Ford has maintained its top ranking in terms of brand loyalty, with no significant change compared to the same period last year. However, Chevrolet experienced a 2.6-point increase in loyalty.
The percentage of customers who switched from Toyota to Tesla has risen by 2.1 points, reaching 5 percent year-over-year.
While electric vehicle (EV) sales are still relatively small for many brands, Tesla has had a significant impact on Asian brands such as Toyota and Honda, according to industry expert Libby.
In the luxury brand loyalty ranking, Tesla once again emerged as the leader with 68 percent, outperforming BMW by a substantial 18.8 points. Mercedes-Benz, Lexus, and Cadillac rounded out the top five. Unlike other luxury brands that struggle with customer retention, Tesla manages to keep more customers than it loses, as highlighted by Libby.
This shift is attributed to the exceptional influence and success of Tesla, despite not introducing any new vehicles since 2020, mentioned Libby. Tesla’s loyalty has actually increased by 1.1 points.
Tesla’s impact extends to fuel type loyalty as well. When Tesla is excluded from the data set, the average EV loyalty recorded by S&P drops from 67.8 percent to approximately 49.7 percent.
Most mainstream brands have experienced a considerable decline in loyalty compared to pre-pandemic levels, with a few exceptions such as Mitsubishi, Mazda, Dodge, Hyundai, Buick, and GMC, which have shown improvement in brand loyalty. Conversely, Fiat has experienced a significant decline of 10.9 points, while Ram has seen a decrease of 12.2 points.
Tesla’s loyalty has increased by 5.4 points since the first four months of 2019.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.