Tesla Inc. TSLA could be on track for another major milestone, potentially securing the title of the top-selling vehicle in the U.S. for 2024, building on its global dominance in 2023.
What Happened: The Tesla Model Y has accomplished many milestones for Tesla and the electric vehicle sector.
The Model Y is the bestselling electric vehicle of all time, and in 2023, it became the first electric vehicle to claim the title of global bestselling vehicle.
While the Model Y was the bestselling electric vehicle in the United States in 2023, it fell short of claiming the title of the top-selling vehicle overall.
That title belongs to the F-150 pickup truck from Ford Motor Company F, a vehicle that has won the title of bestselling U.S. vehicle for more than 40 straight years.
A new report from Wolf Street, using registration data, shows that Model Y is on pace to win the title in 2024.
Here are the top-selling vehicles in the U.S. through the first six months of 2024, according to the report:
- Toyota RAV4
- Tesla Model Y
- F-150
- CR-V Honda
- Chevy Silverado 1500
- Toyota Camry
- Toyota Corolla
- GMS Sierra 1500
- Nissan Rogue
- Chevrolet Equinox
The RAV4 from Toyota Motor Corporation TM currently tops the list, with the Model Y closely behind, and both vehicles are set to surpass the long-running streak of the F-150.
Several other pickup trucks appear on the list, and some have dropped off as consumer appetite for different vehicle models may be changing.
Why It's Important: Winning the title of the bestselling vehicle in the world for 2023 was a major accomplishment for Tesla.
While Tesla CEO Elon Musk was confident years ago that this would be the case, many laughed and said there was no way this would happen.
The U.S., home of the Big 3 automakers Ford, General Motors GM, and Chrysler, has been slower to transition to electric vehicles than other regions around the world.
A win as the top-selling vehicle in the U.S. in 2024 or even simply passing the F-150 pickup truck could be major milestones for Tesla and the electric vehicle industry overall.
The Model Y was tied with RAV4 at 2.8% market share for the first half of 2024. This marked the highest share for the Model Y and was up from 2.6% in the first quarter.
Two more quarters will determine the winner of the title for the top-selling vehicle in the U.S. for the full year.
For Tesla, securing this title could serve as one of several catalysts to energize investors and analysts as the company approaches the close of the fiscal year. The new data arrives just in time for what promises to be an exciting October.
Tesla will report global deliveries and production figures for the third quarter in October and host its Robotaxi Day. The company is also expected to report third-quarter financial results during the month.
TSLA Price Action: Tesla stock is up 4.7% Monday to $249.65 versus a 52-week trading range of $138.80 to $271.00. Tesla stock is down 1% year-to-date in 2024.
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