Tesla’s Model 3 became the best-selling electric car worldwide in 2020.
The Model 3 was introduced as a more affordable Tesla than the earlier Roadster, Model S, and Model X. Its combination of long range, software features, charging access, and comparatively lower price helped it reach a much broader market. In 2020, cumulative global sales made the Model 3 the best-selling plug-in electric car.
Tesla’s rapid sales growth contributed to a dramatic rise in its market capitalization during the late 2010s and early 2020s. Investors valued the company not only as a carmaker but also for its battery technology, software, charging network, and potential energy businesses.
The Model 3 is sometimes confused with the Model Y, Tesla’s compact crossover. The Model Y became one of the world’s best-selling vehicles overall in later years, but that is a different ranking from the 2020 global electric-car milestone.