Battery electric vehicles (BEVs) in Norway, one of the largest oil exporters on the globe, now outnumber internal combustion engine (ICE) cars. Norway has been at the forefront of the globe’s electrification efforts for the past several years and has now achieved a feat that will most likely take larger markets, such as the United States, decades to achieve.
Recent data from the Norwegian Road Federation shows that 754,303 of the 2.8 million private vehicles registered in Norway are fully electric while 753,905 are powered by fossil fuels. With a population of only 5.5 million people, Norway is leagues smaller than the U.S. and China, two of the largest EV markets on the globe alongside Europe.
Even so, this is a monumental achievement and it puts Norway on track to become the first country in the world to ban the sale of new diesel and petrol vehicles by 2025. Ironically, the Nordic nation’s electric-vehicle sales were boosted by incentives funded by its natural gas and oil sales. Norway used its $1.7 trillion sovereign fund, which came from fossil fuels revenue, to cushion the government as it offered Norwegian drivers incentives to encourage EV purchases.
China, the U.S. and other European nations have also used subsidy programs to encourage electric vehicle sales in the past with varying results. However, Norway’s relatively small population coupled with its financial might allowed it to generate impressive results in quite a short timeframe.
The country also enlisted the popular Norwegian pop group A-ha several years ago to promote electric vehicle use in the country. All these strategic decisions have helped Norway replace one-half of all the vehicles on its roads with electrified alternatives while many other countries are still struggling to get their electric vehicle markets off the ground.
Industry data indicates that an impressive 9 out of 10 new vehicles sold in Norway are EVs, a testament to the country’s commitment to electrifying its roads. On top of financial incentives, Norwegian authorities also offer electric vehicle drivers perks such as free parking, free charging and exemption from city tolls.
Furthermore, most towns and cities in Norway have plenty of free electric-vehicle chargers, alleviating the range anxiety that prevents drivers in other markets from making the switch to electric cars. Oslo alone has a network of 2,000 chargers, making EV charging in the capital city a much more pleasant experience compared to the U.S., where limited charging infrastructure means drivers often have to deal with long lines and wait times.
The strides taken to switch to EVs in Norway have most likely give manufacturers such as Workhorse Group Inc. (NASDAQ: WKHS) encouragement that other markets will also gradually embrace electric vehicles to the same extent.
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