Tesla sold one out of every 8 cars in California in 2023, 21.4% EV share
California hit a new record last year with 21.4% of new cars being all-electric, and once again Tesla led the pack with the two best-selling cars in the state, the Tesla Model Y and Tesla Model 3. But Toyota narrowly maintained its leadership as the top-selling brand in the state, with Tesla nipping at its heels.
The data was released yesterday by the California New Car Dealer’s Association (CNCDA) in their quarterly Auto Outlook. This was the Q4 and full-year report, reflecting on trends in auto sales for the full year in the state that leads the US in EV sales.
Compared to a national market share of 7.5%, EVs commanded 21.4% of sales in California. But just a couple years ago, California was down at ~7% of new EV sales, while the rest of the country was at ~2% – so we like to check in on CNCDA’s data every quarter to get a look at where the trends for the rest of the country might be going soon.
But California’s share of nationwide BEV registrations was down. Not long ago, California accounted for more than half of the EVs in the United States, but in 2023 California accounted for 33.8% of US BEV sales. This means that the rest of the country is picking up pace in EV sales, and that EVs are no longer the sole purview of California. This is an expected trend, but a welcome one – we don’t need California to keep hogging all the health benefits of EVs.
Leading the pack, as expected, were Tesla’s vehicles. The Model Y and Model 3 both outsold the competition by a wide margin – with Model 3 holding a 15.3% share in passenger cars (a 61% lead over the Toyota Camry, which had previously been the best-seller in California for decades) and Model Y holding a 10.8% share in light trucks, more than double its highest challenger, the RAV4, with a 4.7% share.
However, since Tesla only has a few models and Toyota has many, Toyota still maintained the crown for most sales in California. Toyota had a 15.7% market share for the whole year, and Tesla had a 13% market share, with Honda in third place at 9.7%.
13% means that one out of every 8 vehicles sold in California last year was a Tesla – from a company in just its 15th year of selling cars anywhere. Earlier in the year, it even looked like Tesla might be able to beat Toyota in California, as Tesla did outsell Toyota in Q2, but Toyota took back the crown in Q3 and maintained it in Q4.
One particularly interesting graph in the report is the share of alternative powertrain vehicles by type of dealership – Direct or Franchised. In this case, “Direct” refers to dealerships owned by the automaker in question, the vast majority of these sales coming from Tesla.
But in the chart we can see an increasing number of BEVs being sold by franchised dealers, as other manufacturers have finally gotten their BEV programs off the ground and are now selling a variety of vehicles, many of which only hit the market in the last model year or two. A majority of BEVs were still sold direct, but franchised dealer sales are catching up.
Between BEVs, PHEVs, and FCEVs, a full quarter of vehicles could access some sort of dedicated non-combustive energy source. Adding hybrids into the mix (you know, the cars that Toyota loves to pretend are electric, even though they aren’t), 35.9% of vehicles had an electric motor in them.
This was on the back of a tick down in EV share quarter over quarter, from 22.3% to 21.1%, and a tick up in hybrid share, from 11.7% to 13.3%. Plug-in hybrid share held roughly steady at 3.6%, up from 3.4%. Plug-in hybrids were buoyed by the exceptional popularity of the Jeep Wrangler PHEV, which is the 4th-best-selling car in the state with a plug on it, behind the two Teslas and the outgoing Chevy Bolt. The Wrangler PHEV outsold the RAV4 Prime almost two to one.
Tesla maintained its position as one of the companies with the best sales growth over the course of the year, up 24.6% from the previous year. Though this level of growth was lower than it has been in the past. With Tesla already being well established in California, it’s inevitable that growth percentages will slow down over time – or perhaps California, moreso than other states, is getting tired of Tesla CEO Elon Musk’s nonsense.
Tesla’s share of California’s BEV market dropped from 71% to 60.5%, another expected result of other vehicles entering the market. This was still higher than Tesla’s share of the overall US EV market, which stood at around 55% for the year.
But the winner in terms of sales growth was Rivian, which saw a 142.7% increase year over year. Big numbers like this are to be expected out of a new company with new models, but Rivian’s ramp up in production and sales this year was impressive nonetheless, with the company even raising (and then beating) production guidance during a year when media spent a lot of time falsely claiming that EV sales were down.
And on that point – in 2022, EVs made up 16.4% of the EV market in California, whereas in 2023 they made up 21.4%. That certainly looks like an increase to me, not a decrease. Meanwhile, one media narrative we haven’t heard much of is how ICE car sales actually are not growing. While auto sales as a whole were up in California by 11.9% in 2023, that’s because 190k more “electrified” vehicles (BEV/PHEV/HEV) were sold in 2023 than 2022, for a 2023 total of ~638k, whereas sales of pure combustion vehicles were flat at ~1.1 million. So in a year where the auto industry saw a significant recovery, most of that recovery, at least in California, was led by rising electric vehicle sales.
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Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.
Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.
The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.
For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.
Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.
Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.
“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.
The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.
Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.
“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.
Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.
Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.
Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.
It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.
Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.
With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.
Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.
The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.
An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.
OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.
“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.
“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.
The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.
“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”
Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.
“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”
SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.
Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.
The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.
