According to the latest S&P Global Mobility study analyzing the first four months of the year, Toyota has experienced a decline in brand loyalty, falling to seventh place among US automakers. Automotive News reports that Toyota, typically on par with Ford and Chevrolet in terms of brand loyalty, has suffered a demotion partly due to customers opting for Tesla.
The study reveals that the percentage of customers switching from Toyota to Tesla has increased by 2.1 points, reaching 5 percent year over year. In contrast, Ford leads the mainstream car names in the US with 59.5 percent brand loyalty, followed closely by Chevrolet with 57.1 percent. Subaru, Nissan, Kia, and Hyundai also outperformed Toyota, which recorded 52.3 percent brand loyalty, down by 5.7 points compared to the same period last year.
Analyst Tom Libby comments on Toyota’s performance, stating, “We will obviously have to watch the results going forward, but just in these first four months, Toyota is a disappointment.”
In the luxury brands category, Tesla has once again secured the top position with an impressive 68 percent loyalty rate. This places Tesla 18.8 points above BMW, its closest competitor, and 1.1 points higher than the previous year. Notably, Tesla is the sole brand in the study enjoying brand loyalty exceeding 50 percent. Following BMW in the rankings are Mercedes-Benz, Lexus, and Cadillac.
Surprisingly, despite not releasing a new vehicle since 2020 when Model Y deliveries commenced, Tesla retains more customers than it loses, making it the only brand in the United States to achieve this feat, as per Libby’s observations.
In related news, starting next year, Ford, General Motors, Rivian, and Volvo vehicles will gain access to Tesla’s Supercharger network of DC fast chargers across the United States and Canada. Initially, these companies’ electric vehicles (EVs) will be able to charge using a CCS1 to NACS adapter. From 2025, the manufacturers will equip their vehicles with the NACS inlet directly on the assembly lines.
