Tesla Is #1 Choice in UBS' EV Consumer Survey

Tesla Is #1 Choice in UBS' EV Consumer Survey

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UBS reaffirmed its Buy recommendation and $220 price target for Tesla following the UBS Evidence Lab's seventh wave of EV consumer survey. Tesla is the #1 choice for buying an electric vehicle.

A UBS survey of more than 10,000 participants shows that 46% of consumers are likely to consider buying a battery electric vehicle (BEV). This is 3% less than in 2022. This is the first time they have recorded a decline in interest since the study began in 2016. Analysts believe that it is driven by European markets on affordability concerns.

Despite the general decline in consumer interest in buying electric vehicles, this has not affected Tesla. The manufacturer maintained its lead in the brand survey. According to the data, 42% of potential BEV buyers are considering buying a Tesla, up from 41% last year.

UBS analysts wrote in a note, “Tesla keeps its lead in the brand survey with 42% of BEV purchase intenders considering to buy a Tesla. In China, Tesla lost its top rank for the first time to BYD; now these two brands lead all others by a wide margin. Amongst legacy OEMs, German premium brands gained territory by ~200-300bps y/y whereas mass-market brands showed flat to negative momentum on a global basis. In combination with continued execution issues and gradually growing international popularity of Chinese brands (even though still at a low level), EV strategies of legacy mass-market brands look increasingly at risk as price competition intensifies.”

The survey also showed that American consumers have a very high interest in Cybertruck compared to competing pickup trucks. The share of those who prefer Cybertruck remains significantly higher than all competing electric vehicles, with a stable 12%. The firm's analysts are confident that Cybertruck will be a profitable product in 2024, boosting gross profit by around $4 billion.

© 2023, Eva Fox | Tesmanian. All rights reserved.


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Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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