Tesla electric cars lose luster, claims probed

The Tesla electric car has been a phenomenal success, but the tide seems to be turning. Tesla’s electric cars appear to be losing their luster as consumer interest in them wanes, according to a Kelley Blue Book survey. Buyer interest in Tesla vehicles has plummeted, the survey said. It also claims that shopper interest in Tesla’s electric vehicles has dropped significantly month-over-month.

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Updated on:
November 20, 2022 at 9:53 am

Tesla electric vehicles have been facing a sequential decline in consumer interest. (Reuters)

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Specifically, the survey said 12% of luxury car buyers were considering buying a Tesla electric vehicle in the third quarter of 2022, compared with 15% in the previous quarter. The drop in consumer interest in Tesla’s electric vehicles may seem like a small dip, but it marks the largest quarter-over-quarter decline in the luxury car segment, the survey said. It also said that consumers choosing Tesla’s Model 3 fell 10 percent in the third quarter compared with the second quarter. In addition, the Model S and Model Y no longer appear on the list of the most purchased luxury cars, which they have held strong positions in both years.

The study said the Tesla model now ranks third on the list of most favored vehicles, an encouraging message for the U.S. electric automaker. Plus, it’s the top model in the luxury category. So while consumer interest in Tesla vehicles has declined sequentially, things may not be as bad as they appear on paper.

Interestingly, there may be a reason for the decline in consumer interest in Tesla vehicles. A new U.S. federal electric vehicle tax credit structure is on the horizon. So buyers may be waiting for 47,500 credits in 2023. Another reason could be global economic turmoil. Consumers are depressed because of the economic crisis, and they may think that now is not the right time to invest in expensive electric vehicles.

First published date: Nov 20, 2022 at 09:53 AM CST


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