Tesla again tops the loyalty ranking for luxury brands at 68%, Ford ranks second at 59.5%.
GLOS&P Global Mobility has published its ranking of loyalty across mainstream brands for 2023. Tesla was again the winner but Ford, Chevrolet and Toyota usually hold similar spots on the list, but this year Ford and Chevrolet found themselves at the very top as Toyota slid to seventh place behind Subaru, Nissan, Kia and Hyundai.
From Automotive News:
Toyota is typically “neck and neck” with Ford and Chevrolet, analyst Tom Libby said during a webinar held by S&P. Ford recorded 59.5 percent brand loyalty this year through April, followed by Chevrolet, at 57.1 percent, and Subaru, Nissan, Kia and Hyundai. Toyota was down 5.7 points from the same time last year to 52.3 percent.
“We will obviously have to watch the results going forward, but just in these first four months, Toyota is a disappointment,” Libby said.
Though Ford topped the ranking, the brand essentially matched its loyalty from the same time last year, while Chevrolet was up 2.6 points.
The percentage of customers who migrated from Toyota to Tesla was up 2.1 points to 5 percent year over year.
Though EV sales remain small for many brands, “there’s no doubt that Toyota, Honda and some other Asian brands are being impacted tremendously by Tesla,” Libby said.
