Norway’s EV Revolution: 93.6% Of New Car Registrations In November 2024

Norway continues to lead the global electric vehicle (EV) revolution, achieving a remarkable 93.6% market share of new car registrations in November 2024, signaling the country’s near-complete transition to electric mobility.

A Strong Growth Trajectory

The Nordic nation registered 10,940 new EVs last month, maintaining its momentum from October and significantly outpacing the 8,442 EVs registered in November 2023. Out of 11,689 total new car registrations, only 749 were non-electric, with just 154 being plug-in hybrids.

Tesla remains a dominant force in the Norwegian market, with the Model Y leading the pack. After eleven months, the Model Y has secured 14,926 new registrations, representing 13% of all new vehicle registrations. The Volvo EX30 and Volkswagen ID.4 follow closely behind.

Government Support Drives EV Adoption

Norway’s ambitious electrification strategy is no accident. The government has been instrumental in driving this transition through generous incentives, with plans to ban all internal combustion engine (ICE) vehicle sales from 2025 onwards. The country has effectively achieved this goal early, with non-electrified vehicles now making up less than 10% of sales.

However, the transition is not without challenges. Øyvind Solberg Thorsen, Director of the road information authority OFV, cautions that continued support and investment are crucial. “If we want this trend to continue, both policy and incentive levels must be maintained,” Thorsen noted, while also acknowledging that some exceptions exist due to geographical and climatic considerations.

Robust EV Infrastructure in Place

The infrastructure to support this electric revolution is robust. Norway contains 29,473 public EV chargers, with a high-speed charger density of 1 per 100 cars. The market has also become increasingly competitive, with Chinese automakers like BYD and Xpeng entering the market, and established brands such as Volkswagen, Hyundai, and Peugeot now exclusively selling EVs.

Market Competition and New Policies

Recent policy changes reflect the maturity of the EV market. A 25% VAT has been implemented on vehicle purchases over 500,000 Norwegian Kroner, including EVs, and incentives have been gradually rolled back to encourage alternative transportation methods like walking, cycling, and public transit.

Oslo’s Vision for the Future

The capital, Oslo, provides a glimpse into the future, with an EV penetration rate of 40%. In a milestone moment this September, the number of EVs on Norwegian roads surpassed petrol-only vehicles for the first time.

As December approaches, the EV landscape remains dynamic. While the Tesla Model Y seems uncatchable, the race for second place between the Volvo EX30, Volkswagen ID.4, and Tesla Model 3 remains tight, with the Toyota bZ4X also making significant inroads. 

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As a result, Norway’s EV transition serves as a compelling model for other countries seeking to reduce carbon emissions and transform their transportation sectors.

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