While sales of electric vehicles are slowing nationally, the rate in Colorado continues to grow and evidence of interest in the vehicles was on display Friday at the Denver Auto Show.
About half of the inventory at the show at the Colorado Convention Center in downtown Denver is electric, which is up from previous years, said Matthew Groves, president and CEO of the Colorado Automobile Dealers Association.
“Electric is where many of the manufacturers are going, so they are displaying that,” Groves said.
There are plenty of gas-powered vehicles on display as well, Groves added.
An indoor and outdoor track are set up for people who want a ride in an electric car or want to get behind the wheel and try it out. Drive Electric Colorado is partnering with Xcel Energy-Colorado to offer test drives at the auto show, which runs through Sunday.
“There’s been a much heavier focus on the electric vehicle aspect of the show this year, which I think is really reflective of the automotive landscape in Colorado,” said Maddie Garbalagtys of Drive Electric.
The nonprofit’s parent organization is Drive Clean Colorado, a U.S. Department of Energy-designated coalition working on environmentally sustainable transportation. Garbalagtys said Drive Electric provides outreach and education on electric vehicles, including the tax incentives and rebates available to car buyers.
“Colorado has definitely been a leader as far as setting tax credits and incentives,” Garbalagtys said.
Utilities, such as Xcel Energy and Black Hills Energy, along with some local governments also offer rebates and tax credits for vehicles and charging equipment, she added.
Gov. Jared Polis has set a goal of getting 940,000 electric vehicles on the road by 2030.
Electric vehicles made up 12.5% of the 208,861 cars registered in Colorado in 2023, up from 8.1% in 2022, according to the Colorado Automobile Dealers Association. The market share for EVs was 16.3% in the fourth quarter of 2023.
Groves credited the incentives available in Colorado helping the rise in sales. Colorado taxpayers are eligible for a state tax credit of $5,000 for the purchase or lease of a new EV with a manufacturer’s suggested retail price of up to $80,000.
As part of Colorado’s vehicle exchange program, a $6,500 incentive is available for income-qualified buyers whose vehicles are at least 12 years old or can’t pass an emissions test.
Buyers can also tap into the $7,500 federal tax credit. However, qualifying for the credit has become more difficult because of new rules requiring that certain percentages of the automobile components are made in North America. Groves said under state law, dealerships can’t advertise the federal incentive for electric vehicles because it doesn’t apply to all purchases equally.
Still, the various rebates and tax incentives add up, Groves said. “I have seen individual purchase orders where you can get $19,000 dollars back on a purchase if you are income qualified and select the right type of car.”
Zac Fitzgerald, an Audi brand specialist with the McDonald dealership, said nationwide EV sales might have slowed a bit because of higher interest rates, but he thinks enthusiasm for the vehicles hasn’t waned.
“I would say probably a good 30% to 40% of our business is EVs these days. And Audi is especially interested in becoming an electric car company. The majority of our featured models are going to be electric cars,” Fitzgerald said.
The No. 1 question customers have about EVs is their range, Fitzgerald said.
“But 90% of people are driving 30 miles a day. The cars have about a 300-mile range,” Fitzgerald said.
Fitzgerald and Groves think Colorado has made a lot of progress in building EV-charging networks. The Colorado Energy Office announced Thursday that $21 million in grants through the federal Infrastructure Investment and Jobs Act will be awarded to install 290 new fast chargers at 46 sites across Colorado. State officials said the new chargers will increase the current network of more than 1,000 ports by about 28%.
David Elsner of Littleton checked out a KIA electric vehicle at the auto show.
“I was thinking about an electric car, but I’m not sure yet. It will probably be a few more years,” he said.
Price is one factor, although Elsner said the various tax incentives and recent discounts have made electric vehicles more affordable. Worrying about whether he could find a charger in time is a bigger issue.
“My parents live in Nebraska. I’m not sure I could get my car to their house,” Elsner said. “I can see there are charging stations, but if there’s only one and it’s not working when I get there, what do I do.?”
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