Tesla Model Y is Electrek’s vehicle of the year
For 2023, Electrek has decided to make the Tesla Model Y its vehicle of the year. Well, it’s not as much us who decided, car buyers did.
With Model Y becoming the first electric vehicle to become the best-selling car in the world, how can we not make it the vehicle of the year?
Generally, when choosing a new vehicle of the year, publications choose new vehicles that launched that year. And there were plenty of fantastic new electric vehicles that came to market in 2023.
But we feel it’s more appropriate to choose the electric vehicle that has had the best impact this year, and by that criteria, I think Model Y is the undeniable winner.
Throughout the year, Model Y has broken records across many markets by not only becoming the best-selling electric vehicle but also becoming the best-selling vehicle period in those markets.
Last year, Model Y already became the fourth best-selling vehicle in the world behind only the Ford F-Series, Toyota Rav4, and Toyota Corolla.
Model Y was at about 750,000 units, while the Corolla was sitting in first with 1.1 million.
In 2023, with all those new records in massive markets, the electric vehicle is on track to beat that number while the Corolla is slightly down.
That should make the Tesla Model Y the best-selling passenger vehicle in the world in 2023.
Tesla achieved that by adding Model Y production to Gigafactory Texas and Berlin on top of the existing production in Fremont, California, and Shanghai, China.
On the demand side, Tesla had to cut prices throughout the year to keep orders coming in amid increasing interest rates, but the automaker was able to do that thanks to its industry-leading gross margin.
The feat is also impressive considering the fact that Model Y starts at exactly twice the $22,0000 starting price of the Corolla in the US.
Most of the industry laughed at Elon Musk when the CEO estimated the demand for the Model Y between 500,000 and 1,000,000 units per year back in 2016.
Now, it’s even exceeding that.
It’s hard to overstate the impact of having an electric vehicle program now reaching 1 million units annually and becoming the best-selling passenger car in the world.
Tesla’s mission was always to accelerate the transition to electric vehicles both directly with its own vehicles and indirectly by putting pressure on the industry. The Model Y managed to do both by adding an enormous number of EVs on the road that are replacing gas mileage and by showing the rest of the industry that if they want to have the best-selling car now, it needs to be electric.
Tesla Model Y
It’s clear why Model Y sells so well. It took everything Tesla did great with Model 3, and there’s a lot of that, and made it into a form factor that fits the most popular segment in the world: small SUVs/crossovers.
The vehicle has the performance and driving dynamics of a sports car, the cargo space of a small SUV, and that’s subjective, obviously, but it looks fantastic.
The design is simple yet strong. Many say it looks too much like Model 3, but can’t you blame Tesla if it happens that Model 3’s design transforms so well into a crossover?
Model Y can also have a factory tow package with a small but still useful 3,500-lbs towing capacity. This contributes to making Model Y a sort of Swiss army knife of a car.
The Model Y also has the same advantages as all Tesla vehicles, like the over-the-air software updates that make the vehicle better (for the most part) every few months.
I know that the spartan interior of the Model Y is a bit polarizing, but I like it:
It’s not crowded with buttons and controls. Even the AC fans and speakers are hidden. It helps create a zen feeling to the vehicle’s interior. Whenever I sit in my Model 3 (very similar interior to Model Y), I feel relaxed, which is a welcomed feeling when you are about to sit Montreal traffic for an hour.
Also, if you haven’t sat in the latest generation of Model Y and Model 3, I would recommend it. Tesla has made a lot of improvements to its seats. I understand that it depends on your body type, but it is perfect for me (6’0″, 180 lbs).
The Full Self-Driving package is a wild card, and its value depends on your faith in Tesla delivering on its promise, but Autopilot is a solid level 2 driver assist system.
If I was going to list all the cool technology in the Model Y, we would be here all day, but as a Northerner, I want to mention the very efficient heat pump in Model Y. It’s a game changer for winter driving in colder climates.
With all that technology, smart design, and performance, a starting price of $44,000, which is $4,000 less than the average new car price in the US, and up to 330 miles of range, it’s easy to see why Model Y would be so popular.
It’s so popular that it is now the best-selling passenger car in the world. But today, it receives its biggest honor yet: being Electrek’s vehicle of the year.
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![India's Waaree to double its solar module output at its Texas factory [update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/04/Waaree-Energies-Texas.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
India’s Waaree Energies doubled Texas production in April to counter US solar tariffs – now it’s investing hundreds of millions more.
May 15, 2025: Waaree Solar Americas, a wholly owned subsidiary of Waaree Energies, has announced that it will invest an additional $200 million in battery energy storage. This raises Waaree’s total US solar and storage investment to $1.2 billion.
