Tesla's customer loyalty peaked at 73% in June 2024 but fell sharply after CEO Elon Musk endorsed Donald Trump. By March, loyalty dipped to 49.9%, just below the industry average, following moves like Musk's involvement with Trump's budget cuts and layoffs. Although loyalty has improved to 57.4% in May, it remains behind competitors Chevrolet and Ford. Analysts suggest Musk's political actions may have alienated eco-conscious customers, impacting their brand preferences significantly. S&P analyst Tom Libby remarked on the unprecedented speed of Tesla's loyalty decline.
Customer loyalty for Tesla peaked in June 2024 at 73%, drastically dropping to 49.9% by March after Elon Musk endorsed Trump, impacting eco-conscious buyers.
S&P analyst Tom Libby remarked on the unprecedented fall of Tesla’s customer loyalty, noting, 'I've never seen this rapid of a decline in such a short period of time.'
The loyalty rate for Tesla has improved slightly to 57.4% in May, but remains behind Chevrolet and Ford, drawing comparisons to industry averages.
The endorsement of Trump by Musk is believed to have alienated Tesla’s eco-conscious customers, leading them to consider other brands aligned with their values.
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