In a significant turn of events, the Tesla Model Y has emerged as the best-selling passenger car globally, surpassing the long-reigning Toyota Corolla in the first quarter of 2023. This information has been provided by Jato Dynamics, a renowned research firm specializing in automotive analysis.

According to Jato Dynamics’ report, the Model Y achieved an impressive sales figure of 267,200 units during this period, marking a substantial 69% increase compared to the previous year. The electric vehicle performed exceptionally well in key markets such as China, the United States, and Europe, experiencing a significant surge in sales across all three regions.

Despite the Toyota Corolla being available in sedan, hatchback, and station wagon body styles, it secured the second position in Q1 2023 with sales of 256,400 units.

The report from Jato Dynamics further reveals that there has been a notable overall increase in car sales in recent weeks. Felipe Munoz, the global analyst at the research firm, attributes this rise primarily to a backlog of accumulated orders from previous months that could not be fulfilled due to shortages in components.

Another contributing factor to the rise in Tesla Model Y sales could be the decline in prices. While this may be disappointing news for current Tesla owners planning to sell their electric vehicles, it has proven to be a positive development for prospective buyers who flocked to Tesla in large numbers to purchase more affordable EVs.

Additionally, the report highlights that over half of all car registrations in Q1 2023 were for battery electric vehicles (BEVs), with an increase of 43% in March alone, totaling over 219,000 units. Tesla accounted for 28% of European BEVs registered up until March, indicating a substantial surge in demand for electric vehicles.