Plugin EVs Take 91.5% Share in Norway's Auto Market

📆 05/04/2024 03:11:00
📰 cleantechnica

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Norway,Auto Market,Plugin Evs

March’s auto market in Norway saw plugin EVs taking a 91.5% share, up from 91.1% compared to the previous year. Battery electric vehicles (BEVs) alone accounted for almost 90% of the market share. The increase in plugin EVs is attributed to a policy change that came into effect on January 1, which aimed to encourage buyers to choose BEVs over plug-in hybrid electric vehicles (PHEVs). PHEV sales experienced a surge in December 2023, reaching a 16% share, but since January, their share has decreased to 2% in Q1 2024. On the other hand, BEV share has increased from 83% in 2023 to 90.2% in Q1 2024. Although PHEV share is expected to recover slightly in the coming months, it will not reach previous levels due to the policy's focus on promoting BEVs. Overall, the auto market in Norway has seen a decline in volumes for most powertrains, with PHEVs being the most affected, falling to 25% of their year-on-year volume.

March’s auto market saw plugin EVs take 91.5% share in Norway, up from 91.1% year on year. BEVs alone took almost 90% share. 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.

BEV share has, meanwhile, increased to fill the gap, from 83% share over most of 2023 to 90.2% in Q1 2024. PHEV share will recover slightly in the months ahead, but not to prior levels, since the policy is designed to disincentivize them relative to BEVs.In terms of volumes, most powertrains roughly halved YoY, proportionate to the halving of the overall market. PHEVs were an outlier, falling to 25% of their YoY volum

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Source: cleantechnica - 🏆 565. / 51 Read more »