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General Motors And Ford Are Playing Catch-Up In EV Market Boom

  • Washington, Oregon, Hawaii, Nevada, Colorado, New Jersey, Massachusetts, Maryland, Virginia, and California lead in EV sales, supporting aggressive green policies.
  • Tesla's Model Y emerged as the bestselling car in California, indicating rising EV popularity.
  • As EVs are predicted to make up over half of US new car sales by 2030, concerns arise over the nation's aging power grid and the transition to renewable energy sources.

A new report from BloombergNEF reveals the ten states with electric vehicle sales at or above 10% of all new passenger car sales in the first half of 2023. All states that meet the threshold are some of the country's bluest' states that also support aggressive 'green' policies. 

In Washington, Oregon, Hawaii, Nevada, Colorado, New Jersey, Massachusetts, Maryland, and Virginia, one in every ten new cars sold in the first six months of the year was electric. As for California, 25% of new cars sold were EVs - about three times the national average. 

"Tesla's Model Y recently became the bestselling passenger vehicle in California, according to the California New Car Dealers Association. Competitors like General Motors, Ford, Rivian, or Hyundai must still scale up to take full advantage of these growing state markets," BloombergNEF wrote in the report. 

On Monday, Tesla released its production and delivery numbers for the third quarter, stating it delivered 435,059 vehicles and produced 430,488 vehicles, missing consensus delivery estimates of 456,722, according to Bloomberg. Despite the quarterly miss, Wolf Richter via WolfStreet pointed out that demand across the broader US EV market is "not sagging" and "No major legacy automaker in the US can get anywhere near these EV sales gains in 2023." 

By 2030, over half of all new cars sold in the US are expected to be EVs. That will strain the nation's aging power grid as 'green' initiatives pushed by the Feds, states, and corporations rid fossil fuel power generation for unreliable solar and wind. Perhaps nuclear is the ultimate 'ESG' clean, on-demand power generation source for fueling EVs. 

By Zerohedge.com 

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