Market Trends

Tesla’s top rival unveils the latest Model Y competitor

Electric vehicle makers are busy producing and delivering their next SUVs or crossovers hoping to compete head on with Tesla’s Model Y, the best selling vehicle globally.

Model Y became the world’s best-selling car with about 267,200 vehicles sold in the first three months of the year ahead of Toyota, which sold 256,400 units of its internal combustion engine Corolla. Tesla continued its lead over Toyota Corolla in the second quarter as well.

Related: Tesla rival starts production of new electric crossover SUV model

EV makers focusing on crossovers and SUVs to compete with Tesla include Nissan  (NSANY) – Get Free Report, which in 2022 launched its Ariya Crossover/SUV to start its ramp up of EV production. In October, it also revealed a new Hyper Urban Crossover concept electric vehicle, which will include its V2H function that provides electric power to the home, resulting in significant energy cost savings and reducing strain on the power grid.

Tesla faces crowded field of competitors

Polestar is ramping up production and deliveries in the fourth quarter as it begins production of its crossover SUV Polestar 4 with plans to deliver the vehicle before the end of the year. The Gothenburg, Sweden, company’s Polestar 3 electric SUV is expected to begin production in the first quarter of 2024.

Hyundai’s  (HYMTF) – Get Free Report affiliate Kia has a whole line of crossovers and SUVs on the market, including its Niro EV crossover, EV6 crossover, and EV9 SUVs. General Motors  (GM) – Get Free Report will roll out the Chevy Equinox in 2024. Cadillac has the Lyriq and is launching its Escalade IQ SUV.

Ford  (F) – Get Free Report has the Mustang Mach-E crossover and in September, it revealed its much-anticipated and first-ever rally-inspired electric vehicle, the Mustang Mach-E Rally, at IAA Mobility in Munich, Germany. 

Volvo  (VLVLY) – Get Free Report offers the pure electric crossover C40 Recharge with 226 miles of range, and its all-electric compact SUV XC40 Recharge. The company also has been taking orders for its newest and smallest SUV, the Volvo EX30, which has a 275-mile range and a starting price of $34,950.

Tesla led the EV industry with 435,059 vehicles delivered in the third quarter, though it missed analyst expectations of 455,000. It also produced about 430,000 in the quarter. The automaker has delivered about 1.3 million in the first nine months, which puts pressure on Elon Musk’s company that earlier projected it will deliver 1.8 million for the year.

Tesla’s No. 1 global rival BYD will reveal its new electric SUV at the Guangzhou International Motor Show.


BYD challenges Tesla with a new model

The Austin, Texas EV maker’s top rival worldwide BYD  (BYDDY) – Get Free Report delivered over 911,000 EVs in 2022, compared to Tesla’s 1.31 million deliveries for the year. It came real close to matching or surpassing Tesla in the third quarter of 2023 as it delivered over 431,600. Tesla will be hoping for strong deliveries from its new Cybertruck after sales begin in the fourth quarter to keep it ahead of BYD.

But China’s top EV maker is already preparing for the future as it will reveal its new Sea Lion 07 electric SUV at the Guangzhou International Motor Show on Nov. 17. The car’s design was led by former Audi designer Wolfgang Egger and will be part of BYD’s Ocean line of vehicles, CarNewsChina reported. The vehicle was developed on BYD’s e-platform 3.0, however, no other details have been released before the Guangzhou event. And there’s no word yet on whether the Sea Lion 07 will be available in the U.S.

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