Well, the numbers are in, and they’re pretty damn impressive.
In June 2023, electric car sales in Norway exceeded 90% of total new car sales.
According to data from the Norwegian Road Federation, 14,155 new electric cars were registered in June, coming in at about 90.9% of total new car sales.
Tesla continues to be the bestselling car in the country — not the bestselling electric car but the bestselling car overall, with Volkswagen creeping up and taking the No. 2 spot.
Of course, to clarify, the only reason Norway has witnessed such a huge increase in electric vehicle ownership is because the country has long provided some very generous incentives for new car buyers who decide to eschew internal combustion and embrace the battery. Our analysts have traveled the world over, dedicated to finding the best and most profitable investments in the global energy markets. All you have to do to join our Energy and Capital investment community is sign up for the daily newsletter below.
Here’s a list of some of the more attractive incentives:
- No purchase/import tax on EVs from 1990–2022
- Exemption from a 25% value-added tax (VAT) on purchases from 2001–2022. In 2023, a 25% VAT returned but only on EVs with purchase prices in excess of $46,000, which really isn’t that much for an electric car.
- No annual road tax from 1996–2021
- No charges on toll roads from 1997–2017
- Free municipal parking from 1999–2017
- Exemption from 25% VAT on leasing
It’s interesting to note that some of these incentives have been gone for a few years now, and yet, aside from a small dip at the end of 2022, EV sales in Norway continue to climb.
At the end of 2022, 79.3% of all new cars sold in Norway were electric.
By the end of 2023, that number is expected to exceed 90%, which gets Norway closer to its goal of 100% electric vehicle sales by 2025.
Eventually, spotting an internal combustion vehicle in Norway will be as normal as spotting a 1980 Chevy Chevette on the I-95 Corridor in the U.S.
Of course, what’s truly interesting about EV growth in Norway is that EVs began to exceed sales of internal combustion vehicles back in 2019.
This, dear reader, is a peek into the future of transportation on a global scale.
While few countries offer the same financial incentives as Norway, most countries do have some sort of EV incentives in place, including but not limited to China, France, the U.S., and India. And one day, those incentives will also disappear alongside internal combustion’s long-held market share.
According to data from Morgan Stanley, by 2050, electric vehicles will account for 90% of global auto sales.
For investors looking to make a few bucks in the transportation sector, the money will always be made where there is growth, not stagnation. EVs equal growth, while internal combustion equals stagnation.
Speaking of growth, my friend and colleague Jason Williams has recently unveiled a backdoor income stream that’s been created thanks to the growing electric vehicle market and the charging infrastructure needed to support it — here's more on that newfound opportunity.
Lastly, the other day I recorded a short YouTube video for a new series that Angel Investment Research created called 5-in-5. I discuss the latest activity in solar stocks, lab-grown meat, and the possible resurgence in pot stocks. Be sure to check it out!
To a new way of life and a new generation of wealth… Jeff Siegel
@JeffSiegel on Twitter
Check us out on YouTube!Jeff is the founder and managing editor of Green Chip Stocks. For more on Jeff, go to his editor’s page.
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