May 28, 2023
1 min read

Tesla Model Y becomes world’s bestselling car

Tesla Model Y surpassed Toyota’s RAV4 and Corolla models to top global sales rankings in the first quarter of 2023…reports Asian Lite News

Tesla Model Y has become the first all-electric vehicle to be billed as the world’s bestselling car, a report has shown.

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.

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

Tesla CEO Elon Musk even estimated back in 2016 that this model would draw demand “in the 500k to 1 million unit per year level.”

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

“We think Model Y will be the bestselling car or vehicle of any kind in the world. Probably next year. I’m not 100 per cent certain next year, but I think it’s quite likely,” he had told investors.

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

EV sales increased to represent 7 per cent of all US passenger vehicle sales in 2022, according to Counterpoint Research.

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

“Moreover, with the recent price cuts by Tesla and all versions of Tesla’s Model Y becoming eligible for the EV tax credit subsidy, it is expected that Tesla will take an even higher market share,” Mukherjee added.

ALSO READ: Snowflake buys search startup Neeva

Previous Story

PhonePe links 2 lakh Rupay credit cards to UPI

Next Story

India becomes third largest startup ecosystem in the world

Latest from Business

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite News Microsoft is set to cut around 9,000 jobs —

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding

India Bats for Fairer Global Finance: FM Sitharaman

FM Sitharaman stated that we believe that optimal regulation fosters innovation and stability….reports Asian Lite News India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development
Go toTop

Don't Miss

Musk holds twitter poll on $24 bn Tesla stock sale

The Tesla CEO has argued against taxing those unrealised gains,

Musk To Set Up Tech Uni in Texas

A Twitter user asked him if the funding was secured,