New Jersey hits record-setting number of Electric Vehicle registrations in 2023
Highland Park, NJ – In an unprecedented surge of electric vehicle adoption, New Jersey is within reach of its goal of ‘330,000 plug-in electric vehicles (PEV) on our roads by the end of 2025,’ as established in the 2020 EV law.
According to the latest Department of Environmental Protection report, New Jersey’s PEV registrations soared to 154,153 by the end of December 2023, a significant increase from the 91,727 vehicles registered at the close of 2022. We now have 151,827 light-duty vehicles (LDVs) and 2,327 medium- and heavy-duty vehicles (MHDVs) on our roads, with both segments witnessing the largest year-over-year growth ever recorded in the state.
Notably, the LDV-PEV segment witnessed a staggering 66% growth in registrations compared to the previous year, a significant increase from 42% observed in 2022. In 2023, 62,317 LDVs were added, with an almost equal split between the first and second halves of the year. Since 2018, the number of LDV-PEVs has doubled every two years. This trend puts the ambitious 2025 goal of 330,000 vehicles well within our grasp.
However, achieving this target requires sustained effort and strategic action, especially in light of a slight deceleration in sales growth observed in the latter half of 2023. This calls for positive reinforcement to maintain this encouraging growth trajectory. Positive reinforcement is certainly NOT the punitive EV fee just signed into law, the on-again-off-again Charge Up NJ state incentive program, or the Governor’s announcement last month about his plans to phase out the EV sales tax exemption. Addressing these “unforced errors” during the upcoming budget negotiations will be required if New Jersey is to continue its trajectory to meeting our goals.
Moreover, a positive shift in consumer preference has emerged within the LDV segment, with Plug-in hybrids (PHEVs) gaining ground on pure Battery-Electric Vehicles (BEVs). PHEVs saw a shocking 91% growth in 2023, significantly outpacing the 13% increase in 2022. This shift indicates a broadening appeal of PEVs, moving from early adopters to mainstream consumers increasingly drawn to the versatility of PHEV options. This diversification in the market suggests that consumers are embracing a variety of sustainable transportation options, which is a promising sign for future adoption.
The electrification of MHDVs is also on a rapid ascent, marking a nascent but expanding frontier in New Jersey’s EV landscape. The jump from a mere 18 MHDVs at the end of 2021 to 212 at year-end 2022 to 2,326 by the end of 2023 exemplifies the potential for transformation in this segment. The vast majority (91%) of these are medium-duty vehicles. Despite this, the adoption of electric school buses remains modest, rising to 25 vehicles in 2023 from 21 in 2022, highlighting a significant opportunity for growth in this critical area.
PEVs now constitute 2.2% of all vehicles on New Jersey’s roads, with the penetration rate reaching 2.4% among light-duty vehicles (LDVs). NJ CAR reports that PEVs made up 13.8% of all new vehicle registrations in the state for the year, highlighting a growing consumer shift towards electric options.
This significant uptake is pivotal for New Jersey, illustrating shifting tides and a move towards cleaner, more sustainable transportation. While we can take a moment to celebrate our progress, we need to address the administration’s backward slide in several areas and the forthcoming challenges of interconnecting these vehicles to our grid.
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ChargEVC-NJ is a not-for-profit coalition of diverse stakeholders, including retail automotive dealers, utilities, consumer and equity advocates, environmental and labor organizations, and technology companies. For more information, see www.chargevc.org.
Media Contact: Pamela Frank, CEO, ChargEVC (609) 577 – 2795 pam@chargevc.org info@chargevc.org