Tesla Reigns Supreme
Tesla Inc (TSLA) emerged as the leader in new battery electric vehicle (BEV) registrations in California, with its Model Y SUV securing the top spot for vehicle sales in the state. The company recorded 230,588 new registrations last year, marking a 24.6% increase from 2022. Notably, the Model Y accounted for 132,636 new registrations, surpassing other popular vehicles like the Toyota RAV4 and Honda CR-V, despite being higher priced at $43,990.
Rivian’s Remarkable Surge
In an interesting turn of events, Rivian Automotive Inc (RIVN), a California-based EV startup, witnessed a substantial surge in new registrations. The company registered 10,297 new vehicles in 2023, marking an impressive 142.7% increase. Additionally, the Rivian R1S secured a place among the top 10 best-selling BEVs in California with 6,665 new registrations, highlighting the brand’s growing presence in the state.
Changing Market Dynamics
The increasing shift towards electric vehicles is evident in California’s market dynamics, with the BEV market share rising to 21.4% in 2023 from 16.4% the previous year. This significant growth has led to a corresponding decrease in the internal combustion engine’s market share, which dropped to 63.9%. The data underscores the evolving preferences of consumers in favor of electric vehicles over traditional combustion engine cars.
Tesla CEO Elon Musk highlighted the remarkable success of the Model Y, emphasizing that despite its higher price point, it has become the best-selling car in unit volume, signaling a strong demand for Tesla’s offerings even at a premium price.