Electric transformation is not powerful, Toyota brand loyalty is decreasing, users are being snatched away by Tesla

Electric transformation weak, Toyota loyalty decreasing, users taken by Tesla

【PhoneAuto News】According to “Automotive News”, Toyota is no longer one of the brands with the highest brand loyalty in the US automotive market. In a recent study on brand loyalty in the US market released by Standard & Poor’s, Toyota has dropped to seventh place.

Toyota Electric Cars

Analyst Tom Libby said the study analyzed the situation in the first four months of this year. Normally, Toyota is on par with Ford and Chevrolet and is one of the top three brands with the highest brand loyalty in the US automotive market. However, in the latest ranking, this Japanese automaker has suffered a downgrade, partly due to customers switching and choosing Tesla. The study stated that the proportion of customers switching from Toyota to Tesla has reached 5%, an increase of 2.1 percentage points compared to the previous year.

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The report shows that among mainstream automotive brands in the US, Ford has a brand loyalty of 59.5% as of April, followed by Chevrolet with 57.1%. Subaru, Nissan, Kia, and Hyundai are ranked after that. Toyota’s brand loyalty is 52.3%, a decrease of 5.7 percentage points compared to the same period last year, which caused it to drop to seventh place. Libby said, “We are clearly more concerned about future development, but in the first four months, Toyota’s performance is disappointing.”

As for luxury brands, Tesla is still firmly in first place with a loyalty rate of 68%, 18.8 percentage points higher than second-place BMW. In fact, Tesla is the only luxury brand with a loyalty rate exceeding 50%. Mercedes-Benz, Lexus, and Cadillac have entered the top five of the luxury brand loyalty rankings.

Tesla

According to Libby, Tesla is the only brand in the United States that has more retained customers than lost customers. Considering that Tesla has not released any new vehicles since the delivery of the Model Y in 2020, this performance is surprising.

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