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This Tesla Model Could Be The Bestselling Vehicle Of 2023 And Not … – Investing.com UK



© Reuters. This Tesla Model Could Be The Bestselling Vehicle Of 2023 And Not Just For EVs

Benzinga – A new report highlighted a leading Tesla Inc (NASDAQ: NASDAQ:) vehicle, its growth and a new standard it could set in 2023.

What Happened: Electric vehicle giant Tesla dominated the U.S. market and many countries around the world in the emerging sector. Tesla could have some of the bestselling vehicles globally in 2023, helped by its goal of 50% annual delivery growth.

A new report from Recurrent Auto believed the Tesla Model Y could be the bestselling vehicle in 2023 globally, as reported by Teslarati.

The report anticipated Tesla’s Model Y will continue its momentum and pass the likes of legacy automotive companies in the new year.

In 2021, the Model Y was the 19th bestselling vehicle worldwide, jumping up 260 positions on the list and seeing an increase of 412% in units sold.

The Tesla Model 3 was the ninth bestselling vehicle, giving Tesla its first annual top-10 vehicle.

Benzinga previously shared the prediction of Tesla having at least one of the top five bestselling vehicles globally in 2022 with the potential for both the Model 3 and Model Y to rank in the top five.

Ford Motor Company (NYSE: NYSE:) was also expected to be a winner in the same report, with its F-150 Lightning electric pickup truck forecasted to be a top seller in 2023.

The report also predicted fleet orders for electric vehicles by companies such as Amazon.com (NASDAQ:), Inc. (NASDAQ: AMZN) could increase, which might be good news for Amazon partner Rivian Automotive Inc (NASDAQ: RIVN).

A Car and Driver report in October listed the F-Series from Ford as the number one bestselling vehicle in the U.S., followed by the Silverado from General Motors Company (NYSE: NYSE:) and the Ram Pickup from Stellantis NV (NYSE: STLA). Toyota Motors Corp (NYSE: TM) ranked fourth and fifth on the list with the RAV4 and Camry, respectively.

The top three bestselling vehicles were all pickup trucks, which could make it hard for a Tesla vehicle to crack the top three in 2023.

The Model Y and Model 3 ranked 13th and 16th on the list, respectively, through the first nine months of 2022 for the U.S. region.

Related Link: Here’s How Many Vehicles Tesla Has Produced And Delivered In Each Quarter Since 2019

Why It’s Important: The Model Y had grown to become one of the most popular cars in the world, hitting the number two position for electric vehicles in China for the month of November.

Tesla reported deliveries of 343,830 units in the third quarter, up 35% from the second quarter. The company said the total included 325,158 Model 3 and Model Y vehicles. The company said third-quarter production was 365,923 units.

The company added that ramping up production with the Model Y was among its biggest focuses due to demand worldwide.

The prediction from Recurrent Auto was just a guess on what could happen in 2023, but regardless, Tesla manufactures some of the most popular models year after year. The EV maker is now competing to not only be among the top 10 electric vehicles but also among the top 10 of all vehicles sold worldwide.

The strong position of pickup trucks as the top three bestselling vehicles in the U.S. may also bode well for the highly anticipated Cybertruck from Tesla, which could be one of its biggest market opportunities.

While the Model Y could become the bestselling vehicle worldwide, the report from Recurrent Auto saw Tesla losing market share in the overall electric vehicle market due to competition. The report had Tesla’s market share coming in below 40% in 2023, which would be the first time in this range since 2017.

TSLA Price Action: Tesla shares were up 3.31% to $112.71 Wednesday at market close. Shares of Tesla are down 72% year-to-date in 2022.

Read Next: Here’s More Evidence Tesla’s Cybertruck Could Soon Move Into Production

Photo: Courtesy of Shutterstock.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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