Benzinga
Published Nov 30, 2022 15:25
Updated Nov 30, 2022 16:40
Tesla Touts Brand Loyalty, Poaches 30% New Customers From Toyota And Honda: Study
Benzinga - Tesla Inc. (NASDAQ: NASDAQ:TSLA) is pulling customers away from other companies, especially in the U.S. where it continues to be the dominant player in the electric vehicle (EV) market.
According to the S&P’s Global Mobility report, Tesla’s EV-only strategy is giving the company a retention advantage. Model Y currently has a brand loyalty of 60.5%. As new EVs arrive, loyalty is likely to be tested, the report continued.
See also: Tesla Deserves Higher Valuation For 'Optionality Value,' Says Analyst — Highlights These Revenue Drivers
About 74% of Tesla buyers are coming from outside the brand, which the report calls as "conquest rate." The Austin, Texas-based company is acquiring customers mostly from Toyota Corp. (NYSE: TM), Honda Motor Company (NYSE: HMC), BMW AG (OTC: BMWYY) and Mercedes-Benz Group AG (OTC: MBGAF).
About 28.6% of Tesla’s conquest was from Toyota-Honda combined.
Source: S&P Mobility Report
Leading But Not Invincible
Read Next: Best Electric Vehicle Stocks
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Written By: Benzinga
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.