This expansion is expected to create 300 to 500 jobs over the next few years, adding to the 1,500 jobs it already announced.
Dr. Amit Paithankar, whole-time director and CEO of Waaree Energies, said that “our decision to invest was primarily driven by the significant market potential in the energy sector.”
Despite tariff headwinds, Waaree is doubling down on its US expansion, drawn by the country’s massive energy demand and the surge in AI and data center development, both of which require steady, large-scale power. The company points out that solar is the “cheapest source of power and the fastest to commission,” making it a smart choice for scaling quickly.
April 16, 2025: It’s adding another 1.6 gigawatts (GW) of solar module manufacturing capacity at its Brookshire factory, bringing the site’s total to 3.2 GW. The company didn’t indicate a timescale for when the capacity increase would be complete. The move is part of its strategy to reinforce its “larger strategy of de-risking its global footprint.”
The company first announced it would open the Texas factory in December 2023, its first footprint in the US. Its original plan was to have an initial capacity to manufacture 3 GW of solar modules annually by the end of 2024.
Waaree plans to invest up to $1 billion to scale its annual solar panel production to 5 GW in Texas by 2027, which would make it one of the largest solar panel factories in the US.
Previous to manufacturing in Texas, the Mumbai-headquartered company, which is India’s largest solar module manufacturer, already supplied Indian-made solar panels to the US. But the US’s new reciprocal tariff on solar modules imported from India is 26%, adding to the existing 14.5% Section 201 tariff, bringing the total to around 40%.
“At a time when the world is redefining the rules of global trade, we’re not waiting for the dust to settle – we’re building through it. … The strength of our US order book is a testament to the trust we’ve built, and this expansion is a signal – we’re here, we’re growing, and we’re deeply invested in powering America’s energy future,” said Dr. Amit Paithankar, whole-time director and CEO of Waaree Energies.
Read more: Texas just shot its wind + solar boom in the foot on purpose
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BYD is about to launch another low-cost electric car, but this one’s a little different. It’s BYD’s first kei car. You know, those tiny vehicles that dominate Japan’s city streets? BYD’s mini EV was just spotted out in public, giving us our first real look at the upcoming kei car.
BYD’s first mini EV was spotted in public
Last week, rumors surfaced that BYD was developing its first kei car, which would compete with top-selling models from Nissan, Honda, Mitsubishi, and other Japanese brands.
Kei cars, or “K-Car,” as they are sometimes called, are a class of ultra-compact vehicles that cannot be longer than 3.4 meters (134″). To put that into perspective, BYD’s smallest EV currently, the Seagull (called the Dolphin Mini overseas), is 3,780 mm (148.8″) long.
The mini vehicles are ideal in Japan because they are so small, making it easy to get around tight city streets. They are also more affordable and efficient than larger vehicles.
BYD’s mini EV was spotted for the first time during a road test this week by IT Home (via CarNewsChina), revealing a familiar look. You can see it has that boxy, compact look of a typical kei car with sliding side doors.
According to reports, BYD is developing a new platform for the model. It will reportedly include a 20 kWh battery, good for 180 km (112 miles) WLTC range. By using its in-house Blade LFP batteries, BYD is expected to have a cost advantage.
BYD’s upcoming mini EV is expected to start at around 2.5 million yen, or about $18,000. That’s about the same as the Nissan Sakura (2.59 million yen), Japan’s best-selling EV last year.
Last year, around 1.55 million kei cars were sold in Japan, accounting for roughly 40% of new vehicle sales. Honda’s N-Box was the top-selling kei car (EV or gas) for the third straight year.
As Nikkei reported, some are already calling BYD’s electric kei car “a huge threat.” A Suzuki dealer said, “Young people do not have a negative view of BYD. It would be a huge threat if the company launches cheap models in Japan.”
BYD already sells several electric cars in Japan, including the Atto 3 SUV, Dolphin, and Seal. Last month, the company launched the new Sealion 7 midsize electric SUV, starting at 4.95 million yen ($34,500).
Source: Sina, CarNewsChina
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TORONTO — Canada has quietly become a global leader in digital assets.
Canada was among the first countries to enact rules for crypto, starting with anti-money laundering guidelines in 2014. The country has repeatedly evolved its regulatory guidance in recent years, while U.S. lawmakers remain stuck in gridlock — even with a pro-crypto White House and a Republican-controlled Congress.
That regulatory clarity has made Toronto a launchpad for blockchain growth, and Wall Street is taking notice.
