It's Official: Tesla's Model Y Rewrites History As First EV To Top Global Car Sales, Just As Musk Predicted 2 Years Ago

Tesla Inc TSLA achieved a historic milestone by delivering over 1.2 million Model Y SUVs in 2023, solidifying its position as the world’s best-selling vehicle model and becoming the first EV to wear that crown.

What Happened: In 2022, Toyota Motor Co‘s TM Corolla topped global sales charts, but slipped to third place last year with 1.01 million deliveries, as estimated by market research firm JATO Dynamics.

During Tesla’s fourth-quarter earnings call, CEO Elon Musk announced, “Model Y became the best-selling vehicle globally, as predicted, with over 1.2 million units delivered.”

Toyota, however, reported its 2023 numbers only on Tuesday. The Japanese auto giant maintained its position as the top global car seller for the fourth year in a row with over 11.2 million units sold.

Why It Matters: Tesla commenced Model Y production at its Fremont factory in California just four years ago. 

In April 2021, Musk foresaw its global dominance, projecting it to be the best-selling vehicle by units in 2023, a vision realized with the recent achievement.

Currently, Tesla manufactures the Model Y at multiple facilities worldwide, including California, Shanghai, Berlin, and Texas.

In 2023, Tesla’s automotive revenue reached $82.42 billion, marking a 15% annual increase driven by robust sales, notably the Model 3 and Y. 

The Model Y currently starts at $43,990 for the rear-wheel drive version. Prior to the price cuts which started in January 2023, the cheapest Model Y in the U.S. was the Long Range version with a starting price of $64,990. Additionally, all Model Y variants qualify for a federal EV tax credit of $7,500, further lowering the overall cost of ownership.

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