Drivers are ditching Toyota, Honda gas cars for electric vehicles | Jobs Reply


The rollout of electric vehicles is gaining momentum as new car buyers increasingly switch to EVs, even if their preferred brand doesn’t currently offer one. New electric vehicles from Ford, GM, and Hyundai are winning over gas-car buyers from Toyota and Honda, while Tesla continues to establish itself as a top automaker.

Yesterday we reported the latest S&P Global Mobility Data shows that new electric vehicles are taking market share away from Tesla.

And that’s true, but it’s also confusing. Tesla was a pioneer in the US electric car market, at one point controlling nearly 100%. As automakers compete to fill the expanding pool of drivers switching to electric vehicles, a loss of market share is inevitable.

The latest data shows that Tesla still controls 65% of the market in the first nine months of 2022. Of the 525,000 new electric cars registered in the U.S. this year, about 340,000 were Tesla models.

Tesla’s growth helped the U.S. surpass 6% EV market share this past quarter, up from just 2.2% in 2021, as new car buyers increasingly switch from gas to zero-emission electric vehicles.

However, Tesla is now one of many companies eyeing the US EV market. Ford, GM, Hyundai, and others have successfully introduced their own electric models that are tempting buyers to convert.

Meanwhile, those that have been slow to introduce fully electric options, such as Toyota and Honda, are losing loyal buyers as drivers embrace pure EVs over their gas-powered counterparts.

Electric-Car-Gas-Car
Chevy Bolt EUV Source: Chevrolet

Electric vehicles are winning over traditional gas buyers

The S&P Global Mobility The data shows a bright consumer preference shift in the trend towards electric cars.

While this is good news for early adopters of electric vehicles, it is costing the two largest companies their most popular models. See which electric car customers are trading in their gas cars.

Electric vehicles beat gas-powered cars

Do you see a trend here? Tesla, Ford, Chevrolet (GM), and Hyundai have invested aggressively in the advancement of fully electric vehicles.

Meanwhile, consumers have been slow to shift the brands they are switching from Japanese automakers Toyota and Honda are seeing their customers leave to test other brands that have successfully launched pure EV models.

Ford announced Wednesday that it has built its 150,000th Mustang Mach-E as it aims to hit the 2 million EV run rate by 2026. Other automakers are achieving similar milestones as they look to close the gap that Tesla has established. Most importantly, the EV competition is doing what it was designed to do – converting drivers into zero-emission, fully electric vehicles.

Tech by Electrek

Drivers are increasingly trading in their top-selling gas-powered vehicles for newer, more advanced EV models. While consumer preference continues to trend toward electric cars, these models are bound to lose some loyal customers, the data reveals an important point – car buyers are ready and willing to switch their favorite brands (Toyota, Honda) even if not completely. still there

Which electric car will you buy next?

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