Since its launch, the Tesla Model Y has been a resounding success. With a starting price $65,995, the Model Y is the best selling premium SUV in the market. However, it is selling so well that it’s set to become the world’s best selling car.
Speaking at Tesla’s annual shareholder’s meeting, Elon Musk said the Model Y will be the world’s best-selling vehicle by revenue this year. Furthermore, Musk stated that the Model Y will be the world’s number one vehicle when it comes to overall sales volume in 2023.
The Toyota Corolla is currently the world’s highest-selling car. Around 1.15 million units were sold last year. By comparison, Tesla sold 936,222 total vehicles in 2021. However, the company is rapidly increasing sales volume each year and is on track to sell over 1.3 million cars this year, and over 2.5 million in 2023. The Model Y is expected to account for over 60% of production.
The Model Y sales success is even more remarkable when you consider how expensive it is. Its starting price is over three higher than the $20,425 starting price on the Corolla. The high selling price, along with industry leading profit margins, has made Tesla the most profitable US automaker.
Disclaimer: I am long TSLA.