The Model Y has achieved remarkable success since its launch, with CEO Elon Musk expressing confidence that it would become the best-selling car globally. He initially made this prediction during the Q1 2021 Earnings Call, confident that the Model Y would surpass all other vehicles in sales. This statement has been proven accurate, as the Model Y claimed the title of the best-selling vehicle in 2023.
Tesla’s reporting style combines the figures for the Model 3 and Model Y, as well as the Model S and Model X. According to Tesla’s Shareholder Deck and comments from the Earnings Call, the Model Y comprised a significant portion of the company’s vehicle mix. In 2023, Tesla delivered a total of 1,739,707 Model 3 and Model Y units, with the Model Y accounting for around 69 percent of this mix, driving substantial growth for the company.
Despite the Model Y’s pivotal role in Tesla’s growth from 2020 to 2023, the company anticipates a notable decrease in annual growth rate this year. This expectation has led to pressure on Tesla’s shares in the market. Nonetheless, the Model Y’s impact as a demand driver for Tesla has been undeniable, contributing to a 38 percent increase in vehicle deliveries in 2023 compared to the previous year.