Tesla's Grip On The EV Market Loosens As Buyers Start To Look Elsewhere In 2023
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Two-thirds of buyers say their first choice of EV is from a brand other than Tesla
by Sebastian Bell
More buyers than ever are considering an EV in 2023, and that may be especially good news for traditional automakers, because shoppers aren't all interested in a Tesla, a new study from insurance comparison service, Jerry, has found.
Although Tesla is still the most popular choice for people interested in buying a new EV in 2023, the preference for the brand is waning among customers. Two thirds of owners and lessees surveyed for Jerry's 2023 State of the American Driver Report said their top choice would not be a Tesla, and instead pointed to EVs from other brands as their top choice.
Electric vehicles from Ford Chevrolet, and Hyundai were the most popular options among, after Tesla. Indeed, those brands introduced new EVs such as the Ford F-150 Lightning and the Hyundai Ioniq 5 and 6 in 2022, while Chevrolet's second-wave of EVs have been unveiled and is coming soon.
Read: Tesla Delivered A Record 405,000 Vehicles In Q4 And 1.3 Million In 2022
Interest in other brands' EVs comes as the desire for electric vehicles is high. Nearly half (49 percent) of Jerry's survey said they were interested in getting an EV as their next vehicle up, from 39 percent a year earlier.
The record-high gas prices experienced across the country were the most commonly cited reason for the interest in electric vehicles. Indeed, gas prices soared to a national average of more than $5.00 per gallon in the summer of 2022. Although prices are expected to fall in 2023, tax incentives being introduced by the federal government may help make up for that.
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Those incentives will likely be crucial, because many owners are struggling with the high prices of vehicle ownership. A quarter of people surveyed said that they spent more than 15 percent of their take-home income on car payments, and two-thirds said they were being forced to cut down on other expenses (including groceries in some cases) in order to be able to afford their vehicle.
Despite that, a majority of Americans (51 percent) say they have no interest in buying or leasing an electric vehicle. The inconvenience of charging and the price premium associated with the new technology are the most frequently cited reasons for buyers' lack of interest.
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