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The Tesla Model Y has become the world's bestselling car in the first quarter of 2023, surpassing Toyota's RAV4 and Corolla models, according to analyst data from Jato Dynamics.
The Model Y sold 267,200 units globally in Q1, with a year-on-year increase of approximately 69%.
Tesla's CEO, Elon Musk, had previously predicted the Model Y's success and estimated demand in the range of 500,000 to 1 million units per year.
Tesla's dominance in the EV market can be attributed to slow development by competing car manufacturers and frequent price reductions on its vehicle lineup.
While the Model Y's achievement is remarkable, it's important to note that Tesla is not the largest global automaker in terms of revenue and unit sales.
Musk's prediction of the Model Y becoming the world's bestselling vehicle was not realized in 2022, but it did place third in global rankings and sixth in the U.S. rankings for that year.
The Model Y became the bestselling vehicle in Europe and California and ranked fourth in China despite challenges such as recalls and restrictions on Tesla ownership.