The Tesla Model Y has achieved a remarkable feat – becoming the best-selling vehicle of any kind globally in the first quarter of the year. This is the first time an Electric vehicle has topped sales, and it is an important milestone for Tesla in a competitive EV market.
The impressive achievement means the Model Y has surpassed such top sellers as the Toyota Corolla and the Volkswagen Golf. It is also a wake-up call for traditional automakers such as Ford and GM. These companies must now go from selling tens of thousands of EVs to hundreds of thousands, something Tesla has now accomplished with two of its models.
“Model Y became the best-selling vehicle of any kind globally in Q1, surpassing the likes of Corolla and Golf,” Musk said. “This was, I think, an incredible achievement by the Tesla team, and just a huge thank you to our customers for their support.”
It is difficult to calculate auto numbers by quarter, and not every automaker reports global sales figures. However, it is possible to verify that Musk is right in saying that the Model Y was the best seller in Europe and the top non-pickup sold in the U.S.
Data from automotive data outlet Focus2Move, for example, shows that Tesla’s Model Y was the fourth best-selling Car in the world during 2022. Across all of the year, the Toyota Corolla was the best-selling Car, with around 1.1 million units sold. The Model Y was also the top seller in the U.S. in the first half of this year, with just under 201,000 units sold.
The news comes as Tesla prepares to debut its Cybertruck, its first venture into the pickup segment of the auto market. It also comes as Tesla shares are trading at around 55 times the company’s estimated 2024 earnings, while GM and Ford are trading at just six and eight times their next-year earnings, respectively.
GM is expected to unveil its EV versions of the Chevy Silverado and Blazer this year, along with an Electric Equinox in 2024. The Blazer is expected to sell around 70,000 units this year, while the gas Equinox may be slated for around 200,000 units. The upcoming Equinox EV could be the hit GM needs to compete with Tesla.
Tesla’s accomplishment of becoming the global sales leader in the first quarter of the year is a remarkable milestone. It is a testament to the company’s success, and a sign of what is to come in the EV market. Traditional automakers will need to follow suit and ramp up their Electric vehicle production in order to compete with Tesla.