More luxury car shoppers considered a BMW than any other car brand in the fourth quarter of 2022. The number of shoppers considering a Tesla
TSLA,
-5.03%
plunged, falling to a single-digit percentage. The Texas-based electric vehicle maker cut prices drastically shortly after the end of the quarter. Early reports suggest the price cuts triggered a sales rally that may reverse the plunge in the current quarter.
The numbers come from Kelley Blue Book’s fourth-quarter Brand Watch report — a consumer perception survey that also weaves in shopping behavior to determine how a brand or model stacks up with its segment competitors on a dozen factors key to a consumer’s buying decision. BMW
BMW,
+0.55%
holds a comfortable lead over its luxury peers, with 22% of shoppers considering one of Munich’s finest cars in their search last quarter. Lexus came in second at 19%, with GM’s
GM,
-0.67%
Cadillac making the podium at 18%. Tesla slipped from 12% in the third quarter to 9% in the fourth. Brand loyalty studies suggested that controversy surrounding CEO Elon Musk and his 2022 purchase of Twitter may have driven lower interest in Tesla products. But recent price cuts may have begun to reverse the slide. Also read: What California’s ban on gas cars could mean for you—even if you don’t live thereThe 10 most-considered brands
Brand
Percentage of Shoppers Who Considered It
BMW
22%
Lexus
19%
Cadillac
18%
Audi
15%
Mercedes-Benz
15%
Acura
13%
…