Will Tesla Model Y Become 2023's Best-seller Vehicle? According to the preliminary data of JATO Dynamics, Tesla Model Y will be the world's best-selling vehicle of 2023. The second best-seller will be the Toyota RAV4, with 1.07 million units currently sold globally – up from 1.02 million units in 2022

By Shrabona Ghosh

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Data Source: JATO Dynamics

Bringing an uproar in the automotive landscape, Tesla Model Y is on its way to outperform its counterparts by breaking records to become the first EV to lead the global market. Tesla is on course to take the crown for the world's best-selling vehicle in 2023, with the Model Y securing the top spot across the majority of global markets, said preliminary data of JATO Dynamics.

While a small number of markets are yet to release their sales figures for 2023, preliminary data* collected by JATO Dynamics indicates that the Model Y is in an unassailable position, with 1.23 million units sold between January and December 2023 – marking a 64 per cent increase year-on-year.

"The increase in global sales of the Model Y is unprecedented, particularly for a vehicle in the top ten best-sellers. What Tesla has been able to achieve with the Model Y in such a short space of time is simply remarkable," said Felipe Munoz, Global Analyst at JATO Dynamics.

According to data from the China Association of Automobile Manufacturers (CAAM), more than 456,000 units were shipped China in 2023 – marking an increase of 45 per cent from 2022. In Europe, registrations of the Model Y soared above consistently high performers such as the Dacia Sandero, Peugeot 208, and Volkswagen T-Roc. Data from 30 markets shows that more than 255,000 units of the Model Y were registered – this being 19,000 units more than the second most popular vehicle, the Dacia Sandero.

The Model Y led the way for sales in both Europe and China, the world's two largest EV markets. "The average retail price of a Tesla Model Y in November 2023 was 18 per cent and 23 per cent lower than the average cost of an EV in Germany and USA respectively. The price cuts over the course of the year combined with Tesla's reputation as a reliable and competitive EV manufacturer, helped to fuel already high demand. As a result, Tesla is front of mind for many consumers looking to purchase an EV," he added.

According to the preliminary data, 2023 will mark the end of Toyota's top position in the model ranking, with the RAV4 and Corolla having led the global rankings in recent years. Munoz, explained, "Toyota has a strong presence worldwide, with the RAV4 (an SUV) and the Corolla (a compact car) making the brand attractive with a diverse offering. However, both models lack pure electric options, with only hybrid alternatives. While Toyota still experienced a strong year in 2023, the RAV4 and Corolla are simply unable to compete in the electric car market, which is becoming increasingly established and important across Europe and China."

Despite this, the second best-selling vehicle in 2023 is set to be the Toyota RAV4, with 1.07 million units currently sold globally – up from 1.02 million units in 2022, when it led the global market. With all body-types included, Toyota's Corolla occupied third place in the rankings, according to the preliminary data.

(*The data has been collated from North America, Europe, China, Australia, New Zealand, India, South Korea, Russia, Turkey, Israel, Japan, Taiwan, South Africa, Philippines. Also included is data from the largest markets in Latin America (Brazil, Argentina, Chile, Colombia, Mexico, and Uruguay), and some in Southeast Asia (Indonesia and Vietnam)

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 

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