Benzinga - by Anan Ashraf, Benzinga Editor.
Battery electric vehicles (BEVs) accounted for 21.5% of new vehicle registrations in the state of California for the first nine months of 2023, as per data released by the California New Car Dealers Association. This is nearly thrice the market share of 7.4% BEVs acquired in the time period across the U.S.
What Happened: As per a report published by the association on Wednesday, though combustion engine vehicles continue to dominate new vehicle sales in the state, its market share has dropped significantly since 2022.
The combined market share for BEVs, plug-in hybrid vehicles, hybrids, and fuel cell vehicles was 35.4% as of the end of September, with BEVs accounting for a majority.
A total of 291,518 new BEVs were registered in California as of the end of September of which Tesla Inc (NASDAQ:TSLA) accounted for a whopping 183,278, thanks to the popularity of its Model Y. Tesla is seconded by General Motors Co‘s (NYSE:GM) Chevrolet sold merely 15,152 vehicles, a predominant majority of which was the Chevrolet Bolt.
California headquartered EV maker Rivian Automotive Inc (NASDAQ:RIVN) however, saw the biggest jump in vehicle registrations in the time period by 176.8% to 6,740 units. New vehicle registrations increased by more than 20% for 12 brands including Tesla, Honda, Chevrolet, Cadillac, and Hyundai, among others.
Toyota Motor Corp (NYSE:TM), however, continues to be the best-selling automaker, having sold 203,418 vehicles. Toyota’s Highlander, RAV4, Camry, and Tacoma are best sellers in their particular vehicle segments.
Why It’s Important: California has been leading the EV revolution in the U.S., with the state setting a timeline of 2035 for fully transitioning new vehicles sold in the state to EVs. Though currently headquartered in Texas, EV giant Tesla was initially founded in California.
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