Tesla Model Y to become World's best-selling vehicle in 2023

Toyota RAV4 came in second with 1.07 million units sold, while the Corolla occupied the third spot.

According to the preliminary data collected by JATO Dynamics, the Tesla Model Y is on course to take the crown as the world's best-selling vehicle in 2023.

With just a small number of markets yet to release their 2023 sales figures, JATO Dynamics states that the Model Y is in an unassailable position after registering 1.23 million units of sales in 2023 - translating to a massive year-on-year increase of 64%. It also becomes the first EV to lead the global markets.

The preliminary data for 2023 also marks the end of a Toyota model occupying the top spot in the rankings. The Toyota Corolla and RAV4 models have occupied the model ranking in recent years. In 2023 though, the Toyota RAV4 came in second with 1.07 million units sold, while the Corolla occupied the third spot.

Coming back to the Tesla, the Model Y led the sales charts in both Europe & China - two of the world's largest EV markets.

Felipe Munoz, Global Analyst, JATO Dynamics, stated, "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." He added, "The average retail price of a Tesla Model Y in November 2023 was 18% and 23% 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."

Talking about Toyota, Munoz mentioned, "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 offer 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."

Source: JATO Dynamics