Tesla has robust model loyalty, however Rivian and Lucid are starting to lure some Tesla house owners away, in line with a brand new research from S&P International Mobility.
Most Tesla house owners stick with the model, the research discovered. A whopping 72.8% of Mannequin 3 house owners substitute their automobiles with one other Tesla, as do 59.9% of Mannequin S house owners. Amongst Mannequin S house owners that do not stick with Tesla, although, the Lucid Air was the preferred alternative, at 3.4%, adopted by the Rivian R1T (1.8%), Mercedes-Benz EQS (1.6%), and Rivian R1S (1.2%).
The R1T pickup was additionally the preferred non-Tesla alternative for Mannequin 3 and Mannequin Y house owners, with 1.3% and a couple of.1%, respectively, making the change to Rivian.
2023 Lucid Air Pure
For context, the preferred alternative general for a Mannequin 3 was a Mannequin Y, at 40.3%, whereas 26.1% of current Mannequin 3 house owners ended up with one other one of many sedans. Along with house owners who caught with the Mannequin S, 11.7% switched to the Mannequin X and seven.9% stepped all the way down to the Mannequin 3. However the outcomes point out Rivian and Lucid are making inroads with present Tesla prospects.
Tesla loyalty has been robust just about from the beginning, so different automakers have had loads of time to study from it. Again in 2015, 89% of homeowners surveyed mentioned they’d nonetheless purchase one other Tesla, even with out the federal EV tax credit score.
2023 Rivian R1T
Though loads of house owners choose one other Tesla, J.D. Energy discovered that simply 4% of homeowners mentioned that they’d solely think about Tesla in on the lookout for a brand new automobile. So the problem might as a substitute be a scarcity of rivals. Whereas 70.5% of Mannequin Y house owners purchase one other EV, S&P discovered that many find yourself cross buying internal-combustion SUVs slightly than making the leap to the costlier Mannequin S and Mannequin X.
On the flip facet, a surprising 74% of consumers of the Mannequin Y have come from exterior the model, a earlier S&P research discovered. Tesla stays at a few 60% share of the U.S. EV market.
As Shopper Studies bluntly summed, backed with a data-informed paper final 12 months, manufacturers not assembly EV demand will lose market share.