California EV Sales Down Compared to Prior Year, Leaving EV Mandate in Question
Description
California battery-electric vehicle sales are stabilizing after peaking halfway through 2023 and entering steady decline. BEV sales peaked at 102,730 in the second quarter of 2023, bottoming out at 89,503 in the fourth quarter of 2023, before recovering to 101,443 in the second quarter of 2024. However, with BEV market share remaining in the same steady 21% range since the start of 2023, it’s unclear how the state is going to meet a new mandate for 35% of vehicle sales to be BEVs by model year 2026, which will start in 2025. Because consumer product trends follow seasonal trends, comparing BEV sales to the same point in time last year is a more accurate measure of BEV resilience; BEV registrations are down only 1.25% over the year prior this quarter, while overall vehicle registrations are down 1.7%. This means BEVs are actually outperforming the overall vehicle market.
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Full story: https://www.thecentersquare.com/california/article_b4267ea4-4a03-11ef-a95a-9bc90cbe4d6c.html
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