While expert projections suggest the United States may not see electric vehicles (EVs) overtake gas-powered cars until at least 2050, Norway may be able to do it by as early as the end of this year. That would make the Nordic nation the first country in the world with EVs outnumbering conventional vehicles on its roads.
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Out of the 2.9 million vehicles in Norway right now, nearly a quarter are electric, trailing gas-powered cars by less than 80,000 units. In 2023, over 82.4% of new vehicles sold were electric, a trend that has since continued, with 89.3% of sales during the month of March attributed to EVs.
This year, the Norwegian EV Association expects the EV share of their total new vehicle sales will jump to 95%.
The Norwegian government has levied significant additional taxes on gasoline cars, amounting to nearly $30,000, while offering attractive tax incentives for EV buyers. This approach has made electric vehicles much more affordable, as officials in the country have indicated that EVs now cost approximately one-third of the price of gas cars.
With investments totaling over $7.5 billion in the past two years, the nation has allocated substantial resources towards incentivizing EV ownership and bolstering infrastructure development. On average, Norway spends nearly $4 billion annually on EV subsidies in recent years.
To fund these efforts, Norways has used revenue from the very material it is attempting to transition away from.
The Norwegian Oil Fund, the largest sovereign wealth fund on the planet at a value of around $1.5 trillion, has been instrumental in keeping these policies going. With this wealth, Norway has also invested in some of the world’s leading electric vehicle manufacturers, such as Tesla and BYD.
[JACK ALYMER]
ELECTRIC VEHICLES AREN’T EXPECTED TO OVERTAKE GAS POWERED CARS IN THE U.S. UNTIL AT LEAST 20-50.
BUT IN NORWAY, IT COULD HAPPEN BY THE END OF THIS YEAR.
IT’D BE THE FIRST COUNTRY TO EVER DO IT. AND IT WOULDN’T BE POSSIBLE WITHOUT A LITTLE HELP FROM THE OIL INDUSTRY EITHER.
NORWAY HAS BEEN ON A TREND WITH E-VS.
IN 20-23, THEY MADE UP MORE THAN 80 PERCENT OF NEW CARS SOLD AND THAT’S CONTINUED THIS YEAR.
LAST MONTH, ALMOST NINETY PERCENT OF SALES WERE ELECTRIC.
AND NEARLY A QUARTER OF THE CARS ON THE ROAD IN NORWAY RIGHT NOW ARE E-VS.
NORWAY HAS HELPED MOVE THIS ELECTRIC TRANSITION FORWARD BY SUBJECTING MANY GAS POWERED CARS TO THE U-S EQUIVALENT OF NEARLY 30,000 DOLLARS IN ADDITIONAL TAXES.
TAXES – EV DRIVERS AREN’T PAYING.
AT THE SAME TIME, THE NATION’S GOVERNMENT IS OFFERING A VARIETY OF TAX INCENTIVES ON EVS THAT MAKE THEM MUCH MORE AFFORDABLE.
THIS HAS HELPED MAKE ELECTRIC VEHICLES CONSIDERABLY CHEAPER COMPARED TO GAS POWERED CARS.
NORWAY HAS SPENT OVER SEVEN-AND-A-HALF BILLION U.S. DOLLARS ON THESE POLICIES OVER THE LAST TWO YEARS
THAT MUCH CASH – IS A DROP IN THE BUCKET FOR NORWAY.
THE COUNTRY MAKES A FORTUNE OFF OF THE VERY MATERIAL IT’S LOOKING TO TRANSITION FROM.
THE COUNTRY’S OIL FUND IS THE LARGEST SOVEREIGN WEALTH FUND IN THE WORLD, WORTH ABOUT 1.5 TRILLION DOLLARS.
EVERY YEAR THE FUND SPENDS AN AVERAGE OF FOUR BILLION DOLLARS ON GETTING MORE PEOPLE IN EVS.
IN ADDITION TO USING THAT MONEY TO PUT MORE PEOPLE IN E-VS, NORWAY HAS ALSO INVESTED IT IN SOME OF THE WORLD’S LEADING ELECTRIC VEHICLE MANUFACTURERS, SUCH AS ELON MUSK’S TESLA AND CHINA’S BYD.
THIS MEANS THE NUMBER OF EVS IN NORWAY IS LIKELY TO CONTINUE TO GROW
ESPECIALLY WITH THE NATION LOOKING TO BECOME THE FIRST TO END THE SALE OF NEW GAS CARS COME NEXT YEAR.
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