The pace of new car sales seems to be holding steady, and it’s almost entirely focused on electric vehicles (EVs).
A total of 11,552 new passenger cars were registered in October, with 10,862 of those being EVs, equating to a 94% share.
Moreover, in October, all 20 of the top-selling models were electric.
The first internal combustion engine car on the October list doesn’t appear until 23rd place, a small petrol hybrid.
Sales of pure petrol and diesel cars are practically disappearing, while more new car brands and models continue to emerge – almost exclusively electric, both European and Asian, especially Chinese.
October saw high levels of new car sales, with 29.4% more new registrations compared to the same month last year.
As of the end of October, 103,350 new passenger cars had been registered, about the same as at the same time last year, with electric cars making up nearly 89% of the total so far this year.
“New electric cars are literally flying off the shelves now. We are very close to reaching the 2025 goal, which requires that all new passenger cars be zero-emission vehicles. With 94% in October, we are nearly where we need to be,” says Øyvind Solberg Thorsen, director of the Norwegian Road Traffic Information Council (OFV).
“Perhaps the total share of electric vehicles will surpass 90% by the end of the year, and that’s excellent. Norway’s strong push for electric vehicles has gained significant international attention, and no other country in the world can match this,” adds Thorsen.
“With the current incentives, we are now so close to the target that there is no need for additional tax adjustments.”
“Everyone” wants SUVs
The trend of buying smaller and more affordable cars compared to a few years ago continues.
Significant price growth and multiple interest rate hikes have reduced many people’s purchasing power.
The “magic” price limit of 500,000 NOK – the threshold for avoiding VAT on electric car purchases – seems to guide buyers’ choices.
People primarily want SUVs in various sizes, with around 75% of October’s new car sales being SUVs of different sizes and price ranges, often priced at or around half a million NOK.
In the third quarter, the average price of a new passenger car was 556,000 NOK.
Increase in ownership transfers
The used car market saw a boost in October, with 47,068 passenger cars changing hands, representing a 6% increase compared to October 2023.
Year-to-date, there has been a 2.3% decline in ownership transfers, with 425,512 cars getting new owners.
2024 has been financially challenging for many, and both the new car sales and used car markets have shown that many people are choosing to keep their cars longer instead of buying new ones.
“The current pace of the total car market suggests some economic optimism and belief in increased purchasing power in 2025. This is positive for the necessary turnover rate in Norway’s passenger car fleet, for both safety and environmental reasons,” says Thorsen, noting that the average car is now 11.3 years old.
Decline in Electric Van Share
So far this year, the number of new vans sold has increased by 6.6% compared to the first ten months of last year.
The number of new diesel vans has grown by just over 14%, while new electric van registrations have decreased by 5.5%.
As of the start of November, 23,425 new vans have been registered, with electric vehicles accounting for just under 29%.
“When 7 out of 10 still choose a diesel van over an electric one, it should be an eye-opener for politicians if we are to take the 2025 target seriously. Incentives for choosing electric must be strengthened, not weakened,” states Thorsen.
Read more: Overabundance of EV charging apps in the Nordics: How to improve customer experience?
