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Anything but Tesla: US Shoppers Want More EV Options

Friday, April 12, 2024 9:00 AM | Anonymous member (Administrator)

[From NADA] Electric-vehicle shoppers are getting sick of Tesla. Well over half of the EV shoppers surveyed by UBS in an annual study said they would prefer to buy an electric car from a legacy carmaker over a new manufacturer such as Tesla. On top of that, the bank found that the likelihood a US shopper would buy an EV increased with brands other than Tesla.

These results and other signs of stagnation overall in the EV market give UBS reason to believe that Tesla's near- to midterm growth plans are in danger. UBS has a lower-than-average delivery forecast for Elon Musk's automaker, predicting sales of 1.8 million this year and about 2 million in 2025. That's compared with the current consensus among analysts of deliveries just below 2 million this year and about 2.4 million in 2025.

Despite EV shoppers' clear desire for more options, Tesla remains the top brand for consideration and saw an increase in preference among American shoppers, the survey said. Joseph Spak, a UBS analyst, attributed this growth to recent floundering EV efforts from legacy brands in the US, given that BYD managed to surpass Tesla in preference among Chinese respondents.

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