Tesla Model Y Crosses 2 Million Sales Milestone, Poised To Outsell Model 3 As Bestselling EV

Electric vehicle leader Tesla Inc TSLA has dominated the automotive sector when it comes to electric vehicle production and sales.

The company just passed an impressive milestone according to a new report.

What Happened: Released in March 2020, the Tesla Model Y is now one of the bestselling electric vehicles in the world. Not only is the Tesla vehicle a top-selling electric car, but it also ranks among the world's best-selling vehicles, irrespective of its electric nature.

A new report shared by CleanTechnica says the Model Y recently passed the two million unit sales milestone in just three and a half years, a remarkable achievement for any vehicle.

The report comes thanks to a user who tracked cumulative sales of the Model Y that are shared by Tesla each quarter. Adding up all the reports lands on a total of 2.16 million sales of the Model Y since its inception, which places it narrowly behind the Model 3 at 2.20 million sales.

This means the Model Y could pass the Model 3 in the current fourth quarter and become the bestselling electric vehicle of all time.

Related Link: Tesla Q2 Earnings Highlights: Revenue Beat, EPS Beat, Cybertruck Update And More 

Why It’s Important: The latest milestone from Tesla could continue to show its dominance in the electric vehicle sector.

Most of the company's rivals and traditional automakers would be happy to be at two million total units sold. Tesla has multiple models that have hit this milestone and the EV maker shows no signs of slowing down.

Tesla is guiding to 1.8 million units sold for the full fiscal year. Over the long term, Tesla’s goal is 50% annual production growth. A target of 1.8 million vehicles in 2023 would put the company ahead of this milestone for the full year.

Tesla CEO Elon Musk previously said the company could get close to hitting two million units sold for the 2023 fiscal year.

Outside of the Model Y, Tesla may have its next bestseller coming soon, with the highly anticipated Cybertruck electric pickup nearing its delivery milestone.

First unveiled in November 2019, the Cybertruck has been highly anticipated, and third-party estimates show around two million reservations

Musk has cautioned against having overly high expectations for the Cybertruck's 2023 unit figures, emphasizing that 2024 will be the pivotal year for the company's volume production.

TSLA Price Action: Tesla shares closed at $263.62 Tuesday compared to a 52-week trading range of $101.81 to $299.29.

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