What?
In the first quarter of 2024, California saw an increase in plug-in electric car registrations, with over 105,000 new plug-ins added, representing 24.6% of the market share. However, the growth rate is slowing down, indicating potential challenges ahead despite new EV model launches and attractive deals.
So What?
California’s plug-in electric car market share is significantly higher than the U.S. average, with all-electric cars holding a 20.9% share in Q1 2024, almost three times the national average. The top-selling models include popular choices like the Tesla Model Y and Toyota RAV4 Prime. While Tesla remains a dominant player in the EV segment, its market share has slightly decreased compared to the previous year.
What’s next?
Despite the current plateau in growth, the California market continues to show strong interest in electric vehicles. The upcoming months will be crucial for manufacturers to innovate and compete in this evolving landscape. Keeping an eye on changing consumer preferences and adapting strategies accordingly will be key to sustaining growth in the plug-in car market.
Read more of our news at EVhicle News.
Source: https://insideevs.com/news/717907/california-plugin-car-sales-2024q1/