Norway a trail blazer in electric vehicles
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Norway a trail blazer in electric vehicles

Norway has long been a leader in the electric car revolution. In fact, despite having a population of just 5.3 million, it had more electric cars on the roads than even Germany (Europe’s largest car market, with a population of 82.8 million) up until the first quarter of 2018. Now, figures show that Norway is continuing to bolster its reputation as the world’s friendliest electric vehicle market, showing that almost one third of all new cars sold in the country last year were electrified.

Poised to be a major player in the trend towards electrification, Aptiv’s share price has declined by 1% over the last five days

norway graph
Source: Yahoo Finance

Norway is looking to go emission-free – at least in regard to new cars – by 2025, and it’s offering substantial rewards to drivers who want to take the plunge and embrace electrification early. That’s a compelling vision, and a number of other countries, such as China, have decided to borrow some of its insights and approaches.

In Norway, that vision is continuing to drive uptake. Last year, 31.2% of all new cars bought in the country were “all-electric”. That’s an incredible figure in-and-of itself, but it’s also 10% better than the previous year. In other words: Norway’s trend towards electrification is still seeing impressive growth. There may be more on the way.

Oyvind Solberg Thorsen, director of the Norwegian Road Federation, said: “In 2018, alternative-fuel cars consolidated their strong position in the market. As more models reach the market this year, we should see an even larger share of zero-emission vehicles in the sales numbers.” He added that he felt there was still an “untapped demand” for more “family-friendly” electric vehicles in Norway, citing longer range and reasonable prices as important selling points.

Disclosure
Dominion holds Aptiv, a key player in the trend towards electrification, in its Global Trends Managed Fund.


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