Oahu’s auto dealers sold at least 105 Nissan Leafs since offering a $10,000 rebate at the end of January in an effort to increase the number of electric vehicles on Hawaii roads.

Hawaiian Electric Co. and Nissan North America announced Jan. 25 that electrical utility customers were eligible for a $10,000 rebate off the suggested retail price of a Nissan Leaf.

The response to the discount was “pretty extraordinary,” said Dave Rolf, executive director of the Hawaii Auto Dealers Association. “All the inventory was sold out right away.”

The rebates are continuing, and more Leafs are headed to the island, Nissan said.

As long as deposits are put down by the end of the month and the dealers can get the cars delivered in April, buyers will get a rebate, said Kurt Speas, EV specialist at Tony Nissan.

“Whatever we have incoming that we can get delivered by April, we can order,” he said.

The discount, when combined with federal tax incentives resulted in customers being able to save up to $17,500 on 2016-2017 Nissan Leafs. The tax credit varies for EV owners dependent on how much they pay in taxes. An EV owner can’t spread the tax credit over multiple years and it is not refundable.

The rebate comes a few months before Nissan is expected to have two major new competitors in the same price range from Chevy and Tesla.

Nathan Hartmann, assistant marketing professor at the University of Hawaii at Manoa, said competition is a contributing factor as to why Nissan is offering such a large rebate.

“Competition, advancements in technology that do, or will, render an existing product or service less valuable, and a desire to shift future purchases to the present are some of the many reasons,” he said.

The Chevy Bolt begins sales in Hawaii in September, and the Tesla Model 3 will be arriving by the end of the year. The manufacturer’s suggested retail price for Chevrolet’s electric vehicle is $36,620, and the vehicle has nearly twice the range of the Leaf — with a 238-mile battery life. The $35,000 Model 3 can travel 215 miles from one charge.

The manufacturer’s suggested retail price for the Nissan Leaf is $30,680. The range on the vehicle is 107 miles from one charge.

Hartmann said Nissan could face challenges after offering such a large rebate.

“Rebates and discounting can reduce future, and total, revenue generated since these tactics can alter the timing of purchases, such that people who would later buy the product or service at full price buy it sooner at a lower price,” he said. “Rebates and discounting can also desensitize people to future rebates and discounts. … The company may need to offer a similar or greater rebate or discount in the future to invoke similar responses.”

Regardless of Nissan’s motivation, the promotion should add to the already climbing number of EVs in the state.

As of January there were 5,202 electric vehicles in Hawaii, a 27.7 percent year-over-year increase, according to data released from the Department of Business, Economic Development and Tourism.

Speas, of Tony Nissan, said the dealership ordered more vehicles since the promotion began, after selling all of the 29 Leafs in the dealership’s inventory.

“We have more cars on the way,” Speas said.

Speas said he had received five orders Friday and 15 deposits since the dealership sold out of the previous inventory.

Mark Caliri, general manager of King Windward Nissan, said his dealership also sold out with 42 of the EV owners benefiting from the promotion.

“The response to this particular promotion is the best I have ever seen,” Caliri said. “It’s been a crazy, resounding success.”

Caliri said he ordered 24 more Leafs for customers who are looking to apply the discount.

“We have customers on a list waiting and are still getting calls,” he said. “I immediately called Nissan and said I need more Leafs.”

New City Nissan sold 34 Leafs under the program, Rolf said.

There was some concern after the announcement that the discount was being funded by HECO’s customers.

Peter Rosegg, HECO spokesman, said the electrical utility’s customers are not paying for the discount, and the utility’s only contribution to the program was to notify its customers.

“Nissan North America is providing the rebate to utility customers here as they have on the mainland,” said Rosegg. “Our role is to let our customers know.”

Rosegg said the utility is open to working with other EV manufacturers to bring a similar discount for another brand.

“We have had some discussions with other car companies but as yet nothing to announce,” he said.