The electric vehicle (“EV”) sector still has a long way to go. Presently, EV sales make up less than 5% of total car sales, and only a few automakers have manufactured mass-market electric vehicles. Still, more and more consumers are choosing to ditch their internal combustion engine (“ICE”) vehicles. Although America, Europe and China represent the largest electric vehicle markets in the world, Norway has consistently led the pack in per-capita electric vehicle adoption.
Most of the electric vehicles in America are in urban areas. Electric car sales make up just 2% of total vehicle sales, with at least 40% of the country’s EV fleet located in California alone. It will take time, consumer education and significant investment in charging infrastructure to increase electric vehicle adoption outside urban areas. On the other hand, 73.8% of vehicles sold in Norway last month were electric, and the percentage goes even higher with the inclusion of cars with batteries.
Norway’s electrification goals are also more ambitious compared to the rest of the world. While several markets have unveiled plans to ban the sale of new fossil fuel-powered cars by the 2030s, the Scandinavian country wants every new vehicle to be fully electric by 2025. Predictably, Tesla EVs are the most popular zero-emissions cars on the Norway market, with the Model Y and Model 3 seeing the most sales respectively. Volkswagen’s ID.4, the Audi q4 e-Tron and the Nissan Leaf rounded out the list of popular electric cars.
The Scandinavian country is currently number one at electric vehicle adoption and actually has more electric cars than nonelectric on the roads. Additionally, most of Norway’s public transportation infrastructure, including trains, trams and buses have been significantly electrified. At the start of the year, the capital city Oslo ordered 102 electric buses from VDL Bus & Coach and the fleet is poised to hit the roads next year. But why is Norway heads and shoulders above the rest when it comes to EV adoption?
Two words: government policy. This includes electric vehicle mandates, subsidies and incentives for EV purchases, charging infrastructure investments, and taxes on internal combustion cars. By 2017, Norway had launched a program to finance the installation of at least two multistate level 3 charging stations every 31 miles on all the country’s main roads.
By lowering EV taxes and providing generous subsidies and incentives, Norway has made electric vehicles more affordable for its citizens. Coupled with ICE vehicle taxes such as a 20% carbon tax, a 25% VT tax, a NOX tax and the scrapping fee, this has made owning an EV more attractive and boosted adoption.
As federal and state governments in North America also enact policies aimed at boosting EV adoption, manufacturers such as Mullen Automotive Inc. (NASDAQ: MULN) can look forward to making lots of sales as more motorists make the switch.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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