In a groundbreaking development, the Tesla (NASDAQ:TSLA) Model Y, an all-electric vehicle, has taken the crown as the world’s top-selling car, surpassing stalwarts like Toyota’s RAV4 and Corolla models. Analyst data from Jato Dynamics published by Motor1 reveal that despite the 2023 Model Y’s starting price of $47,490, significantly higher than the 2023 Corolla ($21,550) and RAV4 ($27,575), it managed to lead global sales in the first quarter of 2023.
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The Tesla Model Y sold 267,200 units worldwide in this period, outpacing the 256,400 Corollas and 214,700 RAV4s sold, translating to about a 69 percent year-on-year increase for the Model Y. While Tesla does not provide a precise sales breakdown, it reported over 400,000 deliveries of Model Y and Model 3 vehicles in the first quarter of 2023.
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TSLA stock based on 14 Buys, 11 Holds, and four Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $201.84 per share implies less than 1% upside potential, suggesting that the stock is fairly valued, according to analysts.
