- EV shoppers want more choices than Tesla.
- Latest EV survey results could spell trouble for Tesla growth.
- This is the latest sign that the EV slowdown is catching up to Elon Musk.
Electric vehicle shoppers are getting tired of Tesla.
According to an annual study by UBS, well over half of EV shoppers surveyed stated a preference for electric cars from traditional automakers over new ones like Tesla.
UBS also found that American consumers were more likely to buy an EV from brands other than Tesla.
These findings indicate potential danger for Tesla‘s growth plans in the near future.
UBS predicts lower delivery numbers for Elon Musk‘s company compared to analyst projections.
Despite the desire for more options, Tesla remains a top consideration for EV shoppers and has actually gained preference among American consumers.
UBS analyst Joseph Spak attributes this to struggles faced by traditional U.S. automakers in the EV market, highlighting BYD’s popularity over Tesla in China.
The latest sign of trouble for Tesla
It seems that the slowdown in EV demand affecting Musk’s competitors is now impacting Tesla.
Tesla recently reported its lowest quarterly results since 2022, marking its first year-over-year decline since 2020.
While price reductions helped Tesla keep up with changing consumer preferences, a softer EV demand may require more than just lower prices.
The rise in interest in hybrid vehicles poses another challenge for Tesla, as this trend is expected to peak in segments where Tesla is dominant.
A study by Boston Consulting Group forecasts growing interest in hybrids among popular vehicle categories, which could impact Tesla’s market share.