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The Tesla, Inc. (NASDAQ:TSLA) brand is losing its charm among the younger generation, while there has been a continued preference for all things Apple, Inc. (NASDAQ:AAPL), Morgan Stanley said in a report released Sunday.
ICEs Over EVs: Morgan Stanley’s survey of 575 summer interns, who will likely grow to be the next-gen business leaders, revealed that they preferred gasoline-powered cars over electric vehicles by nearly a 2:1 ratio.
The ideas of these are bound to challenge the status quo, the firm said.
The preference for EVs fell for a second year, with only 15% favoring these vehicles. This was 22% in 2023 and 30% in 2022. On the other hand, ICEs were favored by 28%, up from 23% in 2022.
The data affirms Morgan Stanley’s view as it took down its 2030 EV penetration forecast from 25% to 20%.
A little more than 50% think owning/leasing a car will still be necessary in 2030, up from 48% of the respondents who thought likewise last year.
The percentage of respondents who said they would not use robotaxis increased from 12% last year to 19% in 2024. “Full autonomy may be farther out than most predict – particularly from a consumer trust standpoint,” Morgan Stanley said.
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Tesla’s “cool factor” is cooling, the firm said, with only 11% of the respondents saying it is the most desirable brand, down from 14% last year and 30% in 2021. Tesla’s loss translated to gains for Mercedes-Benz Group AG’s (OTC:MBGAF) Mercedes brand and Bayerische Motoren Werke AG (OTC:BMWYY). The former was the most desirable for 19% of the respondents, while the latter for 15%.
Apple Brand Pull Intact: Morgan Stanley said there has been continued preference for “all things Apple”. The survey found that the iPhone was the dominant smartphone brand, with 93% ownership, up two points from 2023. The preference for the iPhone stems from the focus on superior battery life and compatibility with other owned technology devices.
But only 4% mentioned AI-powered features as one of the most important drivers of smartphone purchases, which will be key to iPhone upgrades this next cycle.
A recent BofA report said Apple customers remain loyal to the iPhone — with its unique iOS operating system being the chief selling point among a generation of iPhone users — they may not embrace the Vision Pro just yet.
Beyond the iPhone, respondents’ Apple ecosystem spending remained robust, with 68% of them spending on
Apple Services in the last 6 months, and 93% owning at least one Apple device in addition to an iPhone, with AirPod, Mac and iPad at the top of the list. However, only 1% of the respondents currently owned the Apple Vision Pro AR/VR headset.
Tesla fell 1.13% to $189.59 in premarket trading, according to Benzinga Pro data, while Apple moved down 0.83% to $208.07.
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