IHT Markit gave Tesla three manufacturer awards in its 2020 Automotive Loyalty Awards. Tesla received awards for Asian Market Loyalty to Make, Highest Conquest Percentage, and Highest Alternative Powertrain Loyalty to Make.
Tesla won the Highest Conquest Percentage award for the second consecutive year. The award relates to a brand’s ability to capture non-loyal sales and convert them to loyal customers. Tesla was able to capture 16% of eligible volume in the segments it entered.
Due to OEMs’ increasing investments in green technologies, IHS Markit added the Alternative Powertrain Loyalty to Make category. Tesla scored the highest in the new category with a loyalty rate of 55%, partly due to its BEV-exclusive lineup. The addition of the Alternative Powertrain Loyalty award suggests an ongoing shift in the global car market.
“We hear a lot of people talk about the next generation of buyers and how ‘everything’s changing,’” said IHS Markit automotive business line leader Joe LeFeir.
“This is nowhere more evident than in the loyalty rates we see with companies like Tesla. They’ve created a cult-like following of their brand, and it’s showing up in the way their consumers are coming back and staying loyal to them,” LeFeir said, according to Car and Driver.
Tesla also won the award for Asian Loyalty to Make for the first time with a 55% loyalty rate. The EV maker beat Toyota, which won the Ethnic Market Loyalty to Make award in…