Otis Singleton
Electric vehicles are becoming increasingly popular in Colorado, with a report from the Colorado Automobile Dealers Association showing that 17.1% of all new vehicle sales in the state were electric in 2023. This marks a significant increase from 2022, when electric vehicles and plug-in hybrids combined made up only 10.5% of new car sales. Colorado is aiming to achieve 82% EV sales by 2032, but it has not yet committed to following California's lead in phasing out sales of traditional gas-powered vehicles by 2035.
| Characteristics | Values |
|---|---|
| Number of EVs sold in the US in 2024 | 1,301,411 |
| Percentage of all vehicles sold in the US in 2024 | 8.1% |
| Number of EVs sold in the US in the first quarter of 2025 | 1.3 million |
| Percentage of all vehicles sold in the US predicted for 2025 | 25% |
| Best-selling EV in the US in the first quarter of 2024 | Tesla Model Y |
| Second best-selling EV in the US in the first quarter of 2024 | Tesla Model 3 |
| Third best-selling EV in the US in the first quarter of 2024 | Tesla Model X |
| State with the highest EV market share in the US in 2023 | California |
| State with the second-highest EV market share in the US in 2023 | Washington |
| State with the highest EV market share in the US in the third quarter of 2024 | Colorado |
| Percentage of new vehicles sold in Colorado that were EVs in the third quarter of 2024 | 25% |
| Percentage of new vehicles sold in Colorado that were EVs in 2023 | 17.1% |
| Best-selling EV in Colorado in 2023 | Tesla Model Y |
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What You'll Learn
Most popular EVs in Colorado
Colorado is making significant progress in electric vehicle adoption, with a nation-leading goal of achieving net-zero emissions by 2050. The state has implemented various initiatives to encourage the use of electric vehicles, including the completion of the EV Fast-Charging Corridors program, which provides 33 fast chargers for electric vehicles across the state, and incentives such as the Vehicle Exchange Colorado program, which offers rebates and tax credits for purchasing or leasing electric vehicles. These efforts have contributed to the growing popularity of electric vehicles in Colorado, with about 28 EVs per 1,000 people as of December 2024, and Denver being the most popular area for EVs in the state.
According to registration data gathered by Atlas Public Policy, the top 10 most popular electric vehicles on the road in Colorado as of December 2024 are:
- Tesla Model Y: This electric SUV offers a sleek design, impressive performance, and a range of advanced features, solidifying its position as the best-selling electric vehicle in the United States and Colorado.
- Tesla Model 3: Coming in at a close second, the Model 3 is another popular choice among Coloradans, known for its efficiency, technology, and more affordable price point compared to other Tesla models.
- Nissan Leaf: The Nissan Leaf is a versatile electric hatchback known for its eco-friendly credentials and affordability, making it a practical option for those new to electric vehicles.
- Jeep Wrangler: The iconic Wrangler gets an electric upgrade, combining the classic rugged design with a more sustainable powertrain, appealing to outdoor enthusiasts in Colorado.
- Hyundai Ioniq 5: With its modern styling, spacious interior, and efficient battery technology, the Hyundai Ioniq 5 has gained traction in Colorado and across the United States.
- Toyota RAV4 Prime: As one of the most popular plug-in hybrid electric vehicles in Colorado, the Toyota RAV4 Prime offers the best of both worlds, combining a traditional gasoline engine with an electric motor.
- Volkswagen ID.4: This electric SUV from Volkswagen has gained recognition for its performance, technology, and spacious interior, making it a strong contender in the electric vehicle market.
- Nissan Ariya: Nissan's second appearance on the list, the Nissan Ariya, showcases the brand's commitment to electrification, offering a stylish and feature-rich alternative to traditional SUVs.
- Tesla Model S: Returning to the Tesla lineup, the Model S provides a more premium experience with its luxurious interior, advanced technology, and impressive performance capabilities.
- Jeep Grand Cherokee: The Jeep Grand Cherokee rounds out the list, demonstrating that even traditional SUV models are embracing electrification, appealing to those seeking a familiar design with a reduced environmental impact.
