Electric cars took 89 pc of Norway market in 2024: OFV

OSLO: Electric vehicles accounted for 89% of all new cars sold in Norway last year, according to a report released on Thursday, bringing the country closer to its 2025 goal of fully electric car sales. "We need only 10% more to reach our 2025 objective," stated the Norwegian Road Federation (OFV).

Out of the 128,691 new car registrations in 2024, 114,400 were electric, marking the highest share of any major national car market. This is an increase from the 82% share reported in 2023. Despite being a significant oil and gas producer, Norway aims for all new cars sold from 2025 to be "zero emission", a target set ten years ahead of the European Union, of which Norway is not a member.

In 2012, electric vehicles represented merely 2.8% of car sales. However, the number has surged due to various incentives. EVs were exempted from many taxes, making them competitive against highly taxed internal combustion cars. They have also benefited from toll exemptions, free parking in public car parks, and access to public transport lanes.

Although some tax breaks and incentives have been reduced over the years, electric cars have become commonplace in Norway. "It is crucial to maintain the incentives that favour the purchase of electric cars if the government and parliament are to achieve their set goal," said Oyvind Solberg Thorsen, director of OFV, in a press release.

Tesla remains the leading EV company in Norway with a 19% market share, followed by Volkswagen, Toyota, Volvo, and BMW. "It will be interesting to see if new Chinese brands and models can strengthen their position among buyers in 2025," added Thorsen.

RSS/AFP