Buyers in the EV capital of the world abandon gas-powered cars as sales dwindle to record low

The European Union (EU) has set a target to ensure 100% of the new cars sold by 2035 are EVs. However, that target might be too ambitious due to slowing EV sales and macroeconomic conditions. In stark contrast to the EU, we may see car buyers in Norway shift totally to EVs rather soon as just 365 new Internal Combustion Engine (ICE) cars were sold in the country in July 2024.

According to a report from CleanTechnica, Plug-in Hybrids (PHV) and Battery Electric Vehicles (BEVs) accounted for an impressive 94.3% of new car registrations in July 2024. This is a Year-over-Year (YoY) increase of about 4.4% and is a new record for the Norwegian market.

The increased adoption of EVs comes at the expense of conventional ICE cars as consumers are increasingly moving away from these vehicles. The data indicates that non-plug-in hybrids and gasoline-only cars only saw 5.7% of total registrations. Out of this 5.7%, HEVs and diesel-powered cars accounted for 2.5% of the total share, whereas vehicles using petrol only occupied a 0.7% share which translates to a measly 45 units.

Seeing the data, it is not hard to imagine Norway moving away completely from ICE cars in the near future.

Here, one must ask: Why is EV adoption in Norway going so well?

The simple answer: Government Incentives and developed charging infrastructure.

Norway has historically heavily incentivized zero-emission vehicles

While recent years have seen a pullback of key incentives like complete VAT exemption for EV purchases, the Norwegian government has heavily incentivized EVs since the 90s.

For instance, there was no purchase/import tax and no 25% VAT on EVs till 2022. Buyers who lease rather than buy EVs are still exempt from the 25% VAT. Additionally, electric cars can also use bus lanes.

To facilitate and support the ever-growing EV user base in the country, authorities have also ensured a robust charging infrastructure. Norway now boasts one fast charging station every 50 km on all main roads. The country also had close to 24,000 public charging stations by 2022. This is quite impressive when you consider that Norway is sparsely populated with a total population of less than 5.5 million.

Long story short, Norway is well on its way to achieving its goal of completely eliminating the sale of new ICE cars by 2025. If there are lessons to be learned from Norway’s example, it’s that incentives and investment in infrastructure work.

Buy the Emporia Level 2 EV charger on Amazon

The above is the detailed content of Buyers in the EV capital of the world abandon gas-powered cars as sales dwindle to record low. For more information, please follow other related articles on the PHP Chinese website!