Norway’s world-leading efforts to transition from petrol and diesel-powered cars to battery electric vehicles (BEVs) could serve as a lesson to the U.S. While electric vehicles made up just 10% of total vehicle sales in the U.S. last year, data from the Norwegian Road Federation shows that nearly 90% of 2024 vehicle sales in Norway were electric. The Scandinavian country has made significant strides in adopting electric cars and is much closer to achieving its electrification targets than the U.S.
The Norwegian government expects new internal combustion engine (ICE) vehicle sales to drop down to zero this year as the country grows closer to attaining its goal of ending the sale of new ICE vehicles. Ironically, Norway is the largest oil and gas producer in Europe, surpassing even Russia, and the Scandinavian nation is expected to draw 20% of its GDP from oil in 2025.
The government levies heavy taxes on fossil fuel production in Norwegian waters, and most of these taxes have been used to fund electric vehicle incentives. Evidence of Norway’s rapid electrification is especially apparent in Oslo, where Volkswagen ID.4s and Teslas throng the streets. There are abundant public charging stations deployed beside supermarkets and apartment blocks, while the highways outside Oslo feature charging stations every 30 miles.
Norway has made owning and operating an electric car incredibly convenient, at least in and around the capital city, a strategy that American authorities could employ to boost electric vehicle interest in the country.
Boston University’s Institute for Global Sustainability director Benjamin Sovacool says that Norway is a world leader in electrification. EV adoption is also high outside the Norwegian capital city, and electric cars are even becoming common in the north of Norway, where sustained winter temperatures below freezing can make owning an EV quite a hassle. According to Sovacool, Norway’s per capita electrification rates are significantly higher than every other country in the world, and 20 times higher than China, which has the second-largest per capita rates.
In comparison, EV sales have not reached 10% in the U.S., while Europe has a 15% per capita rate, Edmunds says. Norway has achieved its world-leading electrification rates despite having no domestic vehicle production capacity, indicating that the U.S. could also achieve similar or even better results if it invests in public charging infrastructure and provides customers with financial EV incentives.
The tens of billions of dollars Norway earns annually by taxing the oil and gas industry have allowed it to offer significant financial support to drivers who want to switch to EVs. In the U.S., these financial incentives and investments will ultimately be contingent on state and federal leaders passing policies that support the EV transition over the long term.
America could follow Norway’s lead by introducing robust policy support that discourages ICE vehicle sales while rewarding EV adoption. A combination of generous financial incentives and a widespread, reliable public charging network could significantly accelerate the country’s transition to electric vehicles.
If EV uptake starts accelerating in the U.S. to the levels seen in Norway, companies like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) could see themselves growing their EV OEM client base by a wide margin.
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