Colorado has pulled ahead of California to claim the nation’s top spot for market share of new electric vehicles.
Electric vehicles made up 25.3% of new vehicles sold in Colorado in the third quarter, according to a recent report by the Northeast States for Coordinated Air Use Management. California was second with electric vehicles accounting for 24.3% of new car sales in the state.
In Colorado, 82% of EVs sold in Colorado were full electric vehicles and 18% were plug-in hybrid electric vehicles. The state’s plan for cutting greenhouse gas emissions and addressing the effects of climate change set a goal of having at least 940,000 electric vehicles on the roads by 2030.
“This new data shows that demand for EVs continues to increase and especially with competitive state and federal rebates, drastically cutting the cost of an EV and saving people money,” Gov. Jared Polis said in a statement.
Will Toor, executive director of the Colorado Energy Office, said electrifying transportation is a key part of efforts to achieve net-zero emissions statewide by 2050.
“Between investments in charging infrastructure and generous incentives to bring down purchase and lease costs, our commitment to making electric vehicles an affordable and reliable option for Coloradans is paying off,” said in a statement.
There were nearly 73,000 EVs on the road in Colorado in January 2023, or about 7.86% of all the vehicles, according to Drive Electric Colorado.
A report released in October by the Colorado Automobile Dealers Association, said Colorado was second nationwide in EV sales for the first nine months of this year.
President-elect Donald Trump has said he plans to roll back federal tax credits for EVs, which is expected to affect sales. But John Helveston, an assistant professor at George Washington University who studies electric vehicles and policies, told The Associated Press that he doubts Republican lawmakers will eliminate the tax breaks from the Inflation Reduction Act because so many congressional districts benefit from them.
Coloradans are eligible for a $5,000 state tax credit for a new EV — battery electric and plug-in hybrid electric — with a manufacturer’s suggested retail price under $80,000, and an additional $2,500 for EVs with a suggested retail price under $35,000.
The $5,000 state tax credit is available through the end of this year. It drops to $3,500 starting in 2025.
Income-qualified Coloradans exchanging an eligible old or high-emitting vehicle can also take advantage of a $6,000 rebate through the Vehicle Exchange Colorado program for a new EV purchase or lease and a $4,000 rebate for a used EV purchase or lease.
Coloradans might also be eligible for a $7,500 federal tax credit for a new EV lease, and for the purchase of certain EV models that meet specific manufacturing requirements. A $4,000 federal tax credit is available for used EV purchases and leases.
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