Highlight
- Although vehicle ownership had notable decreases in 2019 and 2020, consumer preferences are continuing to shift towards pickup trucks, mini-vans, and SUVS, and away from sedans, which tend to have better fuel economy. In 2020, light-duty pickup trucks, mini-vans, and SUVs made up 64.1 percent of new vehicle registrations—up from 58.4 percent in 2019. Compared to 2019, total new vehicle registrations were down 21.7 percent in 2020, and car sales were down more severely (-32.3%) than light trucks (-14.2%). Electric vehicle sales (all classes) were down 16.5% in 2020 compared to 2019, of which battery electric vehicles were only down 4.8 percent.
Opportunity
- President Biden’s target of 50 percent of new vehicle sales being ZEVs by 2030 may help supercharge ZEV adoption nationwide, including in California. The eventual arrival of Ford F-150 BEV (anticipated in Spring 2022),60 Tesla’s Cybertruck (anticipated in 2022)61 and lineups from Rivian (anticipated in January 2022),62 could also help spur adoption of electric light-duty trucks.
60 The most recent announcement from Ford is as of May 2021, which can be viewed here: https://media.ford.com/content/fordmedia/fna/us/en/news/2021/05/19/all-electric-ford-f-150-lightning.html
61 According to Tesla’s page: https://www.tesla.com/cybertruck/design#battery
62 According to Rivian’s website: https://rivian.com/r1t
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