The electric vehicle (“EV”) industry is poised to experience exponential growth over the next couple of decades as drivers ditch their internal combustion engine (“ICE”) cars for zero-emission EVs. As governments across the world pass greenhouse gas emissions standards, dozens of EV startups have emerged to try and fulfill the demand for sustainable vehicular transportation.
Nearly a decade after Tesla’s Roadster hit the road, EV startups such as Tesla have a dedicated and loyal consumer base. With most startups coming up with new and often radical ideas, new customers eager to experience novel and sustainable technologies are flocking to them in droves.
However, the EV revolution isn’t limited to startups. Legacy automakers that have been around for a while are also looking to diversify their line-ups with dozens of new electric vehicle models. These legacy automakers have decades of vehicle manufacturing experience, connections across the supply chain, and already-existing infrastructure to develop and deploy electric cars. Carmakers such as General Motors, Volkswagen and Ford have already made forays into the electric vehicle market with electrified offerings of their own. According to data from Edmunds.com, long-established car companies are already attracting customers who are completely new to their brand thanks to their new electric cars.
Sales to such customers are referred to as conquest sales, and automakers hope that developing new electric vehicles will help them attract and retain new customers over the long term. For instance, Edmumds.com says 70% of the people who bought Ford’s Mustang Mach-E were not Ford customers, and only 42% are bringing non-Ford vehicles to trade them in. Additionally, 60% of Chevrolet Bolt buyers had never owned a Chevrolet vehicle before, and 72% of the people who bought the ID.4 electric SUV were not Volkswagen customers.
Ford CEO Jim Farley says the situation with Ford’s new electric pick-up truck — the F-15- Lightning — is similar, with 70% to 80% of the customers placing preorders and paying deposits being new to the Ford brand. Although electric vehicle sales make up a small percentage of total car sales, and Tesla far outsells established automakers in the EV space, the legacy car companies are still attracting a ton of new customers. For instance, Ford sold around 18,000 Mach-Es, Volkswagen sold 12,000 ID.4s, and General Motors sold 25,000 Bolt EVs in the first nine months of the year while Tesla sold roughly 200,000 EVs.
According to Tyson Jominy, vice president of data analytics at J.D. Power, customers tend to remain loyal to EVs once they go electric. For established automakers, the goal is to attract and retain customers so they come back to their brand the next time they want to upgrade their car. For EV startups such as Workhorse Group Inc. (NASDAQ: WKHS), every customer won is a big step towards becoming a household brand.
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