Electric Tesla Model Y becomes world’s best selling car

The Tesla Model Y has become the first electric vehicle (EV) to become the world’s best-selling car, as Tesla boss Elon Musk predicted in August 2022.

According to a report compiled for Motor1 by automotive intelligence firm Jato Dynamics, the battery-powered midsized SUV sold 267,200 units in the first quarter of this year. That’s about 69% higher than the same period last year and follows Tesla’s recent price cuts and worldwide expansion. The car performed strongly in its core market of China, in the US, and in Europe, where it became the top-selling vehicle.

The feat is particularly noteworthy given the Model Y’s premium price, and it beat the 256,400 units recorded by the second-placed Toyota Corolla in the first quarter. The Corolla has been one of the world’s most popular cars for years but dropped 29% in China and 10% in the US in the first quarter.

Toyotas made up the next three places in the global best-selling top five in the first quarter, with the Hilux in third place on 214,700 units, followed by the Rav4 (211,000) and Camry (166,200).

The Tesla Model Y was the third best-selling car globally last year, behind the Rav4 and the Corolla sedan.

About 10.5-million new battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) were sold worldwide in 2022, an increase of 55% compared with the year before, and are forecast to reach 14-million this year, according to the IEA’s Global Electric Vehicle Outlook.

This explosive growth means electric cars’ share of the overall car market has risen from about 4% in 2020 to 14% in 2022 and is set to increase further to 18% this year, based on the latest IEA projections.

The overwhelming majority of electric car sales are concentrated in China, Europe and the US. More than half of all EVs on the road worldwide are in China. Europe and the US, the second and third largest markets, both saw strong growth with sales increasing 15% and 55% respectively in 2022. 

With 1.85-million units China’s BYD was 2022’s top performer in global new-energy vehicle sales which include full electrics and hybrids. Counting battery-electric vehicles only, Tesla led the way with 1.31-million units delivered in 2022.

Internal combustion engine (ICE) vehicle sales declined by 7% in 2022, down to a 76.8% share of global light vehicle sales compared with 82.2% in 2021.

Norway is by far the country with the highest adoption and market share of EVs, with BEVs at 71% and PHEVs at 8%.

The uptake in SA has been slow due to high EV prices and the intermittent electricity supply. In 2022 local EV sales rose 132% to 506 units off a very low base of 218 units in 2021, with the launch of new battery-powered models from Audi, BMW, Mercedes-Benz and Volvo.