Over Half of EV Owners Plan to Buy Another ICE Vehicle

A recent study from S&P Global Mobility found that over half of EV owners plan to purchase an internal combustion engine (ICE) vehicle for their next car, with the exclusion of Tesla owners, Car Scoops reports.

The study reported that the fuel type loyalty rate for mainstream brand EV households was at 52.1% through July of 2023. It’s noted that this is not representative of EVs being replaced by an ICE vehicle, but replacements for other vehicles they already have.

63.2% of Nissan EV owners plan to purchase an EV for their next vehicle. Chevrolet EV owners trail with a loyalty rate of 60.6%.

Individual vehicle models were also examined in the study, with 37.3% of households owning a Ford Mustang Mach-E purchasing an EV for their next vehicle and 45.8% opting for gasoline-powered cars, with many choosing other Ford trucks and SUVs.

Additionally, 60.7% of Chevrolet Bolt owners chose to purchase another EV for their next vehicle. Most of the individuals in this group showed less inclination to choose a truck or SUV for their next vehicle.

EV loyalty rates for luxury vehicles were revealed to have experienced significant growth in recent years, with 56.6% of Mercedes-Benz EV owners planning to purchase another EV for their next vehicle–an increase from its 24.3% loyalty rate in Q2 2020.

Other luxury automakers seeing such increases include Jaguar, with an increase from 25% to 56.5%; Audi, with an increase from 25.5% to 50.1%; Porsche, which jumped from 23.3% to 36.8%; and Tesla, growing from 51.8% to 76.7%.

The outlier was BMW EVs, which saw its EV loyalty rate drop from 46.6% to 45.9%.

“The OEMs are spending huge amounts of money to develop EVs,” said Tom Libby, associate director for loyalty solutions and industry analysis at S&P Global Mobility. “So the last thing they want is for an EV owner to go back to ICE.”