In a significant development, Tesla Model Y became the world’s best-selling passenger car, dethroning Toyota Corolla in Q1 2023. The news comes from Jato Dynamics.
The research firm reported 267,200 Model Y sales in this timeframe, up 69% from last year. The EV did particularly well in China, the US, and Europe, seeing a huge rise in sales in all three markets.
The Toyota Corolla, at 256,400 units, came in second during Q1 2023, despite being available in sedan, hatchback, and station wagon body styles.
The report from Jato Dynamics states that overall car sales have risen significantly in the past few weeks. The research firm’s global analyst Felipe Munoz explained the rise is mainly due to an increase in accumulated orders from months prior that could not be delivered due to component shortages.
Another possible factor in the Tesla Model Y sales increase could be the decline in prices. While it’s bad news for Tesla owners looking to sell their EVs, it was a positive development for new buyers who came to Tesla in droves to buy cheaper EVs.
The report added that more than half of all car registrations in Q1 2023 were BEVs, increasing by 43% in March to more than 219,000 units. Tesla made up 28% of European BEVs registered up until March, implying a major rise in the demand for EVs.