Tesla (TSLA) Dominates Norway's Electric Vehicle Market in September

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Oct 05, 2024
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In September, electric vehicles (EVs) accounted for 97.5% of Norway's car sales, a significant rise from 93.0% the previous year. This marks a new record, following another high in August. Pure electric vehicles dominated with a 96.4% market share, while plug-in hybrids held a marginal share of 1.1%.

Overall, Norway's car sales reached 12,966 units for the month, showing a 25% increase year-over-year. The new European safety regulations, implemented in July, have led to a decline in traditional fuel vehicles, with diesel and gasoline cars only holding 1.04% and 0.37% of the market, respectively, rendering EVs the primary choice.

By the end of September, pure EVs made up 26.5% of Norway's total vehicle ownership with 760,903 units, while plug-in hybrids comprised 7.2% with 208,020 units. Although the growth rate of pure EV ownership has decelerated over the past year, overall EV adoption continues to increase.

Tesla (TSLA, Financial) models were the top sellers in Norway during the month. The Tesla Model Y led sales with 2,105 units, followed closely by the Tesla Model 3 with 2,062 units. Other popular models included the Volvo EX30, Skoda Enyaq, and Toyota bZ4X.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.