The popularity of electric vehicles (“EVs”) in Norway has led to a huge demand for EVs. In January, electric vehicles accounted for 83.7% of all car sales within the country. This is up from 53% as recorded in January 2021, and it breaks the 77% record set in September 2021. Official numbers also state that for every 20 vehicles sold, 19 came with a cable.
The surge in demand comes at a time when sales of passenger cars are dwindling. The number of newly registered passenger vehicles recorded was 7,957, depicting a 2,344 drop when compared to January last year. Nonelectrified ICE vehicles accounted for 4.8% with data showing that 212 diesel engine vehicles and 175 petrol-engined vehicles were registered.
The Norwegian Road Traffic Information Council (“OFV”) released the figures stating that the sales of these diesel-powered vehicles haven’t been as low since the 2009 recession. Audi Q4 E-tron was the month’s bestseller with 643 total registrations. Second place went to the Hyundai Ioniq 5, which recorded 477 registrations, and in third position with 444 registrations was the BMW iX. The rest of the top-ten positions were respectively occupied by Volkswagen ID.4 (389), Skoda Enyaq (389), Ford Mustang Mach-E (356), Kia EV6 (356), Audi e-tron (289), Toyota RAV4 (271) and Polestar 2 (261).
Toyota Rav4 is the only nonelectric vehicle that appeared in the ranking. This was also the first time in a month where more Porsche Taycan electric cars were registered than those that rely on fossil fuels.
The Norwegian Electric Car Association said that the sales data of electric cars was a “fantastic start” of the year. Christina Bu, the association’s secretary general, said that the sales figures did not happen by accident and it was as a result of government subsidies.
Changes in Norway’s 2022 government budget saw EVs getting exempted from VAT while the tax benefits for hybrid vehicles were reduced. As a result, the sale of hybrid vehicles went from 19% in January 2021 to 6% last month. Bu said that these budget changes might have influenced consumers into buying a zero-emission car over a gasoline-powered vehicle; otherwise, there would have been a different outcome if VAT was imposed on electric vehicles.
She also added that it was a political responsibility for electric cars to win in this emerging market. Bu called for the government to be strategic and careful in its plans of imposing VAT on electric vehicles and ensure that new polluting cars become more expensive.
With EVs already enjoying such massive sales in smaller countries such as Norway, manufacturers such as Fisker Inc. (NYSE: FSR) in larger markets can look forward to record-shattering sales in years to come.
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