WATCH: Watch CNBC’s full interview with Robinhood CEO Vlad Tenev
Korean auto giants Hyundai and Kia think lower-priced EVs will help minimize the blow from the new US auto tariffs. Hyundai is set to unveil a new entry-level electric car soon, which will be sold alongside the Kia EV2. Will it be the IONIQ 2?
Hyundai and Kia shift to lower-priced EVs
Hyundai and Kia already offer some of the most affordable and efficient electric vehicles on the market, with models like the IONIQ 5 and EV6.
In Europe, Korea, Japan, and other overseas markets, Hyundai sells the Inster EV (sold as the Casper Electric in Korea), an electric city car. The Inster EV starts at about $27,000 (€23,900), but Hyundai will soon offer another lower-priced EV, similar to the upcoming Kia EV2.
The Inster EV is seeing strong initial demand in Europe and Japan. According to a local report (via Newsis), demand for the Casper Electric is so high that buyers are waiting over a year for delivery.
Hyundai is doubling down with plans to introduce an even more affordable EV, rumored to be the IONIQ 2. Xavier Martinet, CEO of Hyundai Motor Europe, said during a recent interview that “The new electric vehicle will be unveiled in the next few months.”
The new EV is expected to be a compact SUV, which will likely resemble the upcoming Kia EV2. Kia will launch the EV2 in Europe and other global regions in 2026.
Hyundai is keeping most details under wraps, but the expected IONIQ 2 is likely to sit below the Kona Electric as a smaller city EV.
More affordable electric cars are on the way
Although nothing is confirmed, it’s expected to be priced at around €30,000 ($35,000), or slightly less than the Kia EV3.
The Kia EV3 starts at €35,990 in Europe and £33,005 in the UK, or about $42,000. Through the first half of the year, Kia’s compact electric SUV is the UK’s most popular EV.
Like the Hyundai IONIQ models and Kia’s other electric vehicles, the EV3 is based on the E-GMP platform. It’s available with two battery packs: 58.3 kWh or 81.48 kWh, providing a WLTP range of up to 430 km (270 miles) and 599 km (375 miles), respectively.
Hyundai is expected to reveal the new EV at the IAA Mobility show in Munich in September. Meanwhile, Kia is working on a smaller electric car to sit below the EV2 that could start at under €25,000 ($30,000).
According to the report, Hyundai and Kia are doubling down on lower-priced EVs to balance potential losses from the new US auto tariffs.
Despite opening its new EV manufacturing plant in Georgia to boost local production, Hyundai is still expected to expand sales in other regions. An industry insider explained, “Considering the risk of US tariffs, Hyundai’s move to target the European market with small electric vehicles is a natural strategy.”
Although Hyundai is expanding in other markets, it remains a leading EV brand in the US. The IONIQ 5 remains a top-selling EV with over 19,000 units sold through June.
After delivering the first IONIQ 9 models in May, Hyundai reported that over 1,000 models had been sold through the end of June, its three-row electric SUV.
While the $7,500 EV tax credit is still here, Hyundai is offering generous savings with leases for the 2025 IONIQ 5 starting as low as $179 per month. The three-row IONIQ 9 starts at just $419 per month. And Hyundai is even throwing in a free ChargePoint Home Flex Level 2 charger if you buy or lease either model.
Unfortunately, we likely won’t see the entry-level EV2 or IONIQ 2 in the US. However, Kia is set to launch its first electric sedan, the EV4, in early 2026.
Ready to take advantage of the savings while they are still here? You can use our links below to find deals on Hyundai and Kia EV models in your area.
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As EVBox shuts down its Everon business across Europe and North America, EV charging provider Blink Charging is stepping up to offer support to customers caught in the transition.
EVBox’s software arm Everon recently announced it’s winding down operations alongside EVBox’s AC charger business. That’s left a lot of charging station hosts and drivers wondering what comes next. Now, EVBox Everon is pointing its customers toward Blink as a recommended alternative.
Blink says it’s ready to help, whether that means keeping existing chargers up and running or replacing aging gear with new Blink chargers.
“EVBox has played a significant role in the growth of EV charging infrastructure across the UK and Mainland Europe, and we recognize the trust hosts have placed in its solutions,” said Alex Calnan, Blink Charging’s managing director of Europe. “With the recent announcement of Everon’s withdrawal from the EV charging market, it’s natural to have questions about what this means for operations. At Blink, we want to assure Everon customers that we are here to help them navigate this transition.”
Blink says it’s able to offer advice, replacements, and ongoing network management to make the changeover as smooth as possible.
Everon users who switch to Blink will get access to the Blink Network portal via the Blink Charging app. That opens up real-time insight into charger usage and lets hosts set pricing, manage users, and download performance reports.
“At Blink, our charging technology is future-ready,” added Calnan. “With advancements like vehicle-to-grid technology on the horizon, our chargers are built to support the future of electric vehicles and charging habits.”
The company says its chargers are in stock and ready to ship now for any Everon customers looking to make the jump.
In October 2024, France’s Engie announced it would liquidate the entire EVBox group, which it said posted total losses of €800 million since Engie took over in 2017. EVBox is closing its operations in the Netherlands, Germany, and the US.
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