EV Owners May Have Bigger Cool Factor, But Their Tires Are Literally Tiring Them Out More Than Gas Car Drivers
Portfolio Pulse from Anan Ashraf
A J.D. Power report indicates a satisfaction gap between EV and gas vehicle owners due to faster tire wear in EVs, attributed to their greater weight and torque. Michelin leads in tire customer satisfaction across several vehicle segments, while Goodyear has been proactive in the EV tire market with its ElectricDrive tire. Tesla has also addressed tire wear with a software update.
March 27, 2024 | 11:14 am
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POSITIVE IMPACT
Goodyear has been proactive in addressing the EV tire wear issue with its ElectricDrive tire, catering to a wider range of EVs and offering features like a 60,000-mile warranty and noise-reduction technology.
Goodyear's proactive approach to developing tires specifically for EVs, addressing the unique challenges these vehicles present, positions the company favorably in a growing market segment. The introduction of the ElectricDrive tire and its features directly respond to the concerns raised in the J.D. Power report, likely leading to increased customer satisfaction and potentially higher sales.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Michelin was ranked the highest in tire customer satisfaction for luxury, passenger car, and performance sports segments, outperforming in the performance sports vehicle category.
Michelin's leading position in customer satisfaction across multiple vehicle segments, especially in the context of the J.D. Power report, indicates a strong brand reputation and product quality. This distinction is likely to bolster consumer confidence in Michelin's products, potentially increasing demand for their tires among EV owners and others.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90