Auto industry spent less on advertising in 2022; Tesla already spends $0
The automotive industry spent less on advertising during the first seven months of 2022. Although Tesla spends $0, the decline in ad spending could be an indicator of troubles for an industry trying to compete with Tesla’s EV lead.
Reuters reported that the auto industry’s ad spending fell to $4.8 billion between January and July 2022 or 4% year-on-year. Compared with the same period in 2019 ($5.50 billion) the overall ad spending for the first seven months of 2022 was 12.7% less.
According to data from Standard Media Index (SMI) digital ad spending accounted for 52% of the total $4.80 billion spent. Perhaps the automotive industry is learning a lesson, here. The lesson is to not focus so much on Tesla and more on its own products.
For example, during the During Super Bowl LVI, Polestar paid for an advertisement that focused more on Tesla, Mars, and Elon Musk than it did on its own products. Yes, it may have mentioned its own brand and products, but its focus on Elon Musk and Tesla is what’s memorable about the ad.
On Twitter, a few executives of competing automotive and even software companies often take shots at Elon Musk, Tesla customers, and Tesla’s products and services. The focus of automakers on Tesla instead of its own products is noticed.
Automakers weren’t the only ones focusing on Tesla during the Superbowl. Salesforce also got in on the action but that was more or less focused on Elon Musk and Mark Zuckerberg. In stark contrast to these automakers’ spending on advertising, Tesla spends $0. Instead, Tesla spends more on research and development (R&D) than all of the other automakers.
According to a study by StockApps.com, Tesla recorded the highest R&D spend per car sold at $2,984 as of March 2022. Notably, the Stock Apps study backed up data published in October 2021 by Visual Capitalist which shared an R&D spending comparison between Tesla, Ford, Toyota, General Motors, and Chrysler.
Reuters noted the decline in advertising coincided with inventory shortages, and fewer sales despite vehicle demand staying strong. Perhaps these automakers should consider spending more on R&D and focusing less on Tesla and Elon Musk.
Note: Johnna is a Tesla shareholder and supports its mission.
Your feedback is important. If you have any comments, or concerns, or see a typo, you can email me at [email protected]. You can also reach me on Twitter at @JohnnaCrider1.
Teslarati is now on TikTok. Follow us for interactive news & more.
The post Auto industry spent less on advertising in 2022; Tesla already spends $0 appeared first on TESLARATI.
Source: https://www.teslarati.com/auto-industry-advertising-tesla-0/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
