Tesla Is Running Away With Norway: Nearly 50% Market Share
Tesla in Norway
Tesla has broken its own delivery record in Norway with 8,677 vehicles this quarter, and there is still time remaining. It delivered 8,670 in Q4, 2022. I expect that we will see Tesla deliver over 9,000 vehicles in Norway this quarter.
The second-closest competitor is Volkswagen at about 3,700 and third is Toyota at about 1,900. Tesla is still finding vehicles to deliver, even today. In fact, if you count those deliveries, Tesla is at 9,086 and has about a 44.9% EV share in Norway.
Some people see Tesla not even being able to have 12% share of the auto industry in the next 10 years, but I see Tesla having about 20% share of the auto industry because everyone else is so far behind in EVs. As the future goes, EVs will make up more and more of a percentage of vehicles.
Look for this lead in Norway to increase over the coming quarters this year as Tesla begins to have vehicles from Giga Berlin delivered throughout Europe. Giga Berlin is an advanced manufacturing facility and offers the midnight cherry red and quicksilver paint colors.
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Tesla in Europe
Norway used to have zero tax and VAT on electric cars until 2023, but it is now gradually changing the tax to be more and more the same as non-electric vehicles. The current, 2023, taxes and fees are at 25% VAT for the price above 500,000 NOK, as well as 12,5 NOK for kg the car weighs over 500kg.
Norway isn't exactly a huge country, however, what happens here is a good indicator of Tesla's supply overall in Europe.
Norway also gives use a real-life illustration of what happens with EV adoption once you have enough supply and the price is right.
Lastly, this needs to happen in other countries to have this rate of EV supply. There are hundreds of millions of ICE vehicles on the road today, and it is going to take a long time to replace them all.
I expect to see this trend happen in other countries as the technology improves and people realize that buying an EV is a no-brainer.
What do you think about Tesla in Norway? Is this a good sign?
NORWAY 2023 Q1
And Tesla officially breaks its own quarterly record in Norway with 8,677 cars so far
- versus 8,670 in 2022 Q4
With the rest of today + Thursday + Friday still to go https://t.co/t2cA8mkOMk pic.twitter.com/lzacPVZjqI
— JPR007 (@jpr007) March 29, 2023
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Jeremy Johnson is a Tesla investor and supporter. He first invested in Tesla in 2017 after years of following Elon Musk and admiring his work ethic and intelligence. Since then, he's become a Tesla bull, covering anything about Tesla he can find, while also dabbling in other electric vehicle companies. Jeremy covers Tesla developments at Torque News. You can follow him on Twitter or LinkedIn to stay in touch and follow his Tesla news coverage on Torque News.