According to a recent S&P Global Mobility survey highlighted by Automotive News, Toyota has slipped to seventh place among mainstream auto brands in the rankings for the first four months of this year. Ford and Chevy have claimed the top spots in the list. One of the factors contributing to this decline, as stated by analyst Tom Libby from a market research firm, is the migration of customers to electric vehicles, particularly Tesla.
Interestingly, Tesla has once again secured the highest loyalty ranking among luxury brands, with a remarkable 68% loyalty rate. This puts Tesla 18.8 points ahead of BMW, which secured second place. Mercedes-Benz, Lexus, and Cadillac completed the top five positions. Libby noted that no other luxury brand managed to surpass the 50% mark, indicating that Tesla is the sole brand retaining more customers than it is losing.
Libby further highlighted during a webinar that Tesla’s loyalty effect is so strong that it has increased by 1.1 points, despite not releasing a new vehicle since 2020. He emphasized that while electric vehicle sales remain relatively small for many brands, Tesla is having a significant impact on Toyota, Honda, and other Asian brands.
In the mainstream segment, Ford emerged with the highest brand loyalty rate at 59.5% during the January-to-April period this year. Chevrolet followed closely behind at 57.1%, with Subaru, Nissan, Kia, and Hyundai also featuring among the top contenders. Toyota experienced a decline of 5.7 points compared to the same period last year, settling at 52.3% loyalty rate.
Although Ford managed to retain its loyalty rate from the previous year, Chevrolet saw an increase of 2.6 points. Libby expressed disappointment with Toyota’s performance in the first four months, emphasizing the need to monitor future results closely.
Source: Automotive News (subscription required)
