Tesla continues to lead the auto industry in brand loyalty, according to new data analysis from S&P Global Mobility. Based on 2023 vehicle registration information, Tesla boasted a loyalty rate of 68.4% – significantly higher than the overall industry average of 50.6%.
S&P found that Tesla maintains high customer retention across its entire lineup of electric vehicles. But the Tesla Model 3 stands out with an exceptional 74% loyalty rate from returning owners. Many Model 3 drivers choose to stick with Tesla and upgrade to the Model Y as their next purchase.
This demonstrates the strong connection and loyalty Tesla has built with its customer base, despite rising EV competition. Tesla’s strategic price drops and incentive offers have helped boost interest and momentum.
According to S&P’s Vince Palomarez: “Tesla has proven it has a strong connection with its customers despite increasing competition in the BEV market. Calculated price drops and timely incentive offerings have helped to boost interest and keep the brand’s positive momentum going.”
Other automakers with improved brand loyalty in 2023 so far include GM, Buick and Land Rover. Specific vehicles like the Lincoln Nautilus and Ford F-Series also ranked highly for model loyalty.
But Tesla continues to set the pace, retaining over two-thirds of owners. With commanding leads in technology, charging infrastructure and efficiency, Tesla vehicles clearly satisfy customers – leading many to stick with the brand when purchasing their next EV.