2023-03-25 09:55:21 ET
The macroeconomic backdrop for 2023 has put the skids on what was supposed to be a boom for electric vehicle sales and led to questions on which brands will survive and prosper. Of note, a new survey by UBS indicated a drop in the percentage of consumers that said they are likely to buy an all-electric vehicle. The broad global survey showed 46% of consumers with an EV on their buying list vs. 49% a year ago due to affordability in some key markets like Europe.
Notably, Tesla ( NASDAQ: TSLA ) kept its lead in the brand survey with 42% of battery electric vehicle purchase intenders considering to buy a Tesla vs. 41% last year. German automakers BMW ( OTCPK:BMWYY ), Audi ( OTCPK:VLKAF ), and Mercedes-Benz ( OTCPK:MBGAF ) made up the next three highest spots on the list and Toyota ( TM ) settled in at the number five spot. While Tesla ( TSLA ) was the clear winner of the survey, the brand was passed in China with BYD Company ( OTCPK:BYDDF ) having the highest percentage of respondents indicating interest in a BEV purchase.
In direct comparisons to Tesla, Fisker ( FSR ) and Lucid Automotive ( LCID ) saw minor gains in consumer interest. 18% of respondents were more interested in a Fisker vehicle than a Tesla vehicle vs. 14% a year ago and 18% of respondents were more interested in a Lucid EV than a Tesla EV vs. 16% a year ago. Polestar Automotive ( PSNY ) lost ground with 22% of consumers preferring the brand over Tesla vs. 30% a year ago. In a face-to-face comparison to Tesla in China only, Nio ( NIO ) saw 34% of consumers indicate a preference for their EVs vs. 40% a year ago.
As for electric pickups, Tesla saw consumer interest in the Cybertruck come in higher on a percentage basis than electric trucks from Ford ( F ), General Motors ( GM ), and Rivian Automotive ( RIVN ).
The takeaway from UBS is that Buy-rated Tesla ( TSLA ) remains the undisputed leader globally. Meanwhile, a combination of continued execution issues and gradually growing international popularity of Chinese brands is seen putting the EV strategies of legacy mass-market brands increasingly at risk as price competition intensifies
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Electric vehicle buyers may be pulling back but Tesla is still running hot