Drivers are increasingly ditching Toyota and Honda gas cars in favor of EVs

The electric vehicle rollout is gaining momentum as new car shoppers are increasingly switching to EVs, even if their preferred brand is not currently offering any. Ford, GM, and Hyundai’s new electric vehicles are winning over Toyota and Honda gas-car buyers, while Tesla continues establishing itself as a top automaker.

Yesterday we reported on the recent S&P Global Mobility data suggesting new electric vehicles are taking market share from Tesla.

And that is true, but it’s also misleading. Tesla was a pioneer in the US electric vehicle market, controlling nearly 100% at one point. As automakers race to fill the expanding pool of drivers looking to switch to electric vehicles, a loss in market share is inevitable.

The latest data shows Tesla still controls 65% of the market through the first nine months of 2022. Of the 525,000 new electric vehicles registered in the United States this year, almost 340,000 were Tesla models.

Tesla’s growth has helped the United States cross 6% EV market share this past quarter, up from just 2.2% in 2021, as new car buyers are increasingly switching from gas to zero-emission electric vehicles.

However, Tesla is one of many companies with their sights on the US EV market now. Ford, GM, Hyundai, and others have successfully introduced their own electric models that are enticing buyers to convert.

Meanwhile, those who have been slow to introduce fully electric options, like Toyota and Honda, are losing faithful buyers as drivers are embracing pure EVs over their gas-powered counterparts.

Chevy Bolt EUV Source: Chevrolet

Electric vehicles are winning over traditional gas buyers

The S&P Global Mobility data shows a glaring consumer preference change trending toward electric vehicles.

Although this is good news for those early to introduce electric vehicles, it’s costing two of the largest companies on some of their most popular models. Take a look at which electric vehicles customers are trading their gas cars in for.

Electric vehicles consumers are buyingGas cars
they are trading in
Tesla Model YLexus RX
Honda CR-V
Toyota RAV4
Honda Odyssey
Honda Accord
Tesla Model 3Honda Civic
Honda Accord
Toyota Camry
Toyota RAV4
Honda CR-V
Ford Mustang Mach-EToyota RAV4
Honda CR-V
Jeep Wrangler
Chevrolet Bolt EV or EUVToyotaRAV4
Honda CR-V
Toyota Prius
Hyundai IONIQ5Toyota RAV4
Honda CR-V
Mazda CX-5
Subaru Forester
Electric Vehicles conquesting gas-powered cars

Do you see a trend here? Tesla, Ford, Chevrolet (GM), and Hyundai have all aggressively invested resources toward advancing fully electric vehicles.

Top comment by Les Inanchy

Liked by 22 people

I think initially word of mouth will be the main way people decide on purchasing EVs.

In our neighborhood, we see so many places where one family will get an EV, and before long their neighbor will have one or somebody two or three houses down the street will have one. There’s even one house where they have 4 Teslas in the driveway. That is an extreme case but there are a number of houses where there are two Teslas in the driveway. Nothing like driving an EV to convince you how much better they are.

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Meanwhile, the brands customers are switching from have been slow to make the transition. Japanese automakers Toyota and Honda are seeing their customers leave to test other brands that have successfully introduced pure EV models.

Ford announced Wednesday it produced its 150,000th Mustang Mach-E as it looks to achieve a 2 million EV run rate by 2026. Other automakers are achieving similar milestones as they look to close the gap Tesla has established. Most importantly, the EV competition is doing what it was designed to do – convert drivers to zero-emission, fully electric vehicles.

Electrek’s Take

Drivers are increasingly trading in their top-selling gas-powered vehicles for new advanced EV models. Although as consumer preference continues trending toward electric vehicles, these models are bound to lose some faithful buyers, the data reveal an important point – car buyers are ready and willing to make the switch even if their favorite brands (Toyota, Honda) are not quite there yet.

Which electric vehicle will you purchase next?

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Avatar for Peter Johnson Peter Johnson

Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising