It appears that Norway has taken the lead in the electrification of vehicles, becoming the first country to exceed gasoline and diesel models with electric car sales.
According to a report published by the Norwegian Road Federation (OFV), electric car sales accounted for 54.3% of all new vehicle registrations in 2020, setting a worldwide record. The report notes that some of the most popular EV models have been the Audi e-tron, the Tesla Model 3, the Volkswagen ID.3, and the Nissan Leaf.
The Nordic country, which also happens to rank in the top 20 of global oil producers, has been adamantly providing extensive subsidies in an attempt to encourage a rapid transition to electric vehicles. EV drivers in Norway are able to benefit from purchase/import tax exemptions, road tax exemptions, as well as discounts on parking, toll roads, and ferries.
Norway, which also plans to completely phase out the sale of gasoline and diesel cars by 2025, has also been heavily investing in EV-related infrastructure. In an attempt to expand EV sales, Norway’s government has been building a fast-charging station every 30 miles on all main roads, while increasing the tax burden on petrol-powered vehicles.
Information for this briefing was found via the Norwegian Road Federation. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.