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‌Tesla Model Y May Dethrone Ford F-150 As America’s Best-Loved Vehicle In The Near Future

‌The Model Y was the world's best-selling car in Q1 2023, followed closely by Toyota Corolla.
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Ford Motor Co‘s (NYSE:F) F-150 pickup truck retained the top spot as the most popular vehicle in the U.S. during the first four months of 2023, closely followed by Tesla Inc‘s (NASDAQ:TSLA) Model Y. 

What Happened: According to InsideEVs, the F-150 recorded nearly 240,000 sales, while the Model Y doubled registrations to 127,541 from a year earlier during the January-April period.

The report also reveals that Tesla’s total registrations for the period reached 211,842, with the Model Y accounting for over half of that figure. The second most popular Tesla vehicle was the Model 3, with 72,259 registrations. 

In terms of the overall battery-electric vehicle market share, Tesla dominates with a staggering 60.8%, trailed by General Motors‘ (NYSE:GM) Chevrolet with a 7.1% market share, and Ford with 4.9%, as per the report. 

Why It Matters: The Model Y made global waves in the first quarter, surpassing Toyota’s RAV4 and Corolla models to secure the top spot in global sales rankings, according to data from Jato Dynamics. 

With 267,200 units sold worldwide, the Model Y outperformed the 256,400 Corolla units and 214,700 RAV4 units sold during the same period. 

Although Tesla CEO Elon Musk‘s prediction of the Model Y becoming the world’s best-selling vehicle by 2022 didn’t materialize, it still made a strong impression, ranking as the sixth best-selling vehicle in the U.S. last year.

Furthermore, last week Tesla raised the prices of its Model Y AWD by $250 in the United States. Despite the price increase, all Model Y vehicles remain eligible for a $7,500 federal tax credit, resulting in a starting price of $40,240 after the tax credit is applied. 


© 2023 Zenger Zenger News does not provide investment advice. All rights reserved.

Produced in association with Benzinga

Edited by Arnab Nandy

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