Tesla has done it again when it comes to creating history in the EV industry, with its Model Y officially being named the best-selling car of 2024. According to a report by Statista, Model Y sold 1.09 million units worldwide, although it narrowly again passed the Toyota Corolla with 1.08 million sales. The Toyota RAV4 was close behind with 1.02 million units, and the Ford F-Series ranked fourth with 903,454 units sold.
This achievement represents a major milestone for Tesla because Model Y is the all-electric vehicle (EV) that can beat other gasoline-powered cars.
How the Tesla Model Y Became the World’s Best Seller
Tesla has rapidly increased its global production facilities, with Giga-factories in Shanghai, Berlin, Texas, and California – all important for satisfying demand. By producing electric vehicles nearer to markets for them, Tesla has cut shipping costs and increased delivery speed, and so, also some sales.
Strong Consumer Demand for Electric Vehicles
Governments around the globe are setting strict emission rules and providing incentives to the EV buyers, which is helpful in rapidly speeding up the movement away from gasoline-powered cars. Due to its great range, quick charging, and advanced features, the Model Y has become one of the favorite options for the consumer who wants to go electric.
Competitive Pricing and Incentives
In the past Tesla has deliberately lowered its prices of the Model Y to be more affordable for specific markets such as China, the U.S., and Europe. On top of that, many nations offer government subsidies as well as tax credits for EVs, making the Model V more appealing than traditional gasoline cars.
Advanced Technology and Performance
Tesla cars are already famous for their advanced technology, and the Model Y is no different. It offers over-the-air software upgrades, Autopilot driver assistance, and Full Self-Driving (FSD) capabilities, which makes it a significant move compared to the rivals. Its performance, spacious interior, and good battery life make it attractive to lots of buyers.
How the Model Y Performed in the U.S. Market
Although the Tesla Model Y was the best selling car in the world, it also performed exceptionally well in the United States, securing sixth place in the market in the latest sales results, according to Cox Automotive. The Model Y sold 372,613 units in the US trailing behind:
- Ford F-Series
- Chevrolet Silverado
- Toyota RAV4
- Honda CR-V
- Ram Pickup
The US market is very competitive, and the pickup trucks still hold a strong position. But the Model Y’s strong performance in the SUV/Crossover category shows the accelerating trend in EV adaptation in the country.
Impact on Traditional Automakers
Tesla’s Model Y success can be a challenging situation for traditional automakers like Toyota, Ford, and General Motors, putting pressure on them to accelerate their EV transition. Although Toyota is a strong global player, its EV lineup is still not very mature. Ford, meanwhile, has made some efforts with its electric F-150 Lightning and Mustang Mach-E, but it still relies heavily on gasoline-powered vehicles.
Also we cannot forget that Tesla is also rumoured to be working on a more affordable version of the Model Y vehicle, which, if is a reality, will pose a great challenge to these automakers.
