Tesla Model Y tops global sales rankings

An all-electric car is the world's bestselling car for the first time.

The first quarter of 2023, Toyota Motor Corp's TSLA Model Y has surpassed Toyota Motor Corp's TM RAV 4 and Corolla models to top global sales rankings, the data from Jato Dynamics published by Motor 1 revealed.

The 2023 model Y is $47,490 more than the 2023 Corolla, priced at $21,550, and the RAV 4, priced at $27,575.

In Q1, the Tesla Model Y sold 267,200 units globally, compared to the 256,400 Corolla and 214,700 RAV 4 units sold during the same period.

Elon Musk, Tesla's CEO, predicted that the Model Y would be the world's best-selling car in 2023.

Tesla has also introduced the much-anticipated Hardware 4 HW 4, an updated version of Tesla's self-driving hardware setup.

Last month, the firm announced a series of price cuts on top of previous reductions. The new model 3 and model Y vehicles are eligible for the federal tax credit for eligible buyers, the agency said in a statement.

Morgan Stanley analyst Adam Jonas, an analyst at Morgan Stanley, said Tesla could hit an annual-deliveries number of 2 million units, but that it would only be possible with further price reductions.

Steve Wozniak, Apple's co-founder, is critical of Elon Musk's self-driving car failures.