A big part of Tesla’s strong customer retention and loyalty has to do with the automaker’s resonance with ethnic consumers. Retaining these buyers remains critical to success, as they represented more than 40% of all personal vehicle registrations last year.
“Ethnic buyers have increased their market share in the industry every year for the last decade, making them an important audience in building loyalty success for the foreseeable future,” said S&P’s Vince Palomarez. More than 52% of Tesla’s loyal sales volume came from ethnic consumers.
Musk’s automaker isn’t the only brand to receive recognition this year, though. For the 19th time in 27 years, General Motors was awarded a win in the Overall Loyalty to Manufacturer category, a different category to that which Tesla won. This is the brand’s eighth consecutive win. This means conglomerates like the Volkswagen Group are eligible for the award, while Volkswagen as an individual brand is not.
Elsewhere, the Equinox, Silverado 2500/3500, Bolt, and Corvette all received segment loyalty awards for their respective vehicle segments. The Bolt and Corvette are both repeat winners.