The Tesla Model Y accounted for more than a third of all electric vehicle (EV) sales in the U.S. during the first quarter, according to recent data. This demonstrates the growing popularity of Tesla’s electric vehicles in the market. Stephanie Valdez Streaty, Cox Automotive’s Director of Industry Insights, stated that electric vehicle sales in the U.S. saw a decline in Q1 2024, marking the first quarter-over-quarter downturn since Q2 2020.
She also mentioned that Tesla’s sales were affected, impacting the overall market dynamics. It was previously anticipated that 2024 would be ‘the Year of More’, with more new products, incentives, inventory, leasing options, and infrastructure driving EV sales higher throughout the year. The data suggests that despite the overall decline, Tesla’s Model Y continues to be a strong performer in the electric vehicle market.
This underscores the ongoing shift towards electric vehicles and the potential for further growth in the coming years.