The electric vehicle market in the United States is dominated by Tesla, an electric car company owned by Elon Musk. In the meantime, other automakers including Ford, General Motors, Stellantis, Volkswagen, and Hyundai are having a hard time providing strong competition.
The Model Y, an electric vehicle produced by Tesla, the electric car company owned by Elon Musk, has become the best-selling vehicle in the world. A report has revealed this information to the public. According to information provided by Jato Dynamics, the Tesla Model Y is now at the top of the global sales rankings for the first quarter of 2023, surpassing both the RAV4 and the Corolla models produced by Toyota. The base price of the 2023 Tesla Model Y is $47,490 (about Rs 39 lakh), which is significantly more than the 2023 Toyota Corolla ($21,550) and Toyota RAV4 ($27,575).
During the first three months of this year, Tesla Model Y sales reached a global total of 267,200 units, while Toyota Corolla sales reached 256,400 and Toyota RAV4 sales reached 214,700. Elon Musk, CEO of Tesla, also anticipated in 2016 that demand for the vehicle will be in the range of 500,000 to 1 million units annually. Musk anticipated that the Model Y would achieve the number one position in the world in the year 2021.
Tesla believes the Model Y will become the best-selling automobile or vehicle of any kind in the world. Perhaps the year after that. I cannot say for certain that it will happen the next year, but I believe there is a good chance that it will. In comparison to the other 17 automotive organizations in the United States, Tesla continues to hold the position of market leader in the electric vehicle (EV) market. More than fifty percent of Tesla’s vehicles have been sold. In 2022, electric vehicle (EV) sales are projected to account for seven percent of the total market for passenger vehicles in the United States, as reported by Counterpoint Research.
According to the findings of a research analyst by the name of Abhik Mukherjee, Tesla now holds a dominant position in the electric vehicle (EV) industry in the United States, while other automotive giants such as Ford, General Motors, Stellantis, Volkswagen, and Hyundai are failing to give strong competition. According to Mukherjee, it is anticipated that Tesla will take even more market share as a result of the recent price decrease that the company implemented and the fact that all variants of Tesla’s Model Y are now qualified to get EV tax credit subsidies.