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Elon Musk Reveals Tesla Model Y is on Track To Become the Best-Selling Vehicle of any Kind in 2023

Tesla has been ramping up Model Y production across the globe. The all-electric crossover is now produced in 4 factories across 3 continents. And now Elon Musk says Model Y is on track to become the best-selling vehicle of any kind in 2023.

Tesla is currently in the process of massively increasing vehicle production. The EV maker has guided a production rate of 20 million vehicles a year by 2030.

In order to meet this lofty goal Tesla is following a two-pronged approach. The first is introducing new vehicles. An example of this is Elon Musk’s announcement at the recently held shareholders meeting that Tesla’s upcoming two new vehicles – the robotaxi and van/bus – are expected to have a production capacity of 5 million vehicles a year.

Other new vehicles Tesla is expected to begin production in the coming year include the Cybertruck and the Tesla Semi.

All the new products are definitely crucial to growing vehicle production, however, in order to reach the 20 million vehicles by 2030 target Tesla is also employing another strategy which is expanding vehicle production of its current Model S, 3, X, Y line up.

Related News: Elon Musk Announces Tesla’s Upcoming 2 New Vehicles Will Sell 5 Million Units a Year

And out of these four vehicles Tesla has been focusing on the Model Y as the leader to grow vehicle production. Tesla is currently producing the Model Y in 4 factories across 3 continents.

Recently, Tesla has revealed that Model Y production has reached a run rate of 250,000 units both in Giga Texas and Giga Berlin. That is in addition to the over 500,000 units production rate at Giga Shanghai and over 250,000 at the Fremont plant.

And, at the recently held shareholder’s meeting, with all this production capacity, Elon Musk revealed that the Model Y is on track to become the best-selling vehicle of any kind in 2023. And that is including both EVs and internal combustion vehicles.

At the shareholder’s meeting, Elon Musk shared a slide showing Model Y’s performance across the globe. In the slide, Tesla wrote that in the United States, the Model Y was the best-selling non-pick-up vehicle in Q1, the best-selling vehicle of any kind in Q1 in Europe, and the best-selling SUV in Q1 in China.

Tesla and Elon Musk said that extrapolating Model Y’s performance in the first quarter of the year, the all-electric crossover is on track to become the best-selling vehicle globally in 2023.

Last year, the Model Y was already the best-selling vehicle in the world by revenue & fourth best-selling vehicle in the world by sales, with more than 750,000 units sold.

This year, if Elon Musk and Tesla’s predictions come true, the Model Y will also take the spot of the best-selling vehicle in the world by unit sales dethroning the Toyota Corolla which sold over 1.1 million units.

This will be a remarkable achievement for Tesla, which has only been producing vehicles for a little over a decade. And we will keep you posted on the EV maker’s continued growth throughout the year. Until then make sure to visit our site regularly for the latest updates.

So what do you think? Excited to learn that the Model Y is on track to become the best-selling vehicle of any kind in the world? Also, what do you make of Tesla’s upcoming vehicles expected to sell 5 million units a year? Let me know your thoughts in the comments below.

Image: Courtesy of Tesla, Inc.

For more information check out: Tesla Roadster: Delayed Again, But With High Hopes For The Future

Tinsae Aregay has been following Tesla and The evolution of the EV space on a daily basis for several years. He covers everything about Tesla from the cars to Elon Musk, the energy business, and autonomy. Follow Tinsae on Twitter at @TinsaeAregay for daily Tesla news.