During the Tesla’s recent earnings call, Elon Musk confirmed that the Model Y became the world’s best-selling vehicle in 2024.

This was despite the fact that Musk himself has become a very controversial figure due to his political views.

The Model Y’s sales:

• As per Tesla’s Q4 2024 Update Letter, the Model Y was the best-selling vehicle in several markets across the globe.
• This was true for China, which holds the world’s largest and most competitive electric vehicle market.
• “In Q4, we achieved record deliveries in China as Model Y became the best-selling vehicle for the full year. Tesla also became the fastest growing brand in South Korea,” Tesla wrote.
• The Model Y also shone in several countries across Europe.
• “In 2024, Model Y was the best-selling vehicle of any type in Denmark, Norway, Sweden, Switzerland, and the Netherlands, and we expect Model Y to have been the second best-selling vehicle of any type in Europe. 
• “Tesla was the most sold brand in Norway for the fourth year in a 9 row with Model Y and Model 3 the best- and second-best selling cars of any type in 2024,” Tesla wrote.

🙌It seems like the Tesla Model Y has done what many thought was impossible.

During the Q4 2024 earnings call, Elon Musk stated that the Model Y was the world's best-selling vehicle once more.

"Not just the best electric vehicle. The best vehicle of any kind on Earth." pic.twitter.com/wJZA2LQu4i

— TESLARATI (@Teslarati) February 1, 2025

More Model Y potential:

• It should be noted that the Model Y was able to accomplish these sales milestones despite consumers generally knowing that an upgraded version of the vehicle was in the works.
• With the launch of the new Model Y, consumer interest in the all-electric crossover could very well become even more notable.
• The new Model Y features a more aggressive front and rear, as well as a completely revamped interior.

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

A new study from the online lending service marketplace LendingTree has put a spotlight on Tesla’s popularity among car buyers looking for a luxury vehicle. From January through November 2024, the Tesla Model Y and Model 3 received the most loan inquiries from car buyers looking to acquire a luxury vehicle.

The study:

• For its study, LendingTree analyzed over 1 million auto loan inquiries for passenger vehicles from January 1 to November 30, 2024.
• To determine which luxury vehicles were most popular among car shoppers, LendingTree took a luxury vehicle make’s total number of queries and divided it by the total number of luxury vehicle queries during the study’s period.
• Carfax’s “Complete Guide to Luxury Car Brands” was used to determine which car brands were considered luxury. Tesla is included in the list.

The Model Y and Model 3’s results:

• As per LendingTree’s study, Tesla’s two mainstream vehicles attracted the top interest among car buyers looking to acquire a luxury car.
• The Tesla Model Y claimed the top spot in the study, with 6.8% of luxury vehicle loan queries being centered on the best-selling all-electric crossover.
• The Tesla Model 3 followed closely at 5.6%, which is quite impressive considering that the vehicle is a sedan.
• Overall, Tesla was the study’s second most sought-after luxury brand after BMW, though this was partly due to the company’s significantly smaller vehicle lineup.
• BMW captured 16.6% of luxury brand queries in the study, while Tesla captured 15.8%.
• This means that Tesla beat out Mercedes-Benz and Lexus, which captured 12.0% and 11.1% of luxury brand inquiries, respectively.

Why it matters:

• As per LendingTree, a good reason behind the popularity of the Tesla Model Y and Model 3 among luxury car buyers may be the vehicles’ reasonable price. 
• Despite Tesla being considered a luxury brand, the Model Y and Model 3 are priced very competitively.
• The 2024 Model Y starts at a reasonable $44,990. The Model 3 is even more budget-friendly, praised by Kelley Blue Book as a “bargain among electric sedans” at its price.

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The facelifted Tesla Model Y is off to a roaring start in China, outpacing the reengineered Model 3’s reception. As per recent reports in China, orders for the new Model Y have been surging since pre-sales for the updated vehicle were opened earlier this month.

Tesla Model Y sales surge:

• In just five days following its launch, the Model Y saw over 70,000 orders, as per Chinese news outlet Yicai, citing an insider.
• Another news outlet, Jiemian, reported that the Model Y orders reached 73,400 as of January 15. From this number, 59,000 were reportedly for the updated model.
• Tesla introduced the new Model Y in China on January 10 with two variants: a rear-wheel-drive version that starts at RMB 263,500 ($36,280) and a long-range all-wheel-drive variant that starts at RMB 303,500.
• Deliveries for the new Model Y are expected to start sometime in March.

What they are saying:

• Citing an R&D source at Tesla China, Yicai stated in its report that the fast pace of Tesla’s vehicle research and development is the key to its success against veteran automakers.
• The publication’s source also noted that the new Model Y is a global product, which means that it was developed in part by the Tesla China team. 
• Tesla adopted a similar strategy with the reengineered Tesla Model 3, as noted in a CNEV Post report.
• Tesla developers in China reportedly focused on the new Model Y’s interior and exterior, while the U.S. team reportedly focused on the vehicle’s software and other pertinent systems.

What’s next:

• Show cars of the new Model Y are being rolled out to Tesla’s Chinese showrooms, as confirmed by Grace Tao, Tesla’s VP of External Affairs, on Weibo.
• Images and videos shared on social media suggest that consumer interest surrounding the all-electric crossover is quite high.
• Initial feedback from automotive reviewers about the new Model Y has also been quite positive.

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.