CA hits EV target ahead of schedule. It’s not the first place to do so, and won’t be the last
California has reached 1.5 million electric vehicle sales two years ahead of its planned 2025 target for the sales milestone, according to the California Energy Commission.
With EV demand soaring, California is not the first place to reach its EV sales goals early, and it won’t be the last.
The 2025 target was originally set in 2012 by then-Governor Jerry Brown. At the time, there was only one fully-electric vehicle for sale in California, the Nissan Leaf, with the Tesla Model S set to come out later that year. The Tesla Roadster had previously been for sale from 2008-2011 (though the company still had a few vehicles in inventory at the time).
At the time, the number of electric vehicles in California numbered in the thousands, nearly all of which had been sold in the preceding year, 2011. So an increase by three orders of magnitude seemed a tall order.
And yet, like many of California’s environmental targets, the state has arrived ahead of schedule.
California’s EV market share for new cars so far this year stands at 21%, the highest in the US. This represents 40% of all zero-emission vehicles sold in the US. California has historically been responsible for about half of the total US EV share. In the US as a whole, EVs made up 5.6% of sales in 2022.
As of the end of Q1 2023, California now has 1,523,966 total EV sales, with 1,051,456 of those being battery-electric and the remainder mostly PHEVs, with some fuel cell cars mixed in. In Q1, a total of 124,053 EVs were sold, so the 1.5 million sales milestone was crested early this year.
The milestone has been aided by a total of $2 billion in zero-emission vehicle incentives distributed by the state over the years. That said, this is small in comparison to the estimated $649 billion in explicit and implicit subsidies that fossil fuels get every year in the US as a whole.
California’s early achievement echoes that of Norway, which targeted an end to gas car sales in 2025, but was already basically there four years ahead of schedule. It may take some time for them to completely disappear, but as of 2022, ICE-only vehicles constituted less than 7% of total car sales in Norway.
Sales of ICE cars are so sparse in Norway that some companies have had to hastily pull their gas cars from the market, with Hyundai giving only a couple of days’ notice before ending ICE car sales nationwide.
And in China, despite a slow start, consumers are now rapidly adopting EVs. The country’s EV share has risen more steeply than in many other nations, leaving ICE-powered vehicles from foreign automakers rotting on lots, unsellable due to customer disinterest and looming emissions rules changes. Toyota’s new CEO recognized today that they have fallen behind in China.
California Governor Gavin Newsom announced a planned 2035 ban on ICE-only vehicles in 2020. The ban was finalized last year, keeping the same 2035 target, though loosening it slightly to allow some PHEVs. And nationally, last week the EPA announced new emissions rules which could result in 67% of new car sales being electric in the US by 2032. However, the EPA stopped short of adopting California’s 2035 ban and instead set its regulation as a technology-agnostic emissions target, rather than a mandate of particular technologies.
Electrek’s Take
This is going to become a pattern elsewhere in the world, where lukewarm projections of EV demand will continue to catch companies and governments with their pants down (which is why we said “why not sooner?” to CA’s 2035 target).
For many years, automakers have assured us that EV demand just wasn’t there, and they’ve been proven wrong time and time again. It is clear that EV demand is much higher than anyone expected – well, anyone except for the EV-only manufacturers, us at Electrek, and various other EV advocates, who have all been shouting from the rooftops that this would happen and that manufacturers need to be ready.
And since manufacturing takes a long time to spin up, and car development has a several-year lead time, automakers need to be ready – not just for current demand but for demand years in the future.
Every EV target that gets met years ahead of schedule represents another warning to the industry that they need to be ready to accelerate their plans, lest they cede more market share to the automakers that are already prepared for EV demand – namely, the EV-only brands.
Even the EPA’s targets, which are strong but which we at Electrek consider to be eminently reachable and perhaps could be even stronger, are an acceleration from President Biden’s targets two years ago. The EPA decided that, due to advancements in technology, legislation, and the market, 50% was too low of a target for 2030 and that the US could reach 60% by then.
