EVs Share Soars in Norway
【Summary】In October, electric vehicles (EVs) accounted for 91.3% of the auto market share in Norway, with full electrics comprising 84% and plugin hybrids making up 7.1%. Year-on-year, EV market share increased by almost 5%. However, overall auto volume dropped by 29%. The Tesla Model Y was the best-selling vehicle in October. Despite the economic challenges, Norway is still on track for a strong EV transition, with plugin EVs expected to reach 91% market share for the full year of 2023.
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In October, plugin electric vehicles (EVs) accounted for 91.3% of the market share in Norway, an increase from 86.4% compared to the previous year. Full electric vehicles (BEVs) dominated the market with a share of over 84%. However, the overall auto volume decreased by 29% year on year, with a total of 8,925 units sold. The Tesla Model Y emerged as the best-selling vehicle in October.
During October, the combined market share of EVs in Norway reached 91.3%, with BEVs accounting for 84.2% and plugin hybrids (PHEVs) making up 7.1%. These figures represent an increase compared to the previous year, with BEVs gaining nearly 7% of the market share while PHEVs experienced a slight decline. In terms of volumes, BEVs saw a 23% decrease year on year, with 7,516 units sold, while PHEVs experienced a larger drop of 44%, with only 635 units sold. Hybrid electric vehicles (HEVs) saw a 50% decrease, diesel vehicles dropped to just 43% of the previous year's volume (198 units), and petrol vehicles plummeted to less than a third of their October 2022 volume, with only 87 units sold. This decline in petrol-only powertrains is expected to continue.
The year-to-date cumulative share for plugin vehicles currently stands at 90.5%, with BEVs accounting for 83.5%. It is expected that these numbers will reach 91% and 84% respectively by the end of 2023, representing a 4% to 5% increase compared to 2022. However, the current economic outlook in Norway is putting additional pressure on the transition to EVs.
In terms of bestsellers, the Tesla Model Y maintained its position as the top-selling vehicle in October, with 647 units sold. The Toyota BZ4X and Skoda Enyaq were in close competition for second place. Other relatively strong performers included the Toyota BZ4X, Subaru Solterra, and Hyundai Kona, while weaker performers included the two Teslas, VW ID.4, Volvo XC40, Audi Q8 e-tron, and BMW i4. These variations in sales are mostly influenced by the manufacturers' logistics choices rather than significant changes in consumer preference.
Several new models made their debut in Norway in the past month. The Peugeot e-308, with its touring-wagon variant, attracted some interest despite only having one unit available. Another newcomer, the Nio EL6, a mid-large SUV, showcased its sleek styling and high performance. The Xpeng G9, a close competitor to the Nio EL6, also gained attention with its lower price. These new models are expected to contribute to the evolving Norwegian EV market.
Looking at the performance over the past three months, the Tesla Model Y continues to dominate the Norwegian market, outselling the next three top models combined. The Skoda Enyaq, Toyota BZ4X, and Volkswagen ID.4 were the closest runners-up during this period. The Toyota BZ4X experienced significant growth in sales, while the Volkswagen ID.4 saw a substantial decline. Another notable performance came from the Mercedes EQE, which nearly doubled its sales volume and entered the top 20 for the first time. While there are no immediate prospects for new models to break into the top 20, upcoming vehicles like the Jeep Avenger, Fisker Ocean, and Xpeng G9 may climb the ranks in the medium term.
The outlook for Norway's auto market volume is currently pessimistic, with an estimated 25% drop for the full year of 2023. Increased interest rates and strong inflation have impacted consumer confidence, leading to a cautious approach towards new car purchases. The transition to EVs may be slowed down as a result. However, those who are still buying new cars increasingly prefer BEVs over other powertrains. It may take some time for volumes to return to the levels seen in previous years.
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