Tesla Model Y Was the World’s Best-Selling Vehicle in 2023
The Tesla Model Y was the best-selling vehicle in the world in 2023, moving ahead of the Toyota RAV4 thanks to prices that keep going down, according to preliminary figures posted by Jato Dynamics on Thursday.
It’s the first time ever an EV ranks number one globally. Final sales results are expected to be available in the second quarter of 2024.
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The Model Y improved 64 percent year over year, reaching 1.23 million units, Tesla said in a conference call on Wednesday night.
The RAV4 came in second place with 1.07 million units sold, followed by the Toyota Corolla with 1.01 million units. Toyota’s duo finished 1-2 the previous year.
The Model Y led all vehicles in China and Europe, where EV demand has surged dramatically. In the U.S., it managed to land in fifth place behind three large pickups and the RAV4. It’s also California’s bestseller.
Market analysts say Tesla’s repeated price cuts combined with its strong reputation as a maker of competitive and reliable EVs helped with the results.
Launched in 2020, the Model Y is currently built in California, China and Germany. It accounts for roughly two-thirds of Tesla’s global sales, easily trumping the Model 3 sedan.
Tesla needs to watch out, though: Chinese automaker BYD sold more vehicles than anyone on the planet in the final quarter of 2023 and looks poised to increase sales significantly in 2024.