New Vehicle Sales Soar in Colorado as EVs Gain Ground

According to a report from the Colorado Automobile Dealers’ Association, 10% more light vehicles were registered in the state in 2021 in comparison to the numbers for vehicle sales in 2020. Overall, the increase in new car registrations was an impressive 81%, and electric vehicles (“EVs”) took a good slice of that cake.

The report indicates that in 2021, Coloradans bought 242,936 new vehicles, an increase from the 220,921 vehicles bought in 2020. The association estimates that the state will register a total of 244,400 new vehicle registrations in 2022. The data also shows that residents of Colorado love their trucks — 85.5% of all vehicles bought in Colorado in 2021 were light trucks.

Electric vehicles also exhibited 81% growth year-on-year with 11,420 new EVs registered compared to the 7,488 that were registered the previous year. When this segment was analyzed further, plug-in hybrid vehicles registered the highest rate of growth with a jump of 153% noted in comparison to the figures for 2020. In terms of actual units sold, 2021 had 4,451 new registrations while 1,762 vehicles were registered in this category in 2020.

While there was an overall increase in new vehicle registrations in 2021, this wasn’t without its own hiccups. First, the pandemic put a damper on sales, and then supply chain issues as well as the ongoing chip shortage reduced inventory and further slowed down vehicle sales. As a matter of fact, the first three quarters of the year saw 19% growth while that growth slowed down in the final quarter of the year as these factors impacted sales.

Tim Jackson, president of the dealers’ association, revealed that more uncertainty was expected within the economy. Despite this, vehicle registrations are expected to grow this year. This is because in 2021 an estimated 44,000 vehicle sales were postponed for a variety of reasons, including supply chain disturbances. These delayed sales will have a positive effect upon 2022 sales.

Other notable figures in the report include the F-series trucks made by Ford being the most popular model bought by Coloradans. In terms of vehicle brands, Toyota was the leader with 14.1% of all vehicle sales. Ford and Subaru were close behind at 10.6% while Chevrolet and Honda recorded 7% each for the sales that year. In the electric vehicle category, Tesla took pole position, and its sales grew by 77.9%.

The soaring EV sales in Colorado and other states paint a positive picture for the future of American-based electric vehicle manufacturers such as Fisker Inc. (NYSE: FSR) since these automakers stand to benefit from this growing domestic market.

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