Colorado becomes the #1 state for EV sales, beating California
12/10/2024 06:29 AM
Colorado beat California in the electric vehicle (EV) race. The Centennial state now has the highest EV market share compared to any state in the US, reported the Northeast States for Coordinated Air Use Management (NESCAUM).
"Coloradans are purchasing electric vehicles at a higher rate than any other state because they are affordable, quiet, and a great ride. EVs are helping us reach our bold climate goals and protect our clean air. This new data shows that demand for EVs continues to increase, especially with competitive state and federal rebates, drastically cutting the cost of an EV and saving people money," said Colorado Governor Jared Polis.
NESCAUM's recently released data revealed that Colorado surpassed California in EV sales in the third quarter. Electric vehicles made up 25.3% of new vehicle sales in Colorado in Q3 2024. Battery electric vehicles (BEVs) account for 82% of EVs sold in the Centennial states, while plug-in EVs make up 18% of EV sales.
Colorado’s recent achievement was plain luck. The state supported EV adoption through tax incentives that worked in tandem with the federal government's Inflation Reduction Act (IRA).
As of this writing, all tax-paying residents of Colorado are eligible for $5,000 in state credits for purchasing or leasing a new BEV or plug-in EV with an MSRP under $80,000. Customers may receive up to $7,500 in state credits for BEVs and plug-in EVs with an MSRP under $35,000.
The state's $5,000 tax credit is available until the end of 2024 and will be reduced to $3,500 at the beginning of 2025. Colorado also offers tax credits of $6,000 for customers seeking to exchange old vehicles with BEVs or plug-in EVs.
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