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Tesla’s Model Y comprised over a third of all Q1 EV sales in the U.S.

Credit: Tesla

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The Tesla Model Y sales comprised over a third of all electric vehicle (EV) sales in the U.S. in the first quarter, as shown in new data released this week.

Automotive sales data from Kelley Blue Book shows that EV sales growth slowed down in the first quarter, and while dominant market leader Tesla wasn’t immune to these effects, the U.S. automaker’s sales remained far ahead of competitors. While Tesla’s sales overall represented 51.3 percent of the overall EV segment, the Model Y alone led the pack, making up a 35.4 percent segment share overall with 96,729 units sold.

Credit: Cox Automotive/Kelley Blue Book

Tesla’s Model 3 sedan followed behind the Model Y with an 11.3 percent segment share, while the rest of the top five included the Ford Mustang Mach-E (3.5 percent), the Rivian R1S (2.9 percent) and the Ford F-150 Lightning (2.8 percent). However, EV market share across all vehicle sales landed at 7.3 percent in Q1, down from 8.1 percent in Q4 and from the 7.6 percent across all of 2023.

“Electric vehicle sales in the U.S. declined during Q1 2024 – the first quarter-over-quarter downturn since Q2 2020,” said Stephanie Valdez Streaty, Cox Automotive’s Director of Industry Insights.

“As anticipated, Tesla’s sales took a hit, influencing the overall market dynamics. However, a few brands saw significant EV sales increases, achieving over 50% year-over-year growth. As noted in January, we are calling 2024, ‘the Year of More’. More new products, more incentives, more inventory, more leasing and more infrastructure will drive EV sales higher this year. Even so, we’ll continue to see ups and downs as the industry moves towards electrification.”

Tesla last year made up over half of all U.S. EV sales with the Model Y and Model 3, and beyond the country, the Model Y went on to become the world’s best selling vehicle overall in 2023. The data also comes just weeks after reports noted that the adoption of battery-electric vehicles (BEVs) had reached a crucial tipping point in 31 countries worldwide, and ahead of EV sales targets aiming to phase-out gas vehicle sales over the next six years.

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Top 10 EVs sold in the U.S. in Q1

  1. Tesla Model Y — 96,729 units; 35.4 percent
  2. Tesla Model 3 — 30,842 units; 11.3 percent
  3. Ford Mustang Mach-E — 9,589 units; 3.5 percent
  4. Rivian R1S — 8,017 units; 2.9 percent
  5. Ford F-150 Lightning — 7,743 units; 2.8 percent
  6. Chevy Bolt EV/EUV — 7,040 units; 2.6 percent
  7. Hyundai Ioniq 5 — 6,822 units; 2.5 percent
  8. Volkswagen ID.4 — 6,167 units; 2.3 percent
  9. Cadillac Lyric — 5,800 units; 2.1 percent
  10. Tesla Model X — 5,607 units; 2.1 percent

You can see the full EV sales report for Q1 2024 from KBB here.

California made up a third of all U.S. BEV sales in 2023

What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send your tips to us at tips@teslarati.com.

Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in Fremont, California, and he currently lives in Colorado. His work has appeared in the Chicago Tribune, KRON4 San Francisco, FOX31 Denver, InsideEVs, CleanTechnica, and many other publications. When he isn't covering Tesla or other EV companies, you can find him writing and performing music, drinking a good cup of coffee, or hanging out with his cats, Banks and Freddie. Reach out at zach@teslarati.com, find him on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

Investor's Corner

Cantor Fitzgerald reaffirms bullish view on Tesla after record Q3 deliveries

The firm reiterated its Overweight rating and $355 price target.

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(Credit: Tesla)

Cantor Fitzgerald is maintaining its bullish outlook on Tesla (NASDAQ:TSLA) following the company’s record-breaking third quarter of 2025. 

The firm reiterated its Overweight rating and $355 price target, citing strong delivery results driven by a rush of consumer purchases ahead of the end of the federal tax credit on September 30.

On Tesla’s vehicle deliveries in Q3 2025

During the third quarter of 2025, Tesla delivered a total of 497,099 vehicles, significantly beating analyst expectations of 443,079 vehicles. As per Cantor Fitzgerald, this was likely affected by customers rushing at the end of Q3 to purchase an EV due to the end of the federal tax credit, as noted in an Investing.com report. 

“On 10/2, TSLA pre-announced that it delivered 497,099 vehicles in 3Q25 (its highest quarterly delivery in company history), significantly above Company consensus of 443,079, and above 384,122 in 2Q25. This was due primarily to a ‘push forward effect’ from consumers who rushed to purchase or lease EVs ahead of the $7,500 EV tax credit expiring on 9/30,” the firm wrote in its note.

