Tesla’s Model Y surpasses 2 million sales, set to outsell Model 3 as top EV.

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The automotive industry giant Tesla Inc (TSLA) has continued to assert its dominance in the realm of electric vehicle production and sales. According to a recent report, the company achieved a significant feat, marking a major milestone in its trajectory.

What happened:

Since its launch in March 2020, the Tesla Model Y has emerged as one of the top-selling electric vehicles globally. Its success isn’t confined solely to the electric vehicle market; it has also secured a place among the best-selling vehicles worldwide.

CleanTechnica’s recent report reveals that the Model Y has crossed the two million unit sales mark in a remarkably short span of three and a half years, underscoring its extraordinary performance.

The report was compiled based on data from Tesla’s quarterly sales reports for the Model Y. The cumulative figures add up to a total of 2.16 million sales since the vehicle’s debut, placing it just behind the Model 3, which has recorded 2.20 million sales.

This suggests that the Model Y might surpass the Model 3 in the ongoing fourth quarter, solidifying its position as the best-selling electric vehicle of all time.

Why it’s important:

Tesla’s latest achievement serves as a testament to its continued dominance in the electric vehicle sector. Many of its competitors and traditional automakers would consider two million total units sold a significant success, yet Tesla has multiple models that have reached this milestone, demonstrating its unwavering momentum.

Tesla has set a target of 1.8 million units sold for the full fiscal year, with a long-term objective of achieving 50% annual production growth. If the company hits the 1.8 million mark for 2023, it will exceed this milestone for the entire year.

Elon Musk, CEO of Tesla, previously suggested that the company could come close to reaching two million units sold by the end of the 2023 fiscal year. Beyond the Model Y, Tesla’s next potential bestseller, the highly anticipated Cybertruck electric pickup, is nearing its delivery milestone.

Unveiled in November 2019, the Cybertruck has generated significant anticipation, with third-party estimates indicating approximately two million reservations. Musk has tempered expectations for the Cybertruck’s 2023 unit figures, emphasizing that 2024 will be the pivotal year for the company’s volume production.

TSLA Price Action: Tesla’s shares closed at $263.62 on Tuesday, with a 52-week trading range of $101.81 to $299.29.