Although the entire globe should be focused on reducing reliance on fossil fuels by eliminating internal combustion engine (“ICE”) vehicles in favor of zero-emission electric vehicles (“EVs”), significant EV adoption has been limited to select regions. China, Europe and the United States are home to a majority of the electric vehicles in the world, with most of them operating in urban areas. Europe, which has battled with China for the top spot as the largest EV market, is home to the world’s most promising EV industry, Norway. In 2020, electric vehicle sales in the Nordic country reached 54.3% of total vehicle sales, up from 42.4% in 2019, a first in the global EV scene.
Recent statistics from the Norwegian Information Council for Road Traffic (“OFV”) show that Norway has increased its lead even further, achieving a feat that puts it far ahead of other countries that are also working to reduce their carbon emissions. The OFV says that of the 17,992 new passenger vehicles sold in Norway in September, nine out of 10 were either electric vehicles or rechargeable plug-in hybrids, with eight out of 10 being pure battery electric vehicles (“BEVs”). Furthermore, less than 5% of all new passenger cars sold this year have been gas-powered, showing just how willing Norwegians have been to replace their fossil fuel vehicles with electric ones.
The recently unveiled Tesla Model Y was extremely popular among drivers, accounting for 3,564 registrations and beating every other EV model in terms of sales volumes. It was followed by the Tesla Model 3 with 2,218 new registrations, the Skoda Enyaq with 787, and the Toyota RAV 4 with 702. The RAV 4 was the only vehicle among the top-10 best-selling cars that wasn’t fully electric. Almost 14,000 (77.5%) of the 17,992 alternate energy vehicles registered in September were pure battery electric vehicles, a 45.7% increase from the BEVs sold in September 2019. Additionally, 2,508 hybrid electric cars were registered this September.
If government subsidies remain, EV sales steadily increase, and fewer new fossil fuel vehicles are released onto the roads, Norway will be well on its way to achieving its goal of switching to a fully zero-emission fleet of cars by 2025, the Norwegian Automobile Federation (“NAF”) says. In fact, the Nordic country may even sell its last internal combustion engine vehicle next April. However, Norway will only be successful in getting rid of gas-powered vehicles once electric vehicles become more affordable, especially in the pickup and four-wheel drive segments.
Norway is undoubtedly leading the way in EV adoption, and with the involvement of companies such as Net Element (NASDAQ: NETE) in the electric vehicle sector in North America, it may not be long before the U.S. and other countries play catch up to Norway.
NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE
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