Tesla Model Y Closes In on Toyota RAV4, Ford F-150 Slips

The electric vehicle (EV) market is heating up, and Tesla‘s Model Y is making waves. According to a recent report by Wolf Richter for WOLF STREET, the Model Y is now a hair’s breadth away from becoming the best-selling model in the US, closing in on the Toyota RAV4.

Meanwhile, the Ford F-150, once the undisputed king of the hill, has slipped to the number three spot.

Tesla Model Y’s Rise

The Tesla Model Y has been steadily gaining ground, with its share of registrations rising to 2.8% in the first half of 2024. This is its highest share ever, up from 2.6% in the first quarter. The Model Y is now just a hair away from being the number one best-selling model in the US, trailing the Toyota RAV4 by a mere 0.01%.

Ford F-150’s Slip

The Ford F-150, which includes both ICE and EV models, has seen a decline in its dominance. It dropped to the number four spot in the first quarter of 2024 but regained some share to end up in the number three spot for the first half, with a share of 2.7%. This is a significant drop from its number one spot in the third quarter of 2023.

Stellantis’ Struggles

Stellantis, the European auto-conglomerate that owns brands like Ram, Jeep, Dodge, and Chrysler, is facing some serious issues. The Ram 1500, which used to be a top-selling model, has dropped off Experian’s list of the 20 best-selling models for the first half of 2024. Stellantis itself has dropped to the number six spot, surpassed by Honda and Hyundai-Kia.

Dealers are in revolt against Stellantis management, accusing the company of prioritizing high prices and high profit margins, which has led to a glut of vehicles on dealer lots. In a letter to Stellantis CEO Carlos Tavares, a Jeep and Ram dealer advisory group raged about the company’s “disastrous choices” and “reckless short-term decision-making to secure record profits.”

EV Market Share Growth

Despite the struggles of some traditional automakers, the EV market share continues to grow. It reached a record 9.0% in the second quarter of 2024, up from 8.1% a year ago. This growth is eating into the market share of internal combustion engine (ICE) vehicles.

EVXL’s Take

The rise of the Tesla Model Y and the growth of the EV market share are clear indicators that the future is electric. As traditional automakers struggle with declining sales and market share, EV manufacturers like Tesla are stepping up to fill the void. This shift is not just about environmental concerns; it’s about giving consumers what they want: efficient, sustainable, and technologically advanced vehicles.

For more on Tesla’s rise and the future of EVs, check out our recent articles on Tesla. And if you’re interested in how other traditional automakers are faring in the EV race, take a look at our articles on GM and Ford.

What do you think about the rise of the Tesla Model Y and the struggles of traditional automakers? Leave your thoughts in the comments section below.