It is worth noting that the Ford Mustang Mach-E, driven by the President and CEO of Phil Long Dealerships, Kevin Shaughnessy, is also a popular choice in Colorado, as Ford is the second-largest manufacturer of electric vehicles in the United States.
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Colorado's EV charging infrastructure
Colorado is making significant strides in the adoption of electric vehicles (EVs), with the state's EV market share ranking among the highest in the country. In the fourth quarter of 2024, EVs accounted for 31.5% of new car sales in Colorado, placing it ahead of other leading states like Washington, Oregon, and California. This trend is expected to continue, with EVs becoming increasingly prevalent on Colorado's roads.
To support this growing EV population, Colorado is actively developing its charging infrastructure. The state has already established a robust network of fast-charging stations, with over 1,100 fast-charging ports available across Colorado. These charging stations are strategically located along major driving routes and highways, making it convenient for EV owners to keep their vehicles charged during their travels. The state is committed to further expanding access to EV charging, with plans to introduce thousands more charging ports by the end of the decade.
One notable initiative is the National Electric Vehicle Infrastructure (NEVI) program, which has opened its first fast-charging site in Frisco, Colorado. This site, located about 70 miles west of Denver along the I-70 Mountain Corridor, is just the first of at least 60 NEVI-funded sites expected to launch in the state over the next two years. The Frisco charging station is situated in a popular area for outdoor recreation, providing easy access to charging for both residents and visitors travelling to and from Colorado's renowned skiing destinations.
The NEVI program, established by the Infrastructure Investment and Jobs Act, has awarded Colorado more than $48 million to add 580 new fast-charging ports through the DCFC Plazas Grant program. This funding will address charging gaps on federally designated alternative fuel corridors, ensuring that EV owners can confidently navigate the state without range anxiety. The Colorado Energy Office (CEO) plays a pivotal role in this expansion, providing funding through the DCFC Plazas grant program twice annually to support the growing network of fast-charging stations.
Colorado's dedication to EV charging infrastructure is evident, and it is poised to become even more accommodating to EV owners in the coming years. The state's ambitious climate goals, improved air quality, and reduced fuel and maintenance costs for drivers are all driving forces behind this transformation. With each passing year, Colorado is making it easier and more accessible for its residents and visitors to embrace the switch to electric vehicles.
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US EV market share
The US EV market has been experiencing significant growth in recent years, driven by government incentives and increasing environmental consciousness among consumers. In the fourth quarter of 2024, US EV sales jumped to a record 1.3 million, with a 15.2% year-over-year increase.
Tesla remains the dominant player in the US EV market, with its Model Y and Model 3 being the best-selling electric vehicles in the US. In Q4 2024, Tesla's US EV market share fell to 44% or 48.8% (including both BEV and PHEV), down from 55% in 2023 and 62% in 2022. In Q1 2022, Tesla had a 75% EV market share in the US.
Other automakers are rapidly launching electrified lineups, with Ford, General Motors, and Hyundai Motor Group fighting for second place behind Tesla. Automakers with notable sales increases in 2024 include General Motors, Honda Motor Co., Hyundai Motor Group, and Ford Motor Company. The Honda Prologue, Chevrolet Equinox EV, Hyundai IONIQ 5, and Kia EV9 are among the most popular EVs from legacy OEMs.
In February 2025, new electric vehicle sales slightly declined but reached a record high for the month, with luxury brands performing well. Used EV sales also declined but grew significantly year-over-year. The average transaction price for new electric vehicles was $55,273, a 1.2% decline from the previous month but a 3.7% increase from the previous year.
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Best-selling EVs in the US
Electric vehicle (EV) sales in the US reached a record 1.3 million in 2024, with more than 2.5 million EVs sold in the past 48 months. According to the latest Kelley Blue Book estimates, EV sales surged in the fourth quarter of 2024, with 365,824 units sold, a 15% jump from Q4 2023. In 2024, 1.3 million EVs were sold in the US, up 7.3% year over year, and they accounted for 8.1% of total auto sales, up from 7.8% in 2023.
