Summary
- In October, plugin EVs had a 95.6% share in Norway’s auto market, with BEVs accounting for 94.0% and PHEVs 1.5%.
- The best-selling BEV was the Skoda Enyaq, with 758 units sold.
- The tax adjustments implemented in January have incentivized BEVs and disincentivized other powertrains, leading to a 2024 year-to-date share of 88.8% for BEVs.
- Despite reaching an 88.8% share for BEVs, some edge cases like purchasers in remote regions may still rely on diesel vehicles due to specific needs and lack of comparable alternatives.
- Norway’s overall economy has shown improvement, with auto sales volume rising compared to the previous year, and a shift towards a higher BEV market share expected in the coming years.
Article
In October, the auto market in Norway saw plugin electric vehicles (EVs) take a significant market share of 95.6%, with battery electric vehicles (BEVs) accounting for 94.0% and plugin hybrids (PHEVs) adding another 1.5%. The total auto volume was 11,552 units, showing a 29.4% increase year on year. The Skoda Enyaq was the best-selling BEV in the market during this period.
The tax adjustments implemented in January have been effective in incentivizing BEVs and disincentivizing other powertrains, leading to a 2024 year-to-date share for BEVs of 88.8%, up from 83.5% year on year. Despite a brief blip in May and June due to clearing out old stock, the full-year total is expected to be around 90%. While diesel sales remain at a low level of 2.2%, they are still proving difficult to entirely displace, especially in remote regions where alternative technologies may not be as reliable or cost-effective.
The outlook for the auto market in Norway suggests that a 100% BEV market share by 2025 may be too idealistic, with a more achievable goal of 95% BEVs. Battery technology advancements are needed to address edge cases, such as extreme cold conditions in remote regions like the arctic circle. Models like the MG Cyberster and new Ford Capri have made their debut in the market, showcasing a growing interest in electric vehicles among consumers.
In a 3-month perspective, Tesla remains dominant in the market, with models like the Model Y and Model 3 leading the rankings. Other brands like Skoda, Audi, and Ford have also seen an increase in sales, with the Audi Q6 e-tron and Ford Explorer climbing the ranks. The Xpeng G6 is expected to enter the top rankings next month, highlighting the diverse range of EV models available to consumers in Norway.
The broader economy in Norway has seen improvements, with GDP showing positive growth and inflation creeping back up. With the auto market showing signs of improvement and a transition towards a higher share of BEVs, Norway is on track to achieve a significant percentage of EV sales in the coming years. Continued advancements in battery technology and the introduction of new models will play a key role in achieving the goal of a predominantly electric vehicle market. Share your thoughts on Norway’s auto market and the future of EV adoption in the country.
Read the full article here