This 60% target means incumbent auto manufacturers will need to increase their 2030 production targets by about a third to keep up. We estimate that there is a gap of about 2 million cars in 2030 which will need to be filled with EVs that manufacturers are currently not planning to build.
But if market demand exceeds even those EPA targets, which it may well do given this history of regions exceeding EV goals, then manufacturers may have to commit to even higher EV percentages.
In short: manufacturers who have historically ignored EVs will continue to do so at their peril. Every piece of data we see shows that EVs are coming faster than the traditional industry expects, and despite a decade of confirmations showing this, many manufacturers still aren’t ready. If they want to survive, they need to step it up.
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Environment
Stark VARG MX 1.2 launched as smarter, stronger, and absurdly powerful electric motocross bike
Electric motocross just got another serious upgrade. Stark Future has unveiled its latest evolution of the VARG MX platform – meet the VARG MX 1.2. With more powertrain efficiency, longer range, and a tech-infused new onboard computer that moonlights as a military-grade Android phone, this bike is maintaining the Stark VARG playbook of doing more than keeping up with gas-powered competition, it’s burying them.
Stark Future is flying high, both literally with impressive performance that has helped riders to expand their options so aggressively that it’s gotten itself banned from the X-Games, to proverbially with the company already touting profitability so early in its operations.
At the heart of the VARG MX 1.2 is the same 80 hp (60 kW) electric motor that made the original VARG such a monster on the dirt, easily outgunning traditional 450cc gas bikes. But this time around, riders get even more customization. The power output can be adjusted anywhere from 10 to 80 hp (7.5-60 kW) on the fly, with refined control over the power curve and motor braking. Basically, it’s like having a garage full of bikes in one, and all of them are really impressive!
Helping riders tap into all that performance is a new handlebar-mounted smart device called the Arkenstone. This isn’t your average LCD screen, it’s a full-fledged, ruggedized Android smartphone that connects wirelessly to the bike. Want to change power modes mid-lap? Done. Want to track your lap times and get real-time GPS data? Also done. Stark even partnered with a major map provider to make sure the new “Laps” feature delivers real course splits and terrain data without the need for external apps or gear.
And of course, performance is still king here. The new 7.2 kWh battery tucked into a lightweight magnesium honeycomb case delivers up to 20% more range than before. That means longer rides, harder pushes, and fewer recharge breaks. Oh, and it still puts out 973 Nm of torque at the rear wheel. Not a typo. That’s insane torque.
The updated chassis is no slouch either. Stark redesigned the frame using a stronger, lighter steel alloy, shaving off nearly a kilogram while improving flex and feedback. Suspension was also retuned with KYB components offering 310mm of travel and selectable spring rates based on rider weight – a level of adjustability that’s unheard of from most OEMs.
Motocross legend Kevin Windham, after testing the bike, didn’t hold back: “I’ve ridden everything there is to ride, and this is the future.” He praised the natural feel, instantaneous response, and how quickly it felt like home, even after decades on gas bikes.
But the VARG MX 1.2 isn’t just a lab project. It’s been relentlessly race-tested under the leadership of two-time World Champion Sébastien Tortelli, who now heads up Stark’s racing program. “Racing is where weaknesses show and strengths are proven,” says Tortelli. “Every race, every rider, every condition feeds into what we build.”
Other upgrades include a new overmolded wiring harness for extreme durability, a lighter and more efficient gearbox, new tires (Dunlop or Pirelli, your call), and even a reinforced skid plate made from biodegradable materials. Optional titanium hardware can shave off another 900 grams if you’re counting grams like trophies.
Maintenance? Practically nonexistent. With no pistons, clutches, or filters to fuss over, Stark says its riders can save up to $5,000 over 100 hours of use compared to a traditional gas bike. And in an industry notorious for limited warranties, Stark is backing the entire bike for two years.
Those cost savings are going to be important considering that electric motorcycles usually have higher up-front sticker shock. But with the new Stark, pricing is surprisingly competitive for something this high-end.
The 60 hp (45 kW) standard model starts at US $12,490, while the full-fat 80 hp (60 kW) Alpha comes in at $13,490 (plus a $1,000 tariff charge for US buyers). Bikes are available now through Stark’s global dealer network or directly from the company’s site.
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Trowbridge in Somerset, England, on March 15, 2025.
Anna Barclay | Getty Images News | Getty Images
BP CEO Murray Auchincloss on Tuesday leaned into the growth potential of the company’s recent oil and gas discoveries, as the struggling energy major contends with takeover questions and a major turnaround plan.
“Inside the upstream, we’ve had tremendous performance, along with record operating efficiency [and] along with starting up five new major projects,” BP’s Auchincloss told CNBC’s “Squawk Box Europe“, just after the release of the company’s second-quarter results.
He added that he was “very optimistic” about the company’s latest exploration discovery in the Bumerangue block in Brazil’s Santos Basin, just over 400 kilometers (248.5 miles) from Rio de Janeiro. BP is currently carrying out tests to further analyze the block’s potential.
The Bumerangue discovery, announced Monday, is the firm’s 10th since the start of the year and reflects a potentially significant boost as BP continues to double down on hydrocarbons.
After underperforming its peers in recent years, the firm has shifted gears by way of a fundamental strategic reset that will see BP prioritize fossil fuels and slash renewable spending.
Earlier on Tuesday, the energy major reported underlying replacement cost profit, used as a proxy for net profit, of $2.35 billion for the three months through June — comfortably beating analyst expectations of $1.81 billion, according to an LSEG-compiled consensus.
Ramping up investor returns, the company also said its quarterly dividend will increase to 8.32 cents from 8 cents and that it will maintain the pace of its share buyback program at $750 million for the second quarter.
Shares of the company were last seen trading 1.6% higher during morning deals.
Takeover speculation
The downturn of recent years has turned BP into the subject of intense takeover speculation, with some questioning a potential future merger with domestic rival Shell. For its part, Shell in late June said that it had “no intention” of making an offer.
UAE oil giant ADNOC, as well as U.S. oil giants Exxon Mobil and Chevron, are among some of the names that have also been touted as possible suitors.
Asked whether the company had been approached by any potential merger partners amid ongoing takeover speculation, Auchincloss said BP is focused on growth.
“That’s what is going to drive the share price up for shareholders,” he added.
CEO of BP Murray Auchincloss speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024.
Mark Felix | AFP | Getty Images
Maurizio Carulli, global energy analyst at Quilter Cheviot, said BP’s earnings were the company’s first positive quarterly results “in a very long time,” noting that “what is perhaps most encouraging” was the firm’s outperformance came despite a period of lower oil prices.
“The management team has clearly started delivering on the strategy reset announced a few months ago. There has been huge speculation of late on the fate of BP and whether or not a rival will look to take them out with a merger,” Carulli said.
“If positive results like this continue to be delivered, that speculation may just end up being a blip in BP’s long and storied history,” he added.
Asset review
BP, which is under intense pressure to improve profitability from the likes of activist investor Elliott, noted that it would initiate a further cost review of its assets — mere weeks before Albert Manifold joins BP’s board from Sept. 1 and as chair from Oct. 1.
Asked for further details of this strategic review, Auchincloss told CNBC: “If you think back to 2020, we reduced our costs by 25%, and in 2024 we announced another program to reduce our costs by another 20%. That’s the $4-5 billion that I referenced earlier.”
“If we can achieve that, that will take us to around top quartile in the sector, but I don’t think that is enough,” Auchincloss said.
BP’s net debt came in at $26.04 billion at the end of the second quarter, down from nearly $27 billion compared to the first three months of the year.
“We need to keep driving safely to be the very best in the sector we can be. And that’s why we’re focused on another review to try to drive us toward best in class inside the sector,” Auchincloss added.
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