According to a recent study by Edmunds, in 2024, a majority of Tesla owners opted to abandon their electric vehicles in favor of internal combustion engine (ICE) cars when selecting a new vehicle. Only less than a third of the owners (32%) remained loyal to electric motors.
Specifically, 51% of Tesla owners chose ICE models for their next car purchase. An additional 10% selected hybrid vehicles, while 6% opted for plug-in hybrids. These trends align with findings from a recent McKinsey & Co. survey, which revealed that nearly half (46%) of electric vehicle owners in the U.S. are likely to return to ICE vehicles for their next purchase.
Although the survey indicates that 68% of respondents wish to switch from electric vehicles to ICE or hybrid models, this marks an improvement compared to a few years ago. In 2020, 76% of Tesla owners abandoned electric cars in favor of ICE vehicles (with another 14% opting for hybrids), while only 9% moved on to other electric models. Since then, these figures have steadily declined.
Tesla owners traditionally display a significant tendency to exit the electric vehicle market. This highlights the need for enhancements to make electric vehicle ownership more appealing to a broader audience.
At the same time, an increasing number of buyers are replacing their Teslas with electric vehicles from established automakers. It is also noted that hybrids and plug-in hybrids (PHEVs) have not gained substantial popularity as alternatives to Tesla. While these types of vehicles are becoming increasingly popular among new car buyers, they are less attractive to those who have previously owned electric cars. Conversely, the share of Tesla owners switching to PHEVs is much higher than that of the overall PHEV market.
Source: carscoops
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