EVs Take 91.5% Share In Norway

Overall auto volume wass that came into effect on January 1, designed to push buyers from PHEVs to BEVs. PHEV sales, averaging 7% share over most of 2023, surged to 16% share in December 2023, ahead of the policy change. Since January, their share has been in hangover, registering 2% share across Q1 2024.

The overall fall in market volume likely reflects continuing weakness in the broader economy, with both consumer confidence and business confidenceThe Tesla Model Y is once again the best selling vehicle in Norway, its eighth consecutive monthly pole position. Its March volume was almost equal to the next 7 BEVs combined!Most of the top 20 are regulars, with some minor shuffles of rank.

The remaining climbers were the BYD Tang, which got to 14th , and the Mercedes EQB, which ascended to 19th .The recently debuted BMW iX2 ramped up to 50 units, from 28 last month. The Peugeot 308 remained flat at 27 units, the same as February.The Tesla Model Y is so far ahead that its 3 month total is roughly the equal of the next six BEVs combined.There were a few significant tumbles compared to Q4 2023, many of them from Volkswagen Group models.

Has VW Group decided to take a holiday away from Norway this quarter? Jump into the comments if you have insights.I’ve mentioned that Norway’s weak economy is likely responsible for the massive 50% drop in auto market volume, including BEV volumes., from negative 1.9% in Q3. Inflation reduced slightly to 4.5% in February , from 4.7% in January. Interest rates remained flat at 4.5% . Manufacturing PMI worsened to 50.8 points in March, from 51.9 points in February.

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