There’s been increasing data indicating the demand for electric vehicles has, in fact, been softening despite the auto industry and media focusing heavily on electrification. For example, S&P Global Mobility found the percentage of people considering an EV purchase fell from 81% in 2021 to 52% this year. But what’s even more shocking (pun intended) is that almost half of electric car owners buy an internal combustion engine vehicle next.
Automakers are building EVs but consumers aren’t buying them.
We fully expect this jolt of information to excite or even anger the Tesla crowd. Don’t worry, Tesla owners are fanatical enough they buck this trend. But S&P Global Mobility just released data that indicates only 52.1% of non-Tesla EV owners go on to buy another electric car for their next purchase.
In other words, even out of those who have bought an EV, interest isn’t as strong as you might have believed. Factoring in Tesla owners, that figure jumps to about 75%, which is better and shows Elon Musk acolytes are fully dedicated to the cause.
Things get even more interesting when S&P breaks down the numbers by specific models. For example, only 37.3% of Ford Mach-E (don’t call it a Mustang) owners buy an EV for their next ride. Out of the 45.8% who bought an ICE or hybrid vehicle, many opted for a Ford truck or SUV. The conclusion is that utility will trump fuel type when push comes to shove. We’re not the least bit shocked.
S&P found brand loyalty was a strong factor driving purchases, not only for Tesla owners but also for those with a Chevy Bolt or Nissan Leaf. We guess Elon isn’t the only one with a dedicated following.
While Tesla dedicants only have one path forward, fully-electrified, those who have decided they’re part of another brand sect have many other options on the table and they often exercise those alternatives.
Images via Ford, Tesla
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