Ford Targets Tesla Owners with $10K Mach-E Lease Discounts Amid High Tesla Loyalty

In an aggressive push to attract electric vehicle enthusiasts, Ford offers Tesla owners and lessees up to $10,000 off leasing the new 2023 Mustang Mach-E. This strategic move comes as a new survey reveals an 87% brand retention rate among Tesla drivers, highlighting the intense loyalty within the EV market. Ford's offer aims to tap into this exclusive customer base, underscoring the competitive dynamics shaping the rapidly evolving electric vehicle landscape.

Ford Entices Tesla Owners with Up to $10K Savings on Mustang Mach-E Leases

Ford recently introduced a $1,500 discount for Tesla owners and lessees, per Electrek. CarsDirect reports today that the Mach-E Tesla discount can be combined with other offers to save up to $10,000.

The $1,500 Tesla discount is the Tesla Competitive Conquest Bonus Cash. It applies to all Mach-E models and the 2023 and 2024 Mustang Mach-E models.

If you own or lease a 2008 or newer Tesla, no trade-in is required, and the offer is transferable to household members, making it a somewhat flexible option. Your partner drives a Tesla, but you want a Mach-E? Voila. $1,500 discount.

If you lease a 2023 Mach-E, you will receive $7,500 in lease cash, and CarsDirect reports that an incentive of up to $8,500 is available in coastal regions. Combine that with the Tesla offer, and you'll get at least a $10,000 discount.

All 2023 Mach-E trims have 0% APR for 72 months if you want to buy. The Mach-E GT includes $3,000 in bonus cash, which adds up to $4,500 in savings when combined with the Tesla discount.

The 2024 Mustang Mach-E has no rebates for purchasing or leasing, so the only option is the $1,500 Tesla owner discount.

Ford's Tesla Competitive Conquest Bonus Cash discount will expire on July 8.

Tesla Leads in Brand Loyalty as EV Adoption Grows, Despite Market Challenges

On the other hand, according to a new Bloomberg Intelligence survey, Tesla maintains an 87% brand retention rate, while Lexus (68%) and Toyota (54%) trail.

Furthermore, 81% of prospective Tesla drivers in the United States are new customers who have switched from other EV brands.

Bloomberg Intelligence, Bloomberg's research arm, interviewed 1,000 adults who plan to buy or lease a brand-new car within the following year. (The criteria used reflected a nationally representative sample of geography and gender.)

Bloomberg Intelligence predicts that US BEV penetration will reach 25% by 2030. That's because EVs continue to gain traction in the United States, with adoption increasing despite charging infrastructure challenges and overall affordability.

According to the survey, 42% of respondents considered purchasing a BEV as their next car, with 23% considering hybrid EVs, compared to the current 7% penetration of hybrid EVs—nine percent of those polled preferred BEVs, an increase from 7% last year.

Bloomberg Intelligence research reveals that prospective auto buyers already owning a BEV are incredibly loyal to their vehicles. According to the report, 93% of gas car owners would stick with their current powertrain for their next purchase, while 34% would consider switching to an electric car.

Fuel-type stickiness indicates that EV penetration is unlikely to reverse, as the benefits of an EV may continue to outweigh the costs for current owners. This consistent preference for EVs extends across hybrid, plug-in hybrid, and BEV owner segments.

Steve Man, global lead director for auto & industrial market research at Bloomberg Intelligence and the report's lead author, stated, "Tesla, GM, and Stellantis' slew of affordable EV models, set for debut by 2026, may tap more mass-market buyers. Despite this, the market still has a long way to go to mature, with charging network inadequacy, range anxiety, and extended charging wait times topping the list of concerns for all car buyers."

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