Tesla's (TSLA) Model Y Loses Crown as World's Best-Selling Car in 2024
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Toyota's return to the top reflects the popularity of its established models. Five of its vehicles, including the Corolla Cross, Corolla sedan, Hilux, and Camry, ranked in the global top 10. Also, TSLA's Model Y was placed second, and the Model 3 came in ninth, showing that the battle between EVs and traditional cars is heating up.
Key Factors Behind TSLA's Slide
Several factors contributed to Tesla's slide from the top spot. A mid-year production pause to introduce a refreshed version hurt delivery volumes, while CEO Elon Musk 's political involvement and controversial public statements reportedly stirred backlash among some consumers. At the same time, rising competition from hybrid and plug-in hybrid vehicles chipped away at Tesla's lead.
Meanwhile, the Toyota RAV4 got a boost as buyers looked forward to its new hybrid model, drawing more attention while the current gas version nears the end.
Looking forward, the RAV4 and Model Y are both getting updates, setting the stage for another tight race to be the world's best-selling car in 2025.
Is TSLA Stock a Buy?
Turning to Wall Street, TSLA stock has a Hold consensus rating based on 14 Buys, 12 Holds, and nine Sells assigned in the last three months. At $293.09, the average Tesla price target implies a 7.06% downside potential. The stock has declined 23.28% over the past six months.
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