There is a growing evidence that there is shift in demand for petrol-powered vehicles in in the global auto markets.

According to latest data from obtained by JATO Dynamics, a global automotive market research company.

Based on the data, for the first time, an electric car known as Tesla Model Y is at the top of global sales ranking.

Telsa car model sales beats the likes popular brands like Toyota, Mercedes Benz, Lexus among several others in terms the number of unit sold in the first quarter of 2023.

However in terms of car brand, Toyota leads the table as four of its popular models made the list of top five most sold cars with the period under review.

Breakdown of car model and units sold

Tesla Model Y which sells for $47,490(N39.08million) leads the way with 267,200 units sold in the first quarter of 2023. The sale were recorded mostly in China, the United States and Europe.

Toyota Corolla which includes sedan, wagon, and hatchback variants followed behind as the most sold car model with 256,400 units sold in the first three months of 2023.

The Toyota Hilux emerged as the third best selling car model with 214,700 units sold worldwide.

While the Toyota RAV4 and Toyota Camry complete the top five list with 211,000 units and 166,200 units sold, respectively, within the period under review.

Meanwhile in the home front, Nigeria’s indigenous car maker, Innoson Motor Vehicle has introduced a vehicle financing scheme, a move that will help low income Nigerians own a car.

The automaker hopes that the new strategy in partnership with banks will help boost the bank's sales and usage among Nigerians.

IVM said on its website: “You can own a brand new car today and pay later. With the partnership between Innoson Vehicle Manufacturing and Access Bank, through the Auto Finance Plan, you can now own a brand new car from Innoson and pay with ease.

“The repayment period is spread out over 36 months (3 years) allowing you the ease to pay the corresponding monthly amount for the particular vehicle you choose."