Veloz is excited to share the Q2 Electric Vehicle (EV) Market Report, which shows tremendous EV growth in California and nationwide. EVs composed 25.4% of California’s light-duty market share — which means that one in four new cars sold in Q2 2023 were electric! In Q2 2023, California’s EV sales also eclipsed the 79,129 EVs sold in Q2 2022 — a 59% increase year-over-year. California’s EV market share compared to the rest of the U.S. is now at 34%, indicating a promising and steady climb in EV sales across the nation.

The California EV market reached yet another milestone by hitting 125,939 quarterly sales — the state’s highest quarterly sales numbers to date — and a total of 223,298 sales in the first half of the year. Quarterly sales have continued to rise over the years as more EV makes and models become available, charging infrastructure improves, and incentives draw in more consumers to go electric. California’s light-duty market share also continues to grow and, while there’s still a long road to achieving California’s ambitious goal that sales of all new passenger vehicles will be zero-emission by 2035, the continued growth reflects the EV market’s accelerating transition from the early adopters to mass adoption. Incentives, policy, and educational programs like Electric For All continue to make California an industry leader, while simultaneously influencing EV infrastructure investments and emissions standards throughout the country.

The U.S. has reached over 3.9 million cumulative EV sales, with more than than 370,000 EVs sold nationwide in Q2. According to a new Ernst and Young survey of 1,500 U.S. consumers in March 2023, nearly half of U.S. car buyers plan to go electric in the next two years — which is 20% jump from the prior year. In July, Carvana reported a 786% increase in EV sales over the past 5 years. We anticipate U.S. market growth to continue throughout 2023 due to increased federal support for electrification that came with the signing of the Inflation Reduction Act, ongoing cost-cutting measures taken by automakers, and the upcoming proliferation of charging infrastructure funded by the National Electric Vehicle Infrastructure Program. The encouraging quarterly data reflects the national push toward improved charging infrastructure, federal and state incentives, tougher emissions standards, increased make and model availability and EV education that continues to break down consumer barriers, resulting in the exponential growth of EV adoption.