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California Sees Surge In Electric Vehicle Registrations, Rivian Emerges As Top Competitor

Battery electric vehicles account for 21.5% of new registrations, with Rivian experiencing significant growth.

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.

A Rivian R1T driving under the bridge. Rivian has bridged the gap with Telsa as being one of the best selling brands in California. (WES HICKS/UNSPLASHED) 

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.

Rivian currently has two consumer models in its line up, the R1S (SUV) and the R1T (truck). 

The R1T currently competes with the Ford F-150 Lightning and the GMC HummerEV, which are the only EV trucks in the market.

The R1S is currently competing against the Tesla Model Y and the VinFast VF8 and VF(.

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.

Tesla Model Y is currently the best selling car in the state of California as the Tesla Model 3 is the number 2 best selling car.

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.

Residents in California have flocked to EVs as gas prices have increased over time and the state of California remains with the highest gas prices in the U.S. 



Produced in association with Benzinga

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