Toyota and Honda proprietors are forsaking transportation for brands with more electric vehicle contributions, for example, Tesla and Hyundai, says another S&P Worldwide Portability report.
In the movement toward electric mobility, neither of the Japanese automakers has made significant progress.After it was discovered that the bZ4X, which was Toyota's only EV, had wheels that could come off under hard braking, it had a bad start and caused controversy.Since the Clarity EV went west, Honda hasn't sold any electric cars. However, the 2024 Prologue SUV is going to change that.
That's what the firm let Auto News know: "Early S&P Worldwide Versatility Information recommends shoppers moving to electric vehicles in 2022 are generally doing so from Toyota and Honda, brands that have been unable to keep their inward-burning proprietors steadfast until their own brands start to take part more altogether in the EV change." The majority of Tesla's conquest sales occurred between October 2021 and September 2022, beating out Toyota (15%) and Honda (13%). According to reports, the Model Y is driving buyers of the Honda Accord, CR-V, Odyssey, Toyota RAV4, and Lexus RX out of dealerships.
According to S&P Global, the Honda Civic, Honda Accord, Toyota Camry, Toyota RAV4, and Honda CR-V are the top five Model 3 conquests.
However, mainstream brands are not the only ones to be concerned with. BMW was responsible for 6.7% of Tesla's conquest sales, while Mercedes-Benz was responsible for 6.2%.Although both companies have made significant investments in electric vehicles, neither brand has yet to establish the same reputation in the EV industry as Tesla.
The market share of electric vehicles in the United States has more than doubled to 5.2% over the past year, according to registration data. Tesla isn't the only brand stealing sales from the Japanese giants, though.The Hyundai Ioniq 5, Chevrolet Bolt, and Ford Mustang Mach-E are also stealing customers away from Honda and Toyota, as reported by S&P Global.
It is interesting to note that Toyota has dealt with this issue before. According to Automotive News, a similar issue occurred when the first Model S was introduced in 2012.Since the battery-powered Tesla was then regarded as the ultimate symbol of environmentally conscious driving, Prius owners defected in large numbers.
However, Tesla's dominance might not last for very long.As rival manufacturers introduce new EVs, S&P Global predicts that the automaker's 65% market share will fall below 20% by 2025.By 2030, Toyota and Lexus hope to have 30 battery-powered electric vehicles in total.
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