The Tesla Model Y continues its impressive ascent in the automotive industry, solidifying its position as a top contender in the global market. Following its triumph as the world’s best-selling passenger car in the first quarter of 2023, the Model Y has maintained its exceptional sales growth in the United States.
Data provided by Experian and reported by Automotive News reveals that Tesla’s flagship model experienced a staggering surge in registrations, reaching 127,541 in the first four months of 2023âdouble the figures from the previous year. Remarkably, the Model Y claimed the coveted spot as the second most popular vehicle overall in the US, trailing closely behind the Ford F-150 pickup truck, which recorded approximately 240,000 sales during the same period.
This notable achievement signifies that the Model Y has overtaken long-standing favorites like the Toyota Camry, Honda CR-V, Nissan Rogue, Toyota Corolla, Honda Civic, and Honda Accord, which have traditionally dominated the sales charts.
Impressively, the Model Y accounted for over half of Tesla’s total registrations, which amounted to 211,842 during the same period. The Model 3 secured the second-highest sales position within Tesla’s lineup, with 72,259 registrationsârepresenting a 28 percent increase from the previous year.
Together, the Model Y and Model 3 contributed to nearly 200,000 registrations out of Tesla’s total figure. Meanwhile, the Model X crossover experienced a 15 percent growth with 8,216 registrations, while the Model S sedan encountered a decline of 67 percent, with only 3,826 registrations.
During January to April 2023, Tesla emerged as the leading electric vehicle (EV) manufacturer, leaving its competitors far behind. With 211,842 registrationsâan impressive 52 percent year-over-year increaseâTesla commanded a commanding 60.8 percent market share in the battery electric vehicle (BEV) segment. Chevrolet secured the second position with 24,689 registrations (7.1 percent market share), followed by Ford with 17,167 registrations (4.9 percent market share).
Although Tesla’s performance is undeniably strong, it’s worth noting that BEVs accounted for only 7 percent of total US light-vehicle registrations by April. Throughout this period, new EV registrations reached 348,258, while the overall light-vehicle market recorded just over 5 million registrations.
Nonetheless, the BEV sector is experiencing a notable upward trend, with EV registrations demonstrating a remarkable 72 percent growth compared to the same period the previous year, effectively surpassing the 4.4 percent market share recorded in January to April 2022.
Tesla’s impressive results echo the sentiments expressed by CEO Elon Musk, who previously emphasized a willingness to prioritize volume over profit. This strategy has proven successful in the US, where Tesla has met Musk’s annual growth target of 50 percent thus far.
The impressive sales figures of the Tesla Model Y also lend support to Musk’s projection that the model will emerge as the world’s best-selling passenger car by volume in 2023.
Undoubtedly, Tesla’s record-breaking registrations in the US can be attributed in part to the company’s strategic price reductions, which have made the Model Y significantly more appealing to consumers. For instance, while the electric crossover originally had a starting price of $67,440 (including shipping) towards the end of 2022, it now boasts a starting MSRP of $49,380 (including shipping) before accounting for any state and federal tax credits or incentives.
