Published on June 3rd, 2020 | by Dr. Maximilian Holland0
Unstoppable EV Growth In Norway — 66% Market Share
June 3rd, 2020 by Dr. Maximilian Holland
The world’s leading electric vehicle market, Norway, has seen another month of record market share growth in May — 66% share. That’s up from 47% a year ago. Popular all-electric models included the e-Golf, the Audi e-tron, and newcomer MG ZS EV breaking into the top 5.
The overall auto market was down 39% year on year from May 2019, with combustion vehicles taking a much bigger hit than plugin electric vehicles. The market share of electrics grew by 40% relative to May 2019 (from 47% share to 66% share), equaling April’s growth rate. These are the highest growth rates we have seen for two years.
Full battery electric vehicles (BEVs) were favoured over plugin hybrids (PHEVs) with a ratio of approximately 2:1. Favourite BEV models in May were as follows:
In #5 spot, just ahead of the affordable Peugeot e-208 and Renault Zoe, the MG ZS EV is having it first decent volume month in the country, with 187 units, almost 3× its previous average monthly sales. It’s one of the best value EVs on the market, priced from NOK 239,890 (~€22,560) with moderate range (262 km WLTP) and great DC charging speed, up to 85 kW in the right conditions.
What will full year 2020 EV market share climb to in Norway? So far, relative growth 2020 over 2019 (56% full year) is stronger than 2019 over 2018 (49% full year). Whilst 2019 grew 14% in relative terms over 2018 full year, in 2020 we’re seeing the most recent two months growing at 40% in relative terms over 2019, growth rates not seen for 2 years.
We have the new Volkswagen ID.3 model arriving in decent volume later this year, amongst others. If 2020 averages out at around 25% to 30% relative growth, we should be looking at 70% to 73% full year market share in Norway.
What do you think? Please jump in to the comments section and “place your bets.”
Article photos courtesy of respective brands