MMM: 3Q24 EV App Usage and Engagement Trends

Key Takeaways:

• Although brands such as Rivian and Tesla have heavily relied on word-of-mouth marketing and organic consumer interest in the past, heightened competition and the impact of inflation on consumers have made selling EVs much more difficult, prompting a 10x YoY increase in US digital ad spend from each through 2024 YTD, per ST data

• Despite a heavier investment into digital advertising in the US, both Tesla and Rivian have exhibited a tapering off in app download growth over the past year. Per ST data, Tesla and Rivian app downloads from 1Q24-3Q24 increased an average of 8% and 68% YoY, per quarter, respectively, compared to 90% and 110% YoY growth, respectively, from 1Q23-3Q23

• Per ST data, Lunar bank’s acquisition of its Nordic rival, Instabank, propelled 1H22 MAUs 42% YoY, however, MAUs have steadily declined since then. Lunar’s MAUs in 2023 fell ~50% YoY, while larger neobanks in the region saw increases

  • The three largest banks in the European neobank cohort, Revolut (+26%), Monzo (+11%), and N26 (+19%), have all experienced YoY increases in MAUs through 4Q24 QTD

• The smaller neobanks by MAUs in the cohort had the highest penetration of organic downloads during the same period, as Wise, Monese, Vivid Business, and Lunar had 87%, 78%, 71%, and 71% of downloads stemming from organic sources (ex-N26), respectively, though overall download growth across these four apps actually decreased an average of 4% YoY through 2024 YTD

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