Tesla leads the market in fully electric vehicles in the U.S. But a Q4 earnings call that missed market expectations, and reported expectations for slowed growth in 2024, question what’s in store for the automaker and the EV market overall. CivicScience data has shown stalled consumer demand for electric vehicles, as tax incentives wane and consumer concerns remain at the forefront – just some of the challenges that Tesla faces.
CivicScience data from November show that 23% of consumers report they’ve never owned an EV but plan to buy one. Interest still remains, but what might drive a consumer toward an EV purchase, especially given the variety of different options on the market? Toyota, which is the largest manufacturer of hybrid cars, has also entered the all-electric market with the Toyota bZ4X.
In this latest installment of CivicScience’s brand comparison series, which analyzes key differences among brands by leveraging the unexpected insights in the InsightStore™, CivicScience looks at how potential EV buyers who say they’re favorable to Toyota compare against those who are favorable to Tesla.
Take Our Poll: How do you feel about Teslas?
Looking for more forward-looking consumer insights in the auto industry in 2024? Get in touch to learn how CivicScience solutions can benefit your brand.
