Tesla EVs losing sheen, claims survey

Tesla electric cars have received phenomenal success, but it seems that the tides are changing. Tesla EVs seem to be losing sheen as consumer interests towards them are dropping, claims a survey by Kelley Blue Book. The survey claims that the interest of buyers in Tesla cars has plummeted. It also claims that shoppers' interest in Tesla electric cars has dropped significantly quarter over quarter.

Specifically, the survey claimed that 12 per cent of luxury vehicle buyers considered a Tesla electric car in the third quarter of 2022, while in the previous quarter, it was 15 per cent. The drop in consumer interest towards Tesla EVs may seem like a small slump, but it marked the largest quarter-over-quarter decline in the luxury car segment, claimed the survey. It also stated that consumers opting for Tesla Model 3 dropped by 10 per cent in the third quarter as compared to the second quarter. Also, the Model S and Model Y are no longer on the list of the most-purchased luxury cars, where they both held a strong position for two years.

The study claims that Tesla Model is currently in the third position on the list of the most desired vehicles, which is an encouraging information for the US EV manufacturer. Also, it is the top model in the luxury category. Hence, despite the quarter-over-quarter slump in consumer interest in the Tesla cars, it may not be as bad as it looks on paper.

Interestingly, there may be a reason behind the drop in consumer interest in Tesla cars. The new US federal EV tax credit structure is coming. Hence, buyers may be waiting for a 47,500 credit in 2023. Another reason may be the global economic turmoil. Consumer sentiment has been dampened due to the economic crisis, and they may be thinking that it is not the right time to invest in a pricey electric vehicle.