Me oh my, a story about the Model Y

The Tesla Model Y is on pace to become the world’s best-selling vehicle by revenue this year, and the best-selling vehicle by total volume next year, CEO Elon Musk revealed at the company’s annual shareholder meeting last week.

📈 More deets… The Toyota Corolla is currently the best-selling vehicle in the world, with 1,150,000 in sales last year. In comparison, Tesla ​​sold 936,222 vehicles across all four models (S, 3, X, and Y) in 2021, and is on track to sell more than 1.3 million EVs this year – though it doesn’t provide data on individual models.

• By the end of 2022, the automaker is expected to have the capacity to produce over 1 million Model Y’s annually (MSRP: $65,990).

🚗⚡️ The big picture: If the time of the EV isn’t already here, the data indicates it’s surely coming. More than 5% of all new car sales nationwide were EVs over the first six months of this year, putting America past the tipping point for mass adoption, according to a recent Bloomberg analysis. Assuming the US follows the trend of other countries that have embraced EVs, a quarter of all new cars will be fully electric by 2025. 

And on top of that, the recently passed Inflation Reduction Act contains a provision allowing automakers to offer unlimited $7,500 income tax credits to consumers who purchase an EV, though this only applies to cars priced > $55,000 and made in North America (~40% by 2024, 100% by 2029).