Tesla Model Y Becomes Best Selling Car in the World, Toyota Corolla Lost its Position After 2 Decades

Electric vehicle (EV) sales have grown rapidly in the last few years. This has brought about a major change in the automobile market. Last year, American EV maker Tesla’s Model Y was the best-selling car in the world. Japanese automobile company Toyota’s Corolla was the best-selling car in the international market for almost two decades. Last year, it was at the fourth position in terms of sales.

According to data from Jato Dynamics, Tesla sold around 12.2 lakh units of the Model Y last year. This is an increase of around 64 percent on a year-on-year basis. Toyota has seen a decline of around 19 percent in Corolla sales. Toyota’s RAV4 was the second best-selling car last year with sales of around 10.8 lakh units. It was followed by Honda’s CR-V (8,46,000 units). Tesla’s Model 3 also made it to the top 10 best-selling cars.

Last month, Tesla suffered a setback in China. Shipments from the company’s Shanghai factory in China fell for the third time this year. Competition for Tesla in China is constantly increasing and sales of companies like BYD have increased rapidly. According to data from the China Passenger Car Association, Tesla’s shipments in May fell 6.6 percent year-on-year to 72,573 units. This includes sales and exports in China. However, this is an increase of 17 percent compared to April. Sales of new energy passenger vehicles in China increased by about 35 percent to about 9,10,000 units in May. This indicates that demand has strengthened due to discounts given by EV companies and government subsidies.

Billionaire Elon Musk’s Tesla is struggling to maintain growth in its biggest market abroad, China. Last month, BYD’s shipments were 3,30,488 units. This is an increase of 38 percent compared to the same period last year. Apart from this, sales of Nio Inc, Xpeng and Li Auto have also increased. Despite reducing the prices of electric cars, Tesla’s sales are not increasing. Due to this, Musk has decided to lay off employees in the company.