A bright spot in Tesla Energy

Cantor Fitzgerald also highlighted that while Tesla’s full-year production and deliveries would likely fall short of 2024’s 1.8 million total, Tesla’s energy storage business remains a bright spot in the company’s results.

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“Tesla also announced that it had deployed 12.5 GWh of energy storage products in 3Q25, its highest in company history vs. our estimate/Visible Alpha consensus of 11.5/10.9 GWh (and vs. ~6.9 GWh in 3Q24). Tesla’s Energy Storage has now deployed more products YTD than all of last year, which is encouraging. We expect Energy Storage revenue to surpass $12B this year, and to account for ~15% of total revenue,” the firm stated. 

Tesla’s strong Q3 results have helped lift its market capitalization to $1.47 trillion as of writing. The company also teased a new product reveal on X set for October 7, which the firm stated could serve as another near-term catalyst.

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Elon Musk

Elon Musk’s xAI becomes Memphis’ 2nd largest taxpayer in just one year: report

Elon Musk’s artificial intelligence startup, xAI, is reshaping Memphis’s economic landscape.

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Credit: xAI

Elon Musk’s artificial intelligence startup, xAI, is reshaping Memphis’s economic landscape. In just twelve months, the company has become the city and county’s second largest taxpayer.

The update was related in a report from The Wall Street Journal.

Memphis’ second-largest taxpayer

xAI is currently transforming a defunct Mississippi power plant into a crucial hub for AI, supplying electricity to its Colossus supercomputer cluster and its successor, Colossus 2. Together, the Colossi supercomputers will host more than half a million Nvidia chips that would be used for the development and improvement of Grok, xAI’s large language model. 

The buildout has injected billions into the region, making xAI one of Memphis’s most significant private investors and a symbol of the city’s high-tech aspirations. Bill Dunavant III, a Memphis businessman who sits on the board of directors of the city’s chamber of commerce, highlighted xAI’s contribution to the city’s economy in a comment to the WSJ

“In one year, xAI has become the second largest taxpayer in the city and county after FedEx,” he said. A spokesman for the Greater Memphis Chamber of Commerce has also stated that xAI has demonstrated “substantial economic commitment to our region, without any tax incentives.”

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Not without controversy

Despite the economic boost, xAI’s footprint has drawn scrutiny. The company’s natural-gas-powered turbines are expected to consume a substantial amount of water and electricity. Critics have also expressed worries about pollution and increased utility costs, though others see Musk’s wastewater recycling plans and cleanup initiatives as meaningful offsets.

As per the WSJ, xAI’s positioning in the market may be quite different than what Musk is typically used to, considering that the CEO tends to become a first mover in key industries, such as the EV segment with Tesla and private spaceflight with SpaceX. With xAI, however, he is catching up to competitors, the most notable of which is a company he co-founded, OpenAI, and its ubiquitous large language model, ChatGPT.

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Tesla all but confirms that affordable Model Y is coming Tuesday

It does appear that October 7 would be the date when the world sees Tesla’s actual idea of what an affordable vehicle would be like.

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Tesla has released a cryptic teaser of a product that would be announced on Tuesday, October 7, 2025. Based on the company’s hint, it does appear that the product would be the affordable Model Y that has been spotted doing road tests across the country over the past months.

Affordable Model Y sightings

Last week, news emerged that a number of key Tesla influencers visited Gigafactory Texas for a private event. These included veteran Tesla YouTubers, car reviewers, influencers on X, and even a teardown expert who provided the initial insights on how to improve the original Model 3 sedan. At the same time, an uncovered unit of the apparent affordable Model Y was posted online. The vehicle was reportedly sighted close to Giga Texas. 

The new Model Y variant had some notable changes from the standard Model Y. Its fascia seemed inspired by the Model 3 sedan instead of the Cybertruck, and its roof seemed blacked out. Overall, it looked like a simpler Model Y designed to be offered at an affordable price. 

The weekend teasers

Teasers about an upcoming product were posted by Tesla’s official account on social media platform X, though the electric vehicle maker made it a point to keep things very vague. Initially, a closeup video of what appeared to be an aero wheel was posted, though it was vague enough that some speculated that it could be Elon Musk’s long-announced HVAC system instead. 

On Sunday, another teaser video was posted featuring the headlights of a new car. This brought speculations that the new Roadster might finally be announced. Inasmuch as a new Roadster unveiling would be exciting, however, it was evident that the headlights in the new teaser were a match to the uncovered affordable Model Y unit that was spotted close to Giga Texas a few days ago. With this in mind, it does appear that October 7 would be the date when the world sees Tesla’s actual idea of what an affordable vehicle would be like.

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