Electric vehicle buyers may be pulling back but Tesla is still running hot
Spencer Platt

The macroeconomic backdrop for 2023 has put the skids on what was supposed to be a boom for electric vehicle sales and led to questions on which brands will survive and prosper. Of note, a new survey by UBS indicated a drop in the percentage of consumers that said they are likely to buy an all-electric vehicle. The broad global survey showed 46% of consumers with an EV on their buying list vs. 49% a year ago due to affordability in some key markets like Europe.
Notably, Tesla (NASDAQ:TSLA) kept its lead in the brand survey with 42% of battery electric vehicle purchase intenders considering to buy a Tesla vs. 41% last year. German automakers BMW (OTCPK:BMWYY), Audi (OTCPK:VLKAF), and Mercedes-Benz (OTCPK:MBGAF) made up the next three highest spots on the list and Toyota (TM) settled in at the number five spot. While Tesla (TSLA) was the clear winner of the survey, the brand was passed in China with BYD Company (OTCPK:BYDDF) having the highest percentage of respondents indicating interest in a BEV purchase.
In direct comparisons to Tesla, Fisker (FSR) and Lucid Automotive (LCID) saw minor gains in consumer interest. 18% of respondents were more interested in a Fisker vehicle than a Tesla vehicle vs. 14% a year ago and 18% of respondents were more interested in a Lucid EV than a Tesla EV vs. 16% a year ago. Polestar Automotive (PSNY) lost ground with 22% of consumers preferring the brand over Tesla vs. 30% a year ago. In a face-to-face comparison to Tesla in China only, Nio (NIO) saw 34% of consumers indicate a preference for their EVs vs. 40% a year ago.
As for electric pickups, Tesla saw consumer interest in the Cybertruck come in higher on a percentage basis than electric trucks from Ford (F), General Motors (GM), and Rivian Automotive (RIVN).
The takeaway from UBS is that Buy-rated Tesla (TSLA) remains the undisputed leader globally. Meanwhile, a combination of continued execution issues and gradually growing international popularity of Chinese brands is seen putting the EV strategies of legacy mass-market brands increasingly at risk as price competition intensifies
Read a preview of March U.S. auto sales.
See Seeking Alpha Quant Ratings across the auto sector.