When Magnus Korpas, who lives in Trondheim, purchased a fully electric vehicle for the first time in 2019, he decided on a Tesla since there were multiple charging points nearby at that particular time. However, the government in Norway intervened fast to guarantee that charging stations were accessible and evenly distributed. In 2011, it had spent €7 million ($7.47 million) to install 1,900 charging stations.
Unsurprisingly, the professor noted that electric vehicles are a fairly common sight in Norway nowadays.
For three years now, Norway has steadfastly worked to transition its fleet to electricity by encouraging customers to purchase electric vehicles through a combination of infrastructural improvements, incentives and laws. This has resulted in 20% electric vehicle prevalence on Norway’s roads.
Norway then became the first nation in the world where sales of electric vehicles started to surpass those of conventional vehicles. As of now, electric vehicles make up about 80% of new automobile sales in Norway.
In contrast, the United States is terribly behind, with only 1% of electric cars on American roads, despite the fast increase in electric vehicles adoption domestically. The EVs represent not more than 5% of newly sold vehicles in the United States, according to estimates.
The purpose of the Inflation Reduction Act is to hasten the transition. While the IRA’s purpose is to encourage electric vehicle adoption via purchasing subsidies, it proposes to significantly increase America’s electric vehicle charging infrastructure. Norway provides a road map for getting there because it boasts more electric vehicles per population and more EV charging points per vehicle than other countries across the globe.
Norway has further recommendations for emphasizing equity. Housing societies are eligible to make applications for subsidies that cover up to one-half of the cost of purchasing and installing community chargers because 82% or more of Norwegians who use electric vehicles charge them at their residence.
Besides, there is also a law created by the government of Norway requiring that garages meant for parking set up the essential infrastructure, such as accessibility to electricity.
A further reason for the success Norway has seen in embracing electric vehicles is its substantial financial resources, which are in large part a result of its position as a significant oil exporter. The gas and oil business provided the 5-million-person nation with about $90 billion in tax income the previous year.
Magnus Korpås claims that Norway’s journey to charging point congestion began with increased electric vehicle demand. Additionally, Norway discourages the acquisition of nonelectric vehicles. Unlike the United States, which merely encourages the purchase of electric vehicles.
Although the American and European markets are still lagging behind, there is plenty to be learned from the Norwegian market.
When different markets and countries successfully implement some of the strategies that have made Norway a role model in EV adoption, startups such as Mullen Automotive Inc. (NASDAQ: MULN) could see their sales climbing steeply as demand skyrockets.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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