The Tesla Model Y Is Now The World's Bestselling Car

For the first time, an all-electric vehicle has become the world's bestselling car. 

Tesla Inc's TSLA Model Y has surpassed Toyota Motor Corp's TM RAV4 and Corolla models to top global sales rankings in the first quarter of 2023, data from Jato Dynamics published by Motor1 revealed. 

The 2023 Model Y starts at $47,490, more than the 2023 Corolla, priced at $21,550, and RAV4, priced at $27,575.

According to the data, the Tesla Model Y sold 267,200 units globally in Q1, compared to the 256,400 Corolla and 214,700 RAV4 units sold during the same period. 

The current generation of the Corolla was introduced in March 2018, while the Tesla Model Y debuted a year later in March 2019. 

Last August, Tesla CEO Elon Musk predicted that the Model Y would become the world's best-selling new vehicle in 2023. 

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"Taking production into consideration, the Tesla Model Y easily passed the Toyota Corolla and Toyota Hilux as the highest production nameplate in the world in the first quarter," Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions, told Insider in a piece published on Friday. 

Meanwhile, Tesla has started delivering Model Y vehicles equipped with the much-anticipated Hardware 4 (HW4), an upgraded version of Tesla's self-driving hardware setup.

Last month, the company announced a round of price cuts on top of previous reductions. It also clarified that the new Model 3 and Model Y vehicles qualify for the federal tax credit for eligible buyers.

In a recent report, Morgan Stanley analyst Adam Jonas said that Tesla could hit an annual-deliveries number of 2 million units but that it would only be possible with further price reductions. 

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