Norway’s electric vehicle market continued to surge in 2024, with nine out of ten new cars sold being battery-only, according to Norwegian registration data. The country is on track to achieve its goal of making only electric vehicles available on the road by 2025.
Fully electric vehicles accounted for 88.9% of new car sales in 2024, a significant increase from 82.4% in 2023. Top-selling brands include Tesla, Volkswagen, and Toyota, with Chinese EVs now accounting for almost 10% of new car sales.
Norway’s policy of taxing petrol and diesel cars while exempting EVs has been instrumental in its success. High taxes on petrol and diesel cars discourage their use, while exemptions make EVs more attractive. The consistent implementation of this policy has been key to its effectiveness.
The European Union’s plan to ban carbon-dioxide-emitting cars by 2035 may not affect Norway due to its unique policies. However, the country’s rising share of EVs on roads is forcing other sectors to adapt, such as fuel stations replacing petrol pumps with fast electric chargers.
As a result, drivers in Norway are adjusting to slower charging times during winter months and finding benefits in using EVs, including reduced environmental impact and cleaner air quality. The success of Norway’s electric vehicle market may pose challenges for perennial leader Tesla, but its valuation is expected to be tested in 2025.
Source: https://www.investing.com/news/stock-market-news/in-norway-nearly-all-new-cars-sold-in-2024-were-fully-electric-3793669