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Norway witnesses the electric vehicle market share grow close to 60%

Norway is officially the first country in which the sale of electric vehicles has surpassed that of ICE and hybrid cars. Data indicates that the substitution of expensive Tesla electric cars with Volkswagen accelerated the uptake of electric vehicles to reach the levels recorded last year. The battery-electric vehicles close to 55 percent of the market share last year, which is an almost 15% increase from the previous year’s values. The Norwegian Road Federation (OFV) attested to these statistics. Norway intends to set the pace as the first country restricting gasoline cars’ sale beginning in 2025. The country has gone ahead to lift the taxes from electric vehicles to disadvantage fossil fuel cars since their taxes have even gone up.

Norwegian lawmakers passed a policy that restricts conventional cars’ uptake and instead switches to electric vehicles. This move has translated to manufacturers and assemblers of electric vehicles deploying more brands into the market to enjoy the available market. Last year saw the sale of electric vehicles approaching the 50 percent target. Norway led this country to mark the end of an era for the internal combustion engine cars by implementing stringent measures that would disadvantage the citizens to purchase these cars. The chief executive of OFV, √ėyvind Thorsen, stated that they are channelling all the resources in this sector to exacerbate any efforts to normalize the operations of the emissive cars.

Norway recorded a high of 67% market share going to the battery electric vehicles in the homestretch of last year. Audi of Volkswagen witnessed the highest sales in the sports industry surpassing Tesla’s Model 3, which has been championing these sales in the previous years. Analysts anticipate the sales of electric vehicles to escalate through 2021 amid the introduction of more models in the industry. The chief of the Norwegian EV Association, Christina Bu, stated their focus is the electric vehicle market share exceeding 65 percent. Bu added that this move would bring them closer to the realization of the net-zero emissions set to be in 2025.

This year, Tesla plans to send its Model Y in the Norwegian market to compete the Audi model from Volkswagen. Moreover, petrol and diesel cars’ market share plummeted from a high of 75% a decade ago to 9% last year. Over 50 percent of the 142000 new cars sold last year were battery electric vehicles. Harald Frigstad of Bertel O Steen that imports cars stated that the new policies had accelerated this trend.

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