Tesla is currently offering its largest set of discounts and incentives ever for the Model Y and Model 3, aiming to end the year strong with a record number of deliveries.
Incentives and Competition
Even with 0% APR financing and free Supercharging deals, it might not be enough for the Model Y to reclaim its title of the world's top-selling vehicle, a title it held last year.
Recent data from 162 countries shows that the Model Y has slipped from its position at the top of global vehicle sales. The Toyota Corolla has taken back its crown as the best-selling car worldwide, selling 901,991 units.
Sales Figures
In the same timeframe, Tesla sold 865,868 Model Y vehicles, while the Toyota RAV4 followed closely behind with 836,258 units sold, marking a significant 13.7% increase in sales year-on-year.
The highest growth rate in sales belongs to BYD, with its Song model experiencing an impressive 42% surge compared to last year. BYD is prioritizing international sales and continues to open new showrooms in different countries, and this strategy appears to be working well.
Market Dynamics
Toyota had previously dominated the rankings for popular vehicle models until Tesla introduced its mid-range crossover SUV, which was quickly embraced by early EV enthusiasts. While electric vehicle sales are currently slowing down, Tesla still enjoys advantages in production costs and brand recognition over competitors. Thus, moving from first to second place in global vehicle sales is still a commendable achievement.
Additionally, Tesla is set to unveil the Model Y refresh, codenamed Juniper, in the first quarter of next year. This means that the Model Y could potentially reclaim its status as the world's most popular vehicle in 2025 after a short break from the top position this year.
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