In Norway, nearly a third of new cars sold are electric

In Norway, almost a third of new cars sold are electric

In Norway, almost a third of new cars sold are electric

Norway set a new world record a year ago after almost a third of all its new auto sales were electric, a step toward the country's goal of cutting out fossil fuel vehicles altogether.

In 2013, 5.5% of cars sold were electric.

The