Zinger Key Points Tesla sold 267,200 Model Y units globally in Q1, compared to the 256,400 units of the Corolla that Toyota sold during the same period. Last month, Tesla announced a round of price cuts on top of previous reductions. Also Read: Startup Develops Technology To Fully Charge EVs In Just 10 Minutes "Taking production into consideration, the Tesla Model Y easily passed the Toyota Corolla and Toyota Hilux as the highest production nameplate in the world in the first quarter," Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions, told Insider in a piece published on Friday. Meanwhile, Tesla has started delivering Model Y vehicles equipped with the much-anticipated Hardware 4 (HW4), an upgraded version of Tesla's self-driving hardware setup. Last month, the company announced a round of price cuts on top of previous reductions. It also clarified that the new Model 3 and Model Y vehicles qualify for the federal tax credit for eligible buyers. In a recent report, Morgan Stanley analyst Adam Jonas said that Tesla could hit an annual-deliveries number of 2 million units but that it would only be possible with further price reductions.