A recent S&P Global Mobility study highlights the competitive landscape of electric vehicles (EVs), indicating that brands like Hyundai and Kia are effectively capturing buyers from rival manufacturers. The Hyundai Ioniq 5 leads the market with 74% of its sales attributed to 'conquests' – new buyers switching from other brands. The evolution of the automotive industry due to electrification is prompting consumers to shift their loyalty, creating opportunities for brands that offer compelling designs and specifications.
The Hyundai Ioniq 5 took the top spot, with around 74% of sales coming from conquests.
Electric vehicles are throwing loyalty out the window and helping brands steal buyers from competitors in unexpected ways.
As EV buyers are more likely to try something new, there's a huge opening for brands that can effectively navigate this transition.
Hyundai and Kia are excelling in capturing new buyers by offering striking designs and top-notch charging and range specs.
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