Consumers Are ‘Plugged in’ to Electric Vehicles

Nov 06, 2022

Gasoline prices appear to be heading south for the winter, albeit probably only temporarily.

Electric vehicle (EV) demand, on the other hand, is headed higher.

This tells us there’s far more to the EV growth story than cheaper energy.

The growth in social media chatter around purchasing an EV is miles ahead of that for other vehicle types.

Consumers care about the environment perhaps more than ever before. Much of the EV chatter we are seeing is about the emission benefits of EVs over conventional vehicles.

Another factor driving adoption is the rapid buildout of EV infrastructure.

Public charging stations are also popping up all over the country.

There are nearly 64,000 alternative fuel stations across the United States and Canada, and you can expect that more will be on the way.

With all of this information about the increased interest in EVs, let’s take a look at the most popular EV manufacturers.

Winning EV Manufacturers

The LikeFolio outlier grid reveals that traditional automakers are gaining ground on Tesla Inc. (TSLA) and other EV plays.

On a 90-day average, Purchase Intent (PI) Mentions of Ford Motor Co. (F), General Motors Co. (GM), and Toyota Motor Corp. (TM) are up significantly, and EVs are quickly becoming a bigger part of the mix.

Here’s why traditional automakers could be huge EV winners:

  • Ford, GM, and Toyota are full speed ahead on adding EVs to their lineup. Factories are being built and modified to accommodate EV production. Electric versions of familiar car and truck brands are rolling off the assembly line.
  • Legacy automakers offer familiarity. The many upstarts entering the EV fray lack one key auto part: brand reputation. They must build that from scratch. Ford, GM, and Toyota have the advantage of decades-old trust.
  • Ford and GM can offer value, or at the very least, the perception of value. Most auto industry newcomers are going after the luxury EV category. In today’s budget-strapped environment, affordability matters.

There’s one more common denominator among the trio of outperformers.

When it comes to growth, EVs are in the driver’s seat.

GM’s Chevy Bolt Is Finally Taking Off

GM grabbed an 8% share of the U.S. EV market in Q3, led by record sales of the Chevy Bolt EV and EUV.

Social media confirms that customers are digging the car’s range, tech, and value.
Chevy Bolt PI Mentions are up 187% year-over-year (YoY).

Ford’s Classic Favorites Are Now Electrified

Ford expects that by 2030 as much as 50% of its vehicles will be fully electric.
Thus far, only the Mustang Mach-E and F-150 Lightning have been introduced (along with the E-Transit delivery van), but the reception has been excellent.

On a long-term basis, consumer buzz around the new F-150 Lightning has more than doubled YoY. The Mach-E has been around longer, but demand is still climbing higher.

Consumers are embracing Ford’s initial offerings mainly because they offer ‘recognizable value.’

Toyota Is Executing a Diverse Strategy

Japan’s auto giant is pouncing on the accelerating global EV shift by ramping up production of electric and fuel-cell vehicles.

Electrified vehicle sales accounted for 28.4% of overall sales in FY22 and are expected to compose 31% of sales in FY23.

LikeFolio data shows that Toyota is asserting itself as a preferred EV brand among car buyers in the United States and overseas.

Leading the “charge” are the Toyota Sequoia and Toyota Sienna, which consumers are talking about buying 54% and 27% more frequently YoY, respectively.

Of course, there are other ways for investors to put their money into the EV industry besides cars.

Harley-Davidson Inc. (HOG) spinoff LiveWire Group Inc. (LVWR), an electric motorcycle manufacturer, recently started trading on the New York Stock Exchange (NYSE) and has the wind at its back.

Comprehensive demand for the all-electric motorcycles is up 126% YoY.

Then there are the chipmakers:

  • Mobileye Global Inc. (MBLY) just went public and is developing life-saving camera technology for driver-assisted and self-driving EVs. Mobileye buzz is up 55% YoY.
  • Nvidia Corp. (NVDA) has teamed up with several EV challengers, including China’s Nio Inc. (NIO), XPeng Inc. (XPEV), and Li Auto Inc. (LI), on its AI-powered Nvidia Drive platform.
  • Advanced Micro Devices Inc. (AMD) recently joined forces with Chinese mobility tech group ECARX to create a digital “cockpit” for EVs.

With this long-term growth story just revving up, more opportunities will inevitably arise. We’ll keep you in the loop.