Tesla Model 3 takes Top EV spot while commercial vehicle subscriptions continue to surge: Loopit
This month’s Loopit VSU Index findings showcase the industry’s dynamic nature, highlighting the rise of affordable EVs and the continued growth of established and new players in various segments. From Tesla’s ascendancy to Renault’s consistency and Land Rover’s entry into luxury subscriptions, the market continues to evolve, offering exciting opportunities and choices for subscribers.
The Rise of EV Subscriptions
In a landmark shift, the Tesla Model 3 has taken the top spot as the most popular subscribed EV, ending the Polestar 2’s 12-month reign at the top. This achievement underscores Tesla’s innovative approach and reflects a growing trend towards more accessible electric options.
Alongside Tesla, the Nissan Leaf has also leapfrogged the Polestar 2, further emphasising the market’s growing interest in affordable EV options. This indicates a broader movement where cost-effective alternatives are no longer playing second fiddle to luxury models but are, in fact, taking center stage.
Tesla’s Continued Ascent
Beyond the Model 3’s individual success, Tesla as a brand continues to climb the ranks, moving up four spots to 14th on the Top 20 Subscribed Vehicles by Make. Simultaneously, the Tesla Model 3 has entered the top 20 Top Subscribed Vehicles by Model list, sitting at the 16th position. This dual success highlights Tesla’s growing influence in the subscription market and its ability to appeal to a wide range of subscribers.
Renault Koleos: Six Months of Growth
The Renault Koleos continues to impress, climbing into the top 5 in the Top Subscribed Vehicles by Model. Marking its 6th consecutive month of growth, the Koleos’s ascent reflects its blend of style, performance, and value, resonating well with subscribers looking for a dependable and attractive option.
Commercial Vehicle Subscriptions on the Rise
The increasing demand for commercial vehicle subscriptions by businesses is becoming more pronounced, as evidenced by three of the top five spots in the Top Subscribed Vehicles >$30k category being occupied by commercial vehicles. This trend underscores the need for flexible arrangements and cost mitigation strategies among businesses. The Ford Ranger maintains its position as the most popular subscribed commercial vehicle, significantly contributing to Ford’s ranking as the 6th most popular OEM brand, reflecting a growing preference for commercial vehicle subscriptions in the current market landscape.
Michael Higgins, CEO and Co-Founder of Loopit said, “While car subscription models have broadened their demographic appeal, luxury vehicles continue to hold a coveted spot in the lineup. The reasons are clear. The subscription model allows customers to enjoy the luxury and performance of top-tier vehicles without the constraints of ownership or leasing.”
Land Rover’s presence in the lineup adds a new dimension to luxury car subscriptions, combining the brand’s renowned performance and aesthetics with the flexibility and convenience inherent in the subscription model.
For many, luxury subscriptions are more than a status symbol; they represent a smart and practical way to experience various luxury vehicles, catering to different needs and preferences.