As per a new study conducted by S&P Global Mobility, with the exception of Tesla owners, half of all other EV owners tend to go back to buying ICE vehicles either as a replacement or second car in their household. Tesla owners are among the few who are known to be fierce in terms of brand loyalty.<\/p>\n
The new study states that the main reason EV owners give for switching back to ICE cars is pricing, infrastructure and range anxiety. A few EV owners also mentioned how having an ICE or hybrid vehicle in the garage as a backup just felt better.<\/p>\n
The data in the study was collected this year, through July. It showed that while 37.3% of Ford Mustang Mach-E owners bought another EV, 45.8% of them opted for an ICE vehicle. A major chunk of these buyers is said to have bought either a Ford SUV or truck in both ICE & hybrid powertrains. Similarly, customers of the Bolt EV saw ICE households switch to Chevrolet SUVs and trucks.<\/p>\n
As per a consumer survey, S&P Global Mobility also reported that car buyers’ consideration for purchasing an EV has fallen from a high of 81% in 2021, to 52% this year.<\/p>\n
Tom Libby, Associate Director for Loyalty Solutions & Industry Analysis, S&P Global Mobility, stated, “The OEMs are spending huge amounts of money to develop EVs. So the last thing they want is for an EV owner to go back to ICE.”<\/p>\n