In recent reports, Tesla has been touted as enjoying the highest customer loyalty rate among all car manufacturers, and industry analysts are now eyeing the eagerly anticipated arrival of the Tesla Cybertruck as a potential game-changer. This electric pickup is expected to not only add variety to Tesla’s lineup but also reinforce the brand’s already impressive customer loyalty.
As of now, brand-loyal Tesla owners looking to make an upgrade have limited options within the carmaker’s lineup, which mainly includes two sedans – the Model 3 and Model S – and two crossovers – the Model Y and Model X. However, experts believe that the Cybertruck’s imminent debut could provide the much-needed diversity that customers are seeking.
Kent Chiu, associate director of consulting services at S&P Global Mobility, which tracks Tesla loyalty data, has highlighted the importance of the Cybertruck in retaining Tesla enthusiasts. He noted that “The Cybertruck, a second-gen Roadster, and a vehicle positioned below the Model 3 have all been promised and should migrate existing owners up or perhaps sideways within the brand. Now, Tesla needs to get them to market.”
Tesla’s overall customer loyalty rate currently stands at an impressive 68 percent, far surpassing the industry’s average luxury brand loyalty rate of 46 percent. This means that only 32 percent of Tesla owners opt to leave the brand when purchasing a new vehicle.
Notably, the loyalty rate climbs to a remarkable 90 percent when Tesla owners specifically opt for a battery-electric vehicle, with only 10 percent choosing to buy an EV from another carmaker.
Despite its unconventional design, the Cybertruck appears to be highly anticipated by current Tesla owners. A survey of Model 3 owners conducted in July revealed that approximately half of those planning to purchase a new vehicle in the next two years were considering the Cybertruck. More than 7,000 verified Model 3 owners participated in the survey.
This enthusiasm is likely shared by many Model Y owners, especially given the limited options for upgrading within the Tesla lineup. Currently, the only available upgrades are the Model S and Model X, which come with price tags starting around $75,000 and $80,000, respectively. Pricing for the Cybertruck remains an unknown variable, but early estimates suggest it could start at around $50,000, putting it in a competitive position, similar to the Ford F-150 Lightning.
An indication of the Cybertruck’s popularity lies in the unofficial online tally of reservations, which estimates a staggering 2 million reservations for the electric pickup.
Tesla CEO Elon Musk has also expressed optimism about the Cybertruck’s potential sales, suggesting they could range between 250,000 and 500,000 units annually, depending on demand. As anticipation builds for the Cybertruck’s impending launch, Tesla’s brand loyalty and market presence seem poised for further growth.
