Tesla is once again breaking the glass ceiling of brand loyalty, this time with its much anticipated Tesla Cybertruck. Elon Musk’s EV company has taken on rivals and left them agape with its vehicle lineup.
As a brand, Tesla is already building world-class loyalty numbers. It boats S&P Global Mobility’s 2022 Automotive Loyalty Awards for Overall Loyalty to Make; Most Improved Make Loyalty; Alternative Powertrain Loyalty to Make; and Ethnic Market Loyalty to Make. The world’s first-class EV brand has demonstrated a strong appeal to new buyers while retaining existing customers.
Kent Chiu, associate director of consulting services at S&P Global Mobility, said Tesla is very successful at migrating customers from a Model 3 to a Model Y, which contributes to high loyalty rates. “Tesla has taken advantage of the industry’s shift toward CUVs. By putting the Model 3 to market first, followed by the Model Y, it gave customers a path to migrate through the portfolio.”
Tesla Price is a Deterrent
Chiu believes Tesla’s compact crossover may be an end for many households because the price jump to a Model S or X is very high. He pointed out that while 70.5 percent of Model Y households acquire another EV, it’s lower than the Model 3. “Those households seeking another vehicle after the Model Y often are looking at internal combustion SUVs or trucks.”
Tesla hopes to achieve this with the Cybertruck, which was first unveiled in 2019. There have been some glitches and delays in its production. Chiu said the Cybertruck is vital to keeping Tesla fans within the brand. “The Cybertruck, a second-gen Roadster, and a vehicle positioned below the Model 3 all have been promised, and should migrate existing Tesla owners up or perhaps sideways within the brand.”
Cybertruck Performance Version is Out
Elon Musk recently disclosed on his social media platform X that he recently drove a performance Cybertruck. He indicated that the Cybertruck performance version will come as a major upgrade compared to the standard version of the Tesla pickup truck.
Musk promised Tesla enthusiasts that the Cybertruck performance version will promise a ‘kick-ass next-level performance’.