Ford and Chevrolet Dominate S&P Global Mobility’s Mainstream Brand Loyalty Ranking for 2023; Toyota Falls Behind

Ford and Chevrolet Top Loyalty Ranking, Toyota Falls

Ford and Chevrolet have taken the lead in S&P Global Mobility’s 2023 loyalty ranking for mainstream brands. This is the first time these two brands have claimed the top spots. However, Toyota saw a significant decline, falling to seventh place. It is believed that the drop in Toyota’s ranking may be due to customers migrating to Tesla.

According to analyst Tom Libby, Toyota is usually on par with Ford and Chevrolet. However, this year through April, Ford recorded 59.5 percent brand loyalty, followed closely by Chevrolet at 57.1 percent. Subaru, Nissan, Kia, and Hyundai also performed well. In contrast, Toyota experienced a 5.7-point decrease compared to the same period last year, with 52.3 percent brand loyalty.

“We will obviously have to watch the results going forward, but just in these first four months, Toyota is a disappointment,” said Libby.

Although Ford secured the top position, its loyalty remained relatively unchanged compared to the previous year. On the other hand, Chevrolet saw a 2.6-point increase.

The percentage of customers migrating from Toyota to Tesla increased by 2.1 points year over year, reaching 5 percent.

While electric vehicle (EV) sales are still relatively small for many brands, Tesla’s impact on Toyota, Honda, and other Asian brands is substantial,” Libby explained.

In the luxury brand loyalty ranking, Tesla maintains its top position with 68 percent loyalty, surpassing BMW by 18.8 points. Mercedes-Benz, Lexus, and Cadillac complete the top five. Tesla is the only luxury brand that retains more customers than it loses, showcasing its dominance, despite not launching a new vehicle since 2020.

Tesla also has a significant impact on fuel type loyalty. When Tesla is excluded from the data set, the average EV loyalty drops from 67.8 percent to approximately 49.7 percent in April.

Overall, brand loyalty for most mainstream brands remains lower compared to pre-pandemic measures, except for Mitsubishi, Mazda, Dodge, Hyundai, Buick, and GMC, which have shown improvements. Fiat and Ram, on the other hand, experienced significant declines. Tesla’s loyalty, however, has risen by 5.4 points since the first four months of 2019.

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