Drivers increasingly ditching Toyota, Honda gas cars in favor of EVs

WORLD  02 December 2022 - 06:31

The electric vehicle rollout is gaining momentum as new car shoppers are increasingly switching to EVs, even if their preferred brand is not currently offering any. Ford, GM, and Hyundai’s new electric vehicles are winning over Toyota and Honda gas-car buyers, while Tesla continues establishing itself as a top automaker.

On the recent S&P Global Mobility data suggesting new electric vehicles are taking market share from Tesla, Electrek reports.

And that is true, but it’s also misleading. Tesla was a pioneer in the US electric vehicle market, controlling nearly 100 per cent at one point. As automakers race to fill the expanding pool of drivers looking to switch to electric vehicles, a loss in market share is inevitable.

The latest data shows Tesla still controls 65 per cent of the market through the first nine months of 2022. Of the 525,000 new electric vehicles registered in the United States this year, almost 340,000 were Tesla models.

Tesla’s growth has helped the United States cross 6 per cent EV market share this past quarter, up from just 2.2 per cent in 2021, as new car buyers are increasingly switching from gas to zero-emission electric vehicles.

However, Tesla is one of many companies with their sights on the US EV market now. Ford, GM, Hyundai, and others have successfully introduced their own electric models that are enticing buyers to convert.

Meanwhile, those who have been slow to introduce fully electric options, like Toyota and Honda, are losing faithful buyers as drivers are embracing pure EVs over their gas-powered counterparts.

Electric vehicles are winning over traditional gas buyers

The S&P Global Mobility data shows a glaring consumer preference change trending toward electric vehicles.

Although this is good news for those early to introduce electric vehicles, it’s costing two of the largest companies on some of their most popular models. Take a look at which electric vehicles customers are trading their gas cars in for.

Do you see a trend here? Tesla, Ford, Chevrolet (GM), and Hyundai have all aggressively invested resources toward advancing fully electric vehicles.

Meanwhile, the brands customers are switching from have been slow to make the transition. Japanese automakers Toyota and Honda are seeing their customers leave to test other brands that have successfully introduced pure EV models.

Ford announced Wednesday it produced its 150,000th Mustang Mach-E as it looks to achieve a 2 million EV run rate by 2026. Other automakers are achieving similar milestones as they look to close the gap Tesla has established. Most importantly, the EV competition is doing what it was designed to do – convert drivers to zero-emission, fully electric vehicles.

Electrek’s Take

Drivers are increasingly trading in their top-selling gas-powered vehicles for new advanced EV models. Although as consumer preference continues trending toward electric vehicles, these models are bound to lose some faithful buyers, the data reveal an important point – car buyers are ready and willing to make the switch even if their favorite brands (Toyota, Honda) are not quite there yet.

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