Norway continues to show the world how electric vehicle adoption can grow over time, leading the way as one of the top countries for EV market share.
Here’s a look at the full-year data for the country in 2023 and the companies benefitting from the growth.
What Happened: Electric vehicle giant Tesla Inc (NASDAQ:TSLA) reported fourth-quarter deliveries and production figures this week, which saw year-over-year and quarter-over-quarter gains.
Tesla has benefitted from increased demand for electric vehicles in many territories worldwide, including Norway.
Norway reported 126,953 registered new passenger cars in 2023, according to a report from the Norwegian Road Foundation. The number of new vehicles was down 27.2% year-over-year, which came after December 2022 saw a record of 40,000 new cars sold thanks to the introduction of several taxes and price increases.
Electric vehicles totaled 82.4% market share of all new vehicles registered in Norway for 2023, which is a gain from 79% in 2022 and 65% in 2021. Norway topped the 50% electric vehicle market share on new vehicles in 2020 with 54%, according to data from Reuters.
For comparison, the market share of electric vehicles as new vehicles in the U.S. was around 6% in 2022 and expected to end 2023 at around 9%.
Related Link: Tesla Q3 Earnings Highlights: Revenue Miss, EPS Miss, Cybertruck Launch Set For November And More
Tesla Dominates Norway: For years, Tesla has been a dominant force in Norway and 2023 continued this with Tesla having the leading market share among automotive companies and the top-selling new vehicle model.
These were the top-selling vehicles in Norway in 2023, with the previous year in parentheses:
Tesla Model Y: 23,088 units (17,354), 18.2% market share (10.0%)
Volkswagen ID.4: 6,614 units (11,561), 5.2% market share (6.6%)
Skoda Enyaq: 5,740 units (7,133), 4.5% market share (4.1%)
Toyota bZ4X: 5,395 units (872), 4.2% market share (0.5%)
Volvo XC40: 5,025 units (5,507), 4.0% market share (3.2%)
The Tesla Model Y was not only the bestselling vehicle in Norway for 2023, but the vehicle outsold the next four top vehicles combined. The impressive feat shows how popular the Model Y continues to be in the country and its lead over competition.
Volkswagen (OTC:VWAGY) had the second best-selling model with the ID.4, but it…
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