Norway sees electric cars outnumber petrol models

Published On Sep 17, 2024, 7:46 AM

Norway has made a significant shift in its vehicle landscape, as electric cars have now outnumbered petrol cars for the first time. There are over 754,000 electric cars compared to approximately 753,900 petrol vehicles among the 2.8 million registered private cars in the country. This shift is largely attributed to government incentives, including tax breaks for electric vehicle (EV) buyers, funded by Norway's substantial oil revenues. The country aims to completely phase out the sale of new petrol and diesel cars by 2025, with 90% of new car sales already being electric. Efforts to promote EVs have included various support measures like free parking for EVs, exemption from city tolls, and ample charging facilities across the nation, including a high number of free chargers in urban areas.

Stock Forecasts

With Norway's strong push towards electric vehicles and current incentives, there appears to be potential growth in the electric vehicle market and associated industries. Companies involved in EV production or charging infrastructure may benefit significantly as other regions follow Norway's lead. Tesla (TSLA), the leading EV manufacturer globally, could see further demand and market strength as more countries shift towards cleaner vehicles.

Related News

Gerber Kawasaki CEO Ross Gerber comments on Tesla’s ‘We, Robot’ event and the market reaction on ‘The Claman Countdown.’

A district court ruled that Sweden’s constitution prevented it from taking a side in a labor dispute between Tesla and local unions that has dragged on for 11 months.

Investors were left with more questions than answers, it seems, following Tesla’s “We, Robot” robotaxi event on Thursday night.