicle, the Model Y successfully dethroned the Toyota Corolla in Q1 2023. Preliminary data points towards the possibility of this trend continuing for the remainder of the year. JATO Dynamics reported Tesla sold 267,200 Model Ys in Q1, an increase of approximately 69% compared to the same period last year. In contrast, sales for the Toyota Corolla, including its Chinese market models Levin, Allion, and Lingshang, and all available body types, registered at 256,400 units.
The third place in this ranking went to Toyota HiLux with 214,700 sales, followed by RAV4/Wildlander (211,000) and Camry (166,200). Analyst Felipe Munoz from JATO Dynamics, sourcing data for Motor1, showed that the Model Y’s Q1 sales in 53 markets, combined with global projections, placed it not only above the Corolla but significantly ahead of other top-five cars.
The trajectory of Model Y’s sales indicates potential for further growth, contrasting with the slight downward trend observed for Corolla sales. Both models are relatively recent additions to the market, with the new Corolla introduced in 2018 and the Model Y in 2019. And given Tesla’s substantial price reductions on Model Y in 2023, dropping the starting price below the average U.S. new vehicle cost, the car is likely to maintain a significant sales lead.
Historical sales trends further support the Model Y’s position as the best-selling vehicle. In 2022, the Model Y sold 759k units, averaging around 189k sales quarterly. The Q1 sales in 2023 significantly exceed this average. If the Model Y maintains its current momentum, it could end 2023 with over 1 million sales, a feat previously accomplished only by the Toyota Corolla, which sold 1.12 million units last year.
Tesla’s Not-A-Price-War™ continues with a sixth round of cuts for 2023. With the new US subsidy, you can now get a Model Y SUV for less than $40K. pic.twitter.com/Vh7REKWoOs
— Tom Randall (@tsrandall) April 19, 2023
The best-selling vehicle status of Model Y was assessed based on data from various sources, including official national car sales associations, local contacts, and automakers. The coverage extended to 152 countries, excluding a few like Cambodia and Papua New Guinea.
Despite a higher price tag of approximately $40k (after credits), compared to a base-model Corolla priced at $21k, the Model Y still emerged as the best-selling vehicle. While higher prices typically limit the market reach and the Corolla maintains a total cost of ownership advantage, the Model Y’s impressive sales performance demonstrates a shifting consumer preference towards EVs.
A Turning Tide: EV Takes the Crown
The confirmation of Model Y’s status as the best-selling vehicle dispels prior assumptions regarding the future potential of EVs. Contrary to predictions of traditional automakers dominating the market and assertions of EVs being merely a “fad,” the Tesla Model Y has firmly established EVs on the global automotive stage.
Tesla’s Model Y reaching the best-selling vehicle status is a clear message to the world – consumers want EVs, and they want them now. The industry has started to respond, offering more EVs and increasing production capacity.
As Tesla’s Model Y demonstrates, an EV from a startup that didn’t exist at the turn of the century can become the best-selling vehicle in the world, challenging established automakers to rethink their strategies in the face of a changing automotive landscape.
Related:
- Elon Musk Teases 2 New Tesla EVs, Rumored to Be Cheaper Hatchback and Van
- Elon Musk Says Tesla Will Open Free Full-Self-Driving Trial to All Teslas in North America
- Tesla Will ‘Try a Little Advertising And See How it Goes’ Says Elon Musk
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This article was written for Business 2 Community by Trent Rhode.
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