NORWAY EV SALES
Global ranking, EV market share of national fleet
(29.1% Q4 2016)
ANALYSIS OF NORWAY EV SALES DATA
Click through to our detailed breakdown of EV sales in Norway filled with charts, tables, and insights. We look at the Top EV brands in Norway, the gainers, the worst performing EVs in Norway and the battle between BEV and PHEV models.
NORWEGIAN EV INCENTIVES
Norway has maintained the position of the No.1 in the Global Rankings for the past 3 years as the country forges ahead to 100% EV ownership by 2025. Read our detailed analysis of the incentives that drive the Norwegian market for electric cars.
NORWAY EV SALES: TOP 10 MODELS
NORWAY EV SALES HISTORY
NORWAY EV SALES IN THE NEWS
2017 Week 22 - Norway EV Sales up, Russia Oil trash EVs
As the electric vehicle sales in neighboring Norway climbed 30% year-on-year for the month of May the CEO of Russia’s largest oil company, Rosneft PJSC, Igor Sechin denounced EVs as overrated. Mr. Sechin was quoted by Bloomberg during a speech at the St.Petersburg International Economic Forum saying Tesla is overvalued and EVs are “not as popular as had been expected” in Europe’s biggest economies. Mr. Sechin went further saying “The market’s assessment of the prospects of electric car producers, in our view, is significantly overestimated,” and that “Until the electric transport industry becomes as user-friendly and attractive for consumers as the cars with internal combustion engines, the prospects for electric vehicles remain largely uncertain.” Rosneft that had 2015 revenues of nearly $100 billion market value was clipped by that of Tesla at the end of May 2017. Tesla shares were up nearly 60% for the year while Rosneft was down 20%.
2017 Week 7 - 37% of new vehicles in Norway now electric
The respected Economist Magazine this week commented on forecast adjustments by various investment houses for the penetration of electric vehicles. Up till last year the consensus was that only 4% of new vehicles would be electric by 2025. BNP Paribas now forecast 11% penetration by 2025, while Morgan Stanley see’s a 7% penetration. In 2016 international EV sales increased with nearly 750,000 units (42%) in spite of a low fuel price environment. One factor driving the change of heart are aggressive regulations to support environmental targets. In Norway electric vehicles now makes up 37% of new vehicle fleet amid government support while in China the Government aims to have EV’s make up 8% of new vehicles by 2018. Technology has also moved much faster than anticipated and battery cost, a long time stumbling block is coming down faster than anticipated, with some mega factories coming online within the next two years. Our hearts go out to the automakers that failed to notice the trend, RIP Fiat, Toyota, Honda, Hyundai, and the list goes on, not to mention Big Oil.
2016 Week 50 - Norway hits 100,000 EV's milestone
- Norway hits 100,000 electric vehicles, making it the 3rd nation behind China and the USA to do so. The country has the highest percentage of electric vehicle sales as a percentage of overall sales, as well as the highest percentage of electric vehicle on the road as a percentage of the total vehicle fleet. The Norwegian Government’s employed aggressive incentives and regulations to support the transition to electric vehicles. The nation is expected to implement a target in the near future to achieve a 100% zero emission vehicle fleet by 2025.
2016 Week 45 - Norway extend its Electric Vehicle Incentives
- Norway extended its 25% VAT exemption on electric vehicles to 2020. The aggressive incentives and targets for electric vehicles set by the Norwegian Government aim to change the vehicle mix to being 100% electric based by 2025. Currently, Norway is the world’s top performer by market share, with around 20% of all cars already electric.
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