The Tesla Model Y and Model 3 continued to be the best-selling electric vehicles in the US by a long margin, accounting for more than 40% of all EVs sold in 2024. The Ford Mustang Mach-E was the best-selling non-Tesla EV, with 51,745 models sold in 2024, a 27% increase over 2023. The Hyundai Ioniq 5 came in fourth place, with 44,400 units sold, up 31% from 2023. The Honda Prologue, which had zero sales in 2023, was No. 7 on the best-selling list for 2024, marking up more than 33,000 sales in its first year. The Cadillac Lyriq, Chevrolet Equinox EV, and Rivian R1S rounded out the top 10.
In the first quarter of 2024, 7.9% of all new car registrations were for electric vehicles, according to Experian Automotive. The Tesla Model Y was the best-selling electric car in the first quarter of 2024, making up 39.3% of new EVs sold, followed by the Model 3 with 11.9%. The Tesla Model X came in third with 3.7%, and the Rivian R1S and Volkswagen ID.4 held fourth and fifth place with 3% of sales each.
While Tesla remains the leading manufacturer in the electric vehicle market, its market share has decreased. Tesla’s market share accounted for 48.9% of the total electric vehicle market in the second quarter of 2024, decreasing to less than 50% of the light-duty vehicles sold for the first time since the fourth quarter of 2017. The sales have shifted to legacy manufacturers such as Ford, Chevrolet, Hyundai, and Kia.
Looking ahead, Cox Automotive expects EV sales in the US to continue climbing in 2025, with expanding charging options and strong incentives. Electric vehicle market share is expected to reach around 10% of total US auto sales this year, paving the way for another record.
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US EV sales predictions
Electric vehicle (EV) sales are experiencing exponential growth, with forecasts suggesting they will dominate global car sales by the end of the decade. This growth is driven by the push for net-zero carbon emissions, technological innovation, and government policies. According to Goldman Sachs Research, EVs will make up about 50% of new car sales worldwide by 2035, with sales soaring to about 73 million units in 2040. The share of EV sales is expected to be well over 80% in many developed countries.
In the US, the Inflation Reduction Act (IRA) aims to promote domestic assembly and local production of EVs and their components. This, along with the increasing adoption of vehicle electrification, is expected to drive a major transformation in the automobile industry. Forecasts suggest that the US EV market will grow by 6.95% from 2025 to 2029, resulting in a market volume of $1,084 billion in 2029. By 2030, the average share of electric cars in total sales in the US is set to rise to around 60%.
However, there are challenges to the widespread adoption of EVs in the US. Currently, the initial costs for an EV are higher than for an internal combustion engine (ICE) vehicle. Analysts expect that electric cars will become cost-competitive with ICE vehicles in terms of payback period (when the cost of owning and operating an EV breaks even with an ICE vehicle) by 2027. Additionally, there are concerns about inadequate charging infrastructure, which has led to a "softening" of sales forecasts and calls for more incentives and investment to encourage buyers to adopt EVs.
Despite these challenges, the US is on the path to EV adoption. California, a leader in EV sales, is expected to see EVs comprise 16% of new vehicle sales in 2025, with a forecast of nearly 57% for Battery Electric Vehicles (BEVs) by 2030. The introduction of more "affordable" EVs, improvements in battery range and charging speed, and the continued strong economy and high-tech employment in California are all factors that will contribute to the increasing adoption of EVs in the state and the US as a whole.
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Frequently asked questions
As of 2023, 17.1% of new vehicles sold in Colorado are electric, up from 10.5% in 2022.
Colorado has the highest EV market share of any state in the US as of the third quarter of 2024.
The state has set a goal of 82% EV sales by 2032 and is aiming for nearly 100% EVs by 2050.
As of January 7, 2023, there were 72,840 EVs on the road in Colorado, with an average of 12.81 EVs per 1,000 people.
Popular electric vehicles in Colorado include the Tesla Model Y, Tesla Model 3, Nissan Leaf, and Toyota RAV4.
