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ABANDON SHIP!: Toyota most traded OEM to jump from ICE to BEV

529 Views 11 Replies 5 Participants Last post by  bufkey
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The the 2nd consecutive year, Toyota drivers are abandoning the Toyota "Ship"
to cruise with next generation Electric Vehicle manufacturers

TOP OEM brands to abandon the ICE vehicle market
1) Toyota Motors : 12 % trade-ins for BEV market
2) Ford Motors : 8 % trade-ins for BEV market
3) BMW Motors : 8 % trade-ins for BEV market
4) Honda Motors : 7 % trade-ins for BEV market

To summarize, MANY MANY petrol owners are "jumping ship" and buying BEV vehicles.
The second most surprising fact I see that SUV petrol vehicles are traded in for BEV sedans!

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Thinking about it, it makes a certain amount of sense. Toyota built a customer base on selling hybrids to folks who valued efficiency - and have failed to adapt to changing technology to that end.
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What that data tells you is that Toyota's are actually being traded in at a lower than average rate for EVs.

Assume most of those trade ins are 5-10 years old. What was Toyota's US market share from 2013 - 2018? An average of 14% So 14% of vehicles of trade-in age are Toyotas. So if toyotas were trading at just the industry average rate they would represent 14% but instead they only represent 12%.

Now, there are a bunch of other things to think about related to vehicle classes etc. which would make you realize that Toyota EV conversions as even lower that that data would suggest. But it all gets boring and the basic points is obvious. There is nothing whatsoever to see in this data other than Ford and GM are trading in for EVs at well below the national average, Toyota and Honda at a little below the national average, and BMW customers at ~3X the national average (Its market share was less than 3% 2013-2018). The data says that it is actually BMW that is hemmoraging ICE customers at an astonishing rate. (Which everyone already knew.)
Thank you for digging into the nuance. ... I'll add, though, that for Ford and BMW, trading in for an EV will not always mean trading in for another manufacturer. Some portion of those will be trading in their Escape for a Mach-E.
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