Norway is close to becoming the first country in the world to achieve 100% electric vehicle sales. The Scandinavian country reports that EVs made up a whopping 96% of new vehicle registrations last month, putting electric vehicle registrations in Norway well ahead of every other market and bringing it close to reaching 100% electric vehicle adoption.
Norway has consistently outperformed other countries in the nascent electric vehicle sector for several years now and is now poised to reach a goal that will most likely take other nations decades to achieve. After nearly 96% of its January vehicle registrations comprised of electric cars, Norway is now looking to reach 100% electric vehicle sales in 2025, an entire decade ahead of the electrification targets put forth by the European Union (EU).
According to the Norwegian Road Federation (OFV), 8,954 of the 9,343 vehicles sold in Norway last month were electric. Just two of the country’s most popular vehicle models were non-electric and the first of these internal combustion engine (ICE) cars was the 33rd most sold vehicle, the federation says.
The EU, on the other hand, saw electric vehicles account for 13.6% of total car sales for the entirety of 2024, making last year the first time EV sales in the EU declined since 2020, vehicle manufacturer lobby ACEA says. European vehicle manufacturers like Mercedes and Volvo are struggling to compete with Chinese automakers and it will most likely be years or even decades before the EU catches up to Norway.
OFV director Oyvind Solberg Thorsen said the federation hasn’t seen such a surge in electric vehicle registrations before and predicted that Norway could achieve 100% electric vehicle sales if the trend continues. He noted that Norway will have to maintain the subsidies and incentives that have made electric cars affordable for Norwegians if it wishes to reach this goal in 2025.
Like many other countries, Norway has been using incentives to offset expensive EV prices and accelerate electric vehicle adoption. Ironically, Norway produces a great deal of fossil fuels (oil and gas) but used a large portion of this revenue to fund its electrification agenda. With the vast majority of drivers being unable to afford electric cars, these incentives have been instrumental in expanding Norway’s electric vehicle market.
The country is now set to become a ‘zero emission’ country 10 years ahead of the EU’s 2035 zero emission targets even though it isn’t an EU member. Experts note that Norway will technically achieve this goal even if it doesn’t reach 100% EV adoption. Norwegian Electric Vehicle Association Christina Bu says that Norway should close the year at between 95-100% of EV sales.
The fast pace at which Norway has ramped up EV sales provides positive energy for automakers like VinFast Auto Ltd. (NASDAQ: VFS) because the electrification movement is bound to gain momentum in other markets too and open business opportunities for all EV makers.
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