Tesla Model Y Becomes World’s Best Selling Car After Defeating Toyota Corolla

Tesla is one of the largest electric car manufacturers in the world. While there are reports of this American EV brand entering the Indian market, we have other news about this EV maker. Tesla’s Model Y has now become the world’s best-selling car, replacing an extremely popular model to achieve the first position. The Tesla Model Y replaced the popular Toyota Corolla sedan.

According to a report published by JATO, the Tesla Model Y has made history. The mid-size SUV from the American electric car manufacturer has become the first-ever pure electric car to secure this position in the global market.

It should be noted that while Tesla is present in several developed countries, it is still very expensive and does not have a presence in several emerging markets (like India).

If you look at the global ranking, the Tesla Model Y is in the first position, and the Tesla Model 3, which is an entry-level sedan from Tesla, is in the 10th rank. Why is there such a huge difference in the sales of these two models? Let’s find out.

If you look at the models that have secured the first 5 ranks, you would notice that most of them are either SUVs or crossovers. After the Tesla Model Y, we have the Toyota RAV4/Wildlander in the second position, the Honda CR-V or Breeze in the third position, and the Toyota Corolla, which was once the best-selling car in the world, is pushed back to the fourth position. The Toyota Camry, which is again a very popular sedan, is in the fifth position.

Three out of 5 vehicles in the top 5 are SUVs. This shows how shifting consumer interest towards SUVs is affecting the sales of sedans. The reason why the Tesla Model 3 is pushed to the 10th position while the more expensive Model Y is the best seller is also because of this reason.

Coming back to Tesla, the reason the EV manufacturer has performed well is because of the healthy demand in North America, China, the Middle East, Europe, Australia, New Zealand, and many markets across Latin America, Africa, and Central Asia. According to the report, the Tesla Model Y has recorded a positive 64 percent rise in sales when compared to 2022.

However, the sales for the Toyota Camry and Corolla have also gone down. The Corolla’s sales are down 19 percent when compared to 2022, and the Camry has recorded a 2 percent decrease in sales compared to 2022.

Tesla’s India Entry

Tesla had officially registered its office in India a few years ago. However, due to several confusions and issues with the government, the electric vehicle manufacturer decided to put its plans on hold. While there were rumors that Tesla might be introducing an affordable EV for India, it looks like that is not going to happen anytime soon.

Tesla stated that it is prioritizing existing production lines over investing in new factories. The company aims to increase its production capacity by 50% to reach 3 million units. We know that the Indian government has modified policies to attract the EV manufacturer. There are reports that suggest the company’s investment plans may not align with the requirements set forth by the Indian government.