Musk’s Tesla becomes world’s best-selling car

The Model Y has outsold popular Toyota vehicles this year despite being almost double the price

The Tesla Model Y electric crossover became the world’s best-selling car in the first quarter of this year, data from market research company JATO Dynamics published on Friday revealed.

The Model Y surpassed Toyota’s RAV4 and Corolla models to emerge as the first ever all-electric vehicle to top global sales rankings.

The Model Y saw 267,200 units sold globally in the first three months of the year, compared to 256,400 for the Corolla and 214,700 for the RAV4 in the same period. This is approximately a 69% year-on-year increase for the Model Y, data showed.

The surge in sales comes even as Tesla’s pricing for the Model Y starts at $47,490, while the Corolla costs $21,550 and the RAV4 is priced at $27,575.

Tesla CEO Elon Musk said he was confident in the Model Y’s success even before it launched, estimating back in 2016 that it would draw demand “in the 500k to 1 million unit per year level.”

The development is a milestone for Tesla, experts say, adding that because competition among electric-vehicle automakers remains sluggish, Musk’s company is able to dominate the market.

Tesla reported that over 400,000 Model Y and Model 3 vehicles were delivered to customers in the first quarter of 2023.

READ MORE: China replaces Japan as world’s top car exporter – media

The automaker has frequently slashed prices of most of its lineup over the last few years, including the Model Y. Industry experts say this may have contributed to the increase in sales.

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