VWAGY - Tesla Model Y Dominates Norway In 2023 Country Hits 82% Electric Vehicle Market Share: A Look At The Leaders Competition | Benzinga
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%.
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