Startup automakers, like Lucid and Rivian, often make the point that, as Tesla has shown, electric car shoppers are open to trying new brands. What’s true for startups, though, is also true for big automakers like Ford, General Motors and Volkswagen.
For those long-established car companies, new electric vehicles are attracting customers who are not current owners of their brands. That means electric vehicles are bringing in those always sought after “conquest sales.” These are sales that automakers hope create new long-term customers.
Among buyers of the new Ford Mustang Mach-E, almost 70% were not already Ford customers. For most Ford models, only 42% are trading in a non-Ford vehicle. For General Motors’ Chevrolet brand, the trend is similar. Among buyers of the Chevrolet Bolt models, 60% were new to the Chevrolet brand.
Read the article at CNN Business.