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Tesla (NASDAQ:TSLA) is still the reigning monarch on the electric vehicle market, but its power is no longer absolute. Many would consider buying another EV brand as long as it beats Tesla on performance, new research from J.D. Power has suggested.
In its first-ever U.S. Electric Vehicle Consideration Study, the company found that over a quarter, or 27 percent, of people considering a purchase of an EV would pick a Tesla. However, their choice was not unconditional, the study showed. If there was another brand that offered better performance, EV shoppers would be more than happy to choose it. Other considerations besides performance included price, features, functionality, technology, and capacity.
“One could argue this indicates that, while Tesla’s appeal is clearly formidable, it’s not absolute and could be displaced by a worthy alternative,” according to Stewart Stropp, senior director of automotive retail at J.D. Power.
If it comes to price, Tesla has many contenders. However, when it comes to performance, the alternatives are not that many. Two EV makers have in recent months had to recall thousands of cars because of increased fire risks, for example. A third found itself riddled with software problems in its attempts to take on Tesla.
Yet Elon Musk’s jewel has not been trouble-free, either. Last month, Tesla said it would recall more than 130,000 vehicles on safety concerns. These regarded touchscreen failures that could lead to the loss of several safety-related features while driving, CNBC reported at the time.
Among J.D. Power’s other EV-related findings was that 46 percent of respondents who had owned a battery-electric vehicle in the past said they were “very likely” to consider buying another. Only 6 percent of these said they were “very unlikely” to consider buying another EV again.
Interestingly, the study has suggested range anxiety may be subsiding among prospective buyers as emission reduction considerations take over, with people who travel more often more concerned about their emissions.
By Charles Kennedy for Oilprice.com
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Charles is a writer for Oilprice.com