Tesla Model Y Best-Selling Vehicle In California For 2023, But Rivian Registrations Witness Largest Bump

EV giant Tesla Inc TSLA had the most new battery electric vehicle (BEV) registrations in California last year than any other automaker with its Model Y SUV reigning as the top-selling vehicle in the state. However, California-based EV startup Rivian Automotive Inc RIVN witnessed the biggest jump in new registrations.

What Happened: According to a recent report by the California New Car Dealers Association, Tesla had 230,588 new registrations last year, up 24.6% from the 185,090 registered in 2022. The Model Y was the best-selling vehicle in the state with 132,636 new registrations.

Interestingly, more Model Ys were registered in the state than the Toyota RAV4 and Honda CR-V put together. This is despite the fact that both vehicles are priced lower than the Model Y which starts at $43,990.

Tesla CEO Elon Musk noted this during the company’s fourth-quarter earnings call on Wednesday and said, “People are really stretching their wallets to be able to afford a Tesla. It’s quite a difficult thing for them to do, and remarkable that it’s the best-selling car in unit volume, despite being much more expensive than other high-volume cars.”

See Also: Best Electric Vehicle Stocks

Rivian Registrations Jump: The brand that witnessed a maximum jump in new registrations was, however, Rivian. 10,297 new Rivian vehicles were registered last year, marking a jump of 142.7%. The Rivian R1S further features in the top 10 best-selling BEVs in the state with 6,665 new registrations.

California is seemingly warming up fast to EVs with BEV market share rising to 21.4% in 2023 from 16.4% the year before. This has had an inverse impact on the internal combustion engine’s market share which dropped to 63.9%.

Rivian vs Tesla. Photos via Shutterstock

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read Next: UAW President Says ‘Can’t Fathom’ Teamsters Backing Trump, Who ‘Cycled Through White House Staff Like Toilet Paper’

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsTop StoriesTechCaliforniaelectric vehiclesEVsmobilityModel YRivian R1S
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!