Tesla Brand Loyalty Still Very High, Tesla Stealing Sales From Toyota & Honda
made it appealing for many to stick with the brand. As some express concerns about the current macroeconomic conditions, increasing competition, and the CEO’s public persona, data show that Tesla’s brand loyalty still appears to be wooing in repeat customers.
Citi analyst Itay Michaeli wrote in a recent note to clients that Tesla’s brand loyalty is staying strong, according to quarterly S&P Global data, and as detailed in a report from. The data shows that Tesla’s brand loyalty remains high and that the company continues to take market share from other automakers.
Brand loyalty refers to a consumer’s likelihood to purchase their next vehicle from the same company rather than switching brands, and according to Michaeli, Tesla has some of the best loyalty data in the automotive world.The news comes amidst concerns about CEO Elon Musk’s Twitter use, which Michaeli says hasn’t actually affected customer loyalty negatively in recent years, contrary to what some have stated.
“Tesla’s brand loyalty has actually trended somewhat higher in recent years, dipping briefly in 2021 likely on supply constraints,” Michaeli added. Roughly 67% of Tesla owners purchase another vehicle from the brand, according to the data, while the average luxury brand loyalty rate is at about 46%. Approximately a third of those driving Model Y crossovers previously drove
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