Tesla Model Y Outshines European Rivals, Wins 2023 Autovista Group Residual Value Award

The Tesla Inc TSLA Model Y, after receiving an order page refresh, has been awarded the Autovista Group Residual Value Award for 2023 in the Compact and Large Battery-Electric Vehicle (BEV) SUV category, beating a competitive line-up of European contenders.

Attributes such as an efficient driving range of over 400 km (250 miles), a robust supercharger network, and a minimalist design bolstered the vehicle's position as a residual value champion. Strong brand recognition and consistent performance also cemented the Model Y's reputation as a reliable and valuable EV.

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Among its competitors were the Skoda Enyaq, Audi Q4 e-Tron Sportback, Volvo EX90, and Volkswagen ID.4, all of which demonstrated commendable residual value performance. However, according to Christof Engelskirchen, chief economist at Autovista Group, the Tesla Model Y emerged as the standout. "This Award confirms our internal data and what our partners across Europe are telling us: Model Y is a safe investment," a Tesla spokesperson told Autovista24.

Tesla credits the Model Y's robust value retention to its innovative product development, including over-the-air updates that provide customers with new and improved features. Durability also plays a significant role in the EV's success, with Tesla batteries losing just 12% of their original capacity after approximately 320,000 km (200,000 miles) on average.

Analysts from Autovista Group based their award decision on used-car market data from February to April 2023. The Model Y's residual value performance was particularly notable in France, Italy, Portugal, and Hungary. Jose Pontes, data director at EV-volumes.com, described the Tesla Model Y as the "default choice" in its segment, praising its efficiency, range, and dependability.

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Photo courtesy of Tesla