Robinhood‘s recent acquisition of Canadian crypto firm WonderFi, owner of Bitbuy and Coinsquare, plugs it into Canada’s established user base.
“Canada is a very attractive market for us,” said Johann Kerbrat, Robinhood’s crypto chief. “It’s projected to be more than 30 million users using crypto here in Canada, with revenue projections of about $900 million in 2025.”
The company’s decision to spend just under $180 million to buy WonderFi, which has one of the longest-standing crypto licenses in the country, is a direct bet on that growth.
Galaxy Digital, the digital asset investing giant founded by Mike Novogratz, is headquartered in New York but listed in Canada because it couldn’t go public in the United States. After being among the first to launch spot bitcoin ETFs in the U.S., Galaxy will finally debut on the Nasdaq on Friday.
DeFi Technologies, a Canadian player focused on being the Strategy of Solana, is also planning a U.S. listing.
“A lot of companies have started on the Toronto Stock Exchange and are trying to uplist into the Nasdaq,” said Ondo Finance CEO Nathan Allman. “I think we’re going to see more of that.”
At Consensus 2025 in Toronto, one of the world’s largest crypto conferences, JPMorgan, Ondo, and Chainlink announced a $100 billion bet on blockchain with a new platform to tokenize real-world assets.
The two firms say the new offering allows treasuries to be tokenized and settled using blockchain, combining JPMorgan’s Kinexys Digital Payments network with Ondo’s blockchain infrastructure.
“It’s really the first time that there’s been this interoperability between a bank’s permissioned blockchain environment and a public blockchain,” Allman said.
Crypto dealmaking has shown signs of life in recent months, as the United States has shifted its regulatory approach under President Donald Trump.
The Federal Deposit Insurance Corporation and Federal Reserve have eased restrictions on banks handling crypto, rolling back prior guidance that required pre-approval for digital asset activities.
The Securities and Exchange Commission has also taken a significant step by rescinding its restrictive accounting bulletin, which had forced companies holding crypto assets for clients to record them as liabilities. The new approach aligns crypto custody with traditional financial instruments.
At the same time, the SEC has launched a new Crypto Task Force, inviting public input on how to better regulate digital assets.
“They want large enterprises like Citi to have a seat at the table,” said Ryan Rugg, global head of digital assets for Citi’s Treasury and Trade Solutions division. “They’re asking for our opinion, where I think in the past, it was not quite the case.”
The booking of Eric Trump, the president’s son and a leader of the newly-formed American Bitcoin, as a headline speaker, highlighted the growing presence of the U.S. in the crypto arena. The firm made waves when it launched in March, and already intends to go public through a merger with Gryphon Digital Mining.
“It’s important to remember: Most countries are totally neutral on blockchain,” said Dan Morehead, CEO of Pantera Capital. “The U.S. had a fairly antagonistic stance on blockchain which made it difficult for companies to get bank accounts, made it difficult for companies to go public.”
He said he believes many companies that would have gone public a few years ago will hit U.S. markets in the next six months.
“There’s obviously tremendous appetite in the public markets,” he said.
Israel-based crypto and stock trading platform eToro went public on Wednesday after pricing above its expected range. Shares soared nearly 29% on its first trading day.
The advancements in the U.S. aren’t without setbacks. A first-of-its-kind stablecoin regulation bill failed to advance in the Senate after Democratic lawmakers raised concerns about national security, while others expressed concerns about the president’s ties to crypto.
Still, the payment giants are charging ahead.
Mastercard announced Thursday that it’s partnering with Moonpay to let customers use debit cards to transact using their stablecoin balances.
PayPal announced Wednesday that it’s partnering with artificial intelligence platform Perplexity to enable chat-powered shopping. PayPal’s senior vice president of blockchain, crypto, and digital currencies told CNBC at Consensus 2025 that he sees a future where customers could transact in AI chats with their PayPal stablecoins or other crypto holdings.
“We are trying to make sure that PayPal and Venmo are the gateway product to get more people into crypto,” said Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, crypto, and digital currencies. “A lot of people get into crypto through us, and that leads us to continue to add tokens.”
While PayPal leans on accessibility and payments, Robinhood is doubling down on tokenization and staking to capture both retail and institutional users.
“This debate here in the U.S. is really important — it shows that we want to embrace the technology instead of just regulating it and turning it off like it was before,” Kerbrat said, describing his appearance at an SEC roundtable under new chair Paul Atkins.
The company sees blockchain technology as a way to transform everything from stocks to private equity markets and real estate into digital tokens that can be traded instantly.
“We think at Robinhood that it is actually the future, and we can bring a lot more traditional assets on-chain using tokenization,” Kerbrat added.
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