A new report by analysts Citi has revealed that Tesla continues to have the best brand loyalty in the car industry. The manufacturer now has a loyalty rating of 67%, with the industry average being 46%.
The Tesla Model 3 was found to be the vehicle with the highest loyalty rate. Meanwhile, Model S owners are most likely to switch from Tesla to another brand. This could be due to the onslaught of rivals the Model S now has, such as the Lucid Air, Mercedes EQS and Porsche Taycan.
Analysts from Citi had the following to say (via Investing.com):
“Just as impressive is that Tesla’s brand loyalty has actually trended somewhat higher in recent years, dipping briefly in 2021 likely on supply constraints. It will be interesting to see how this evolves as new EVs enter the market, but the resilience to date we think is impressive.”
Tesla is currently the world’s most valuable car manufacturer, with a market cap of roughly $580 billion. The automaker is expected to produce over 1.8 million vehicles this year, the majority of which will be built at the firm’s Shanghai and Berlin Gigafactories.
Meanwhile, Tesla’s Giga Texas facility is expected to drastically ramp up output over the next 18 months. And the original Fremont plant is being reworked extensively to ensure it can keep up with its Gigafactory counterparts.