NEW JERSEY PUTS MONEY BEHIND ITS AGGRESSIVE EV GOALS & CAL-LEV MANDATES New Jersey Governor Phil Murphy’s EV goals need a committed partner, and the state’s 500+ franchised new car and truck dealerships are ALL IN on EVs. Their dealerships are where these sales occur, where the transition from an internal combustion engine to an EV is encouraged, where the relationships are made to address an EV consumer’s unique needs. New Jersey’s franchised dealers have helped the state in its goal of registering 330,000 EVs in New Jersey by 2025. The State’s Charge Up New Jersey EV incentive program is intended to boost EV adoption among New Jersey consumers by offering a best-in-the-nation incentive of up to $5,000 off a qualifying EV. The $300 million program launched in 2020 is expected to provide $30 million per year for 10 years. To date, two years of the program have been completed, and legislation providing funding for the third year of EV incentives is forthcoming. According to data available on the Charge Up New Jersey website, as of March 7, 2022, New Jersey’s retail automotive industry has assisted the State in providing consumers with $53 million EV, HEV, and PHEV purchase incentives. To date, 17 different brands (including 16 utilizing the franchise model, noted in BOLD) have participated in the incentive program, including: Another year of incentives is anticipated by the summer, and more automakers (and models) will be entering the EV market. New Jersey’s dealers are eager to continue participating in the Charge Up New Jersey EV incentive program and showcase and sell all existing and soon-tobe-introduced EV models. New Jersey dealers should contact their manufacturers NOW to encourage them to release inventory to New Jersey in anticipation of the next round of best-in-the-nation EV incentives and consumers’ increasing appetite for more options. EVs do not need the direct sale models to be sold. They need to be made available, and they need to be competitive, just like dealers. BMW Chevrolet Chrysler Ford Honda Hyundai Jeep Wrangler Kia Mercedes-Benz Mini Cooper Mitsubishi Nissan Subaru Tesla Toyota Volkswagen Volvo Source: Auto Outlook, based on registration data provided by Experian Automotive. Some figures are estimated. Source: Auto Outlook, based on registration data provided by Experian Automotive. Some figures are estimated. NEW JERSEY’S EV, PLUG-IN HYBRID, AND HYBRID SALES ARE GROWING As you can see in the accompanying graphs, New Jersey sales of EVs and plugin hybrids have nearly tripled since 2018 and more than doubled from 2020 to 2021 alone. Sales of hybrid vehicles were relatively flat from 2010 until 2018 but more than doubled from 2020 to 2021. This upward trajectory clearly illustrates that these vehicles are being successfully sold using the franchise model. 2 0 2 2 - 2 0 2 3 S P E C I A L L E G I S L A T I V E E D I T I O N 30 new jersey auto retailer
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