Data Source: California Energy Commission.
Analysis by Beacon Economics
Highlights
- In 2023, California reached its goal of 1.5 million ZEVs on the road88 two years ahead of schedule.89 By meeting this target early, this reduced the required annual growth rate required to reach the goal of 5 million ZEVs on-road by 2030. To reach the 2030 goal, ZEV registrations in California need to increase by an annual average of 18.8 percent from 2024 to 2030, revised downwards from the 27.2 percent required in 2022.
- For the first time in 2022, over 3 percent of the registered vehicles on-road are ZEVs (3.55% of total vehicles). At the current trajectory (five-year Compound Annual Growth Rate (CAGR) of 25.6% from 2018 to 2023), California is anticipated to achieve the milestone of 5 million ZEVs on the road by 2029, one year earlier than the schedule.
88 Executive Order B-48-18, signed by former Governor Brown in January 2018. Assessed July 06, 2023. Available at: https://www.library.ca.gov/wp-content/uploads/GovernmentPublications/39-B-48-18.pdf
89 Office of Governor. California Surpasses 1.5 Million ZEVs Goal Two Years Ahead of Schedule. April 21, 2023. Assessed July 06, 2023. Available at: https://www.gov.ca.gov/2023/04/21/california-surpasses-1-5-million-zevs-goal-two-years-ahead-of-schedule/#
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