Tesla Is An EV Brand Awareness Juggernaut Compared To Competition

When it comes to electric vehicle brand awareness in the marketplace, Elon Musk’s Tesla by far surpasses all others, according to a study released Monday by Cox Automotive.

When asked what brands of electric vehicles they were aware of, 81% of consumers responding who said they are considering an electric vehicle purchase named Tesla. Far behind were Toyota Motor Co. at 52%, Chevrolet at 47%, Nissan with 42% and Honda at 39%.

“They’ve done a wonderful job at presenting themselves as the innovative leader of electric vehicles and therefore, this is translating high awareness among consumers,” said Rachelle Petusky, manager of Research & Market Intelligence, Cox Automotive Mobility Group, during a conference call with reporters. 

Indeed, without Tesla, market share for EVs is “stagnant” said Petusky, despite the knowledge that almost 100 new electrified vehicle models are coming soon to the U.S. market. 

The revelations regarding EV brand awareness are contained in the latest chapter of Cox Automotive’s Evolution of Mobility Study, called “The Path to Electric Vehicle Adoption", examining attitudes regarding electric vehicles from consumers and dealers.

For the study, Cox surveyed 2,503 consumers divided into those who own an EV, considering an EV purchase and not considering one, in addition to 308 franchised dealers. 

Among those identifying themselves as “non-considerers” 83% cited battery life and charging anxiety, and 70% cited costs as barriers to purchasing an electric vehicle. 

Pricing is also holding back some consumers from taking the EV plunge with 77% of considerers and 87% of non-considerers perceiving initial costs for EVs as “somewhat or much more” than internal combustion engine vehicles, according to the study. 

But the actual price gap between EVs and internal combustion engine vehicles is not as wide as consumer perception, according to the study which pointed out “EV pricing has only minimally increased in the last 7 years while pricing for new internal combustion engine vehicles has spiked almost 19%.” 

Rachelle Petusky added, “This affordability gap, as it closes, is one of the key areas of educational opportunities for both dealers and OEMS to help consumers to understand what is really a valid option for them.”

While almost all of those considering an EV, 98%, said it’s less expensive to own one, the number of charging stations and desire for longer driving range on the charge remain key concerns. Most considering an electric vehicle said they want more charging stations close to their homes and workplaces and a driving range of at least 300 miles on a charge, which is closer to what they’re used to with gasoline-powered vehicles. 

Dealers pretty much agreed with consumers on barriers to buying an electric vehicle but they also pointed out their own challenges.

Just more than half, 55%, cited low inventories due to availability and number of models as challenges to selling more electric vehicles, and half said there aren’t enough public charging stations.

There’s also not much enthusiasm among dealers to push the battery-powered vehicles since EVs represent less than 3% of total new vehicle sales in the U.S. Dealers perceive lower profits and return on investment on EV sales, and a third complained of poor sales training and marketing support from the automakers. Only 9% said automakers are pushing them to sell electric vehicle by exerting pressure to hit sales targets.

Strong support from automakers does make a difference, said Petusky who cited “88% of more EVs are sold among high support dealers than those dealers receiving lower support from their manufacturers today.”

The bottom line, the study concludes, is wider adoption of electric vehicles may be accelerated by both dealers and automakers cooperating more to clear up consumer misconceptions about the cost and convenience of owning them—and give other brands a shot at gaining on Tesla's recognition.