What happened next after Colorado launched its fantastic EV state tax credits

Published

2 years ago

October 24, 2023

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Colorado passed a new law that ramped up generous EV state tax credits for both purchases and leases from July 1, and here’s what resulted.

Colorado’s EV state tax credits

Governor Jared Polis (D-CO) signed House Bill 23-1272 into law on May 11. From July 1, all Colorado residents who purchase or lease an EV with MSRP up to $80,000 qualify for an EV tax credit of $5,000. The tax credit will be in place until January 1, 2025, when it then begins to drop incrementally until 2029.

It was a big jump from Colorado’s previous $2,000 state EV tax credit for new EV purchases and $1,500 for two-year leases.

And keep in mind that the $5,000 is on top of the federal tax credit of $7,500 – so that’s a $12,500 EV tax credit for Colorado residents – sweet.

So it’s not surprising that new data released by the Colorado Automobile Dealers Association reflects that Colorado saw a record 17.1% of total EV purchases in the third quarter, up from 13% for the first half of 2023.

Colorado is now fifth in the US for EV sales, and 1 in 5 cars sold in the state are now electric.

The data doesn’t distinguish EVs from gas cars for traditional OEM brands, but on the EV-only front, Rivian saw a 70.3% year-over-year registration jump (from 286 to 487 EVs) – the largest percentage share jump (but its market share in Colorado is still less than 1%). And Tesla saw a 79.2% rise in registrations in the same period (from 2,015 to 3,611 EVs).

As for 2023 to date, the new data shows that Tesla was the top seller in Colorado in the first three quarters among all brands in the Luxury and Sports Cars and Small Luxury SUVs categories. The Model Y dominated in the BEV, PHEV, and hybrid category, with 18% of the market share in the year-to-date through September.

Matthew Groves, CEO of the Colorado Automobile Dealers Association, said, “While we have a long way to go, [this] is evidence that business and government in collaboration are a powerful force in creating generational change.”

Electrek’s Take

I expected the new law to boost EVs sales in Colorado, so it makes me happy to see it in numbers. Great policy stimulates positive results. The Polis administration has set a goal to have nearly 1 million EVs on the road by 2030. Keep it up, Colorado.

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Environment

China overhauls EV charging: 100,000 ultra-fast public stations by 2027

Published

7 hours ago

July 9, 2025

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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

China just laid out a plan to roll out over 100,000 ultra-fast EV charging stations by 2027 – and they’ll all be open to the public.

The National Development and Reform Commission’s (NDRC) joint notice, issued on Monday, asks local authorities to put together construction plans for highway service areas and prioritize the ones that see 40% or more usage during holiday travel rushes.

The NDRC notes that China’s ultra-fast EV charging infrastructure needs upgrading as more 800V EVs hit the road. Those high-voltage platforms can handle super-fast charging in as little as 10 to 30 minutes, but only if the charging hardware is up to speed.

China had 31.4 million EVs on the road at the end of 2024 – nearly 9% of the country’s total vehicle fleet. But charging access is still catching up. As of May 2025, there were 14.4 million charging points, or roughly 1 for every 2.2 EVs.

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To keep the grid running smoothly, China wants new chargers to be smart, with dynamic pricing to incentivize off-peak charging and solar and storage to power the charging stations.

To make the business side work, the government is pushing for 10-year leases for charging station operators, and it’s backing the buildout with local government bonds.

The NDRC emphasized that the DC fast chargers built will be open to the public. This is a big deal because a lot of fast chargers in China aren’t. For example, BYD’s new megawatt chargers aren’t open to third-party vehicles.

As of September 2024, China had expanded its charging infrastructure to 11.4 million EV chargers, but only 3.3 million were public.

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Two charged in $650 million global crypto scam that promised 300% returns

Published

9 hours ago

July 8, 2025

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Two charged in 0 million global crypto scam that promised 300% returns

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.

Kevin Lamarque | Reuters

Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.

The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.

“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”

From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.

Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.

A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.

Tesla forced to refund $10,000 FSD payment and 0% interest on Cybertruck

Published

10 hours ago

July 8, 2025

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Tesla forced to refund ,000 FSD payment and 0% interest on Cybertruck

Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!

An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.

Check out the relevant links, below, to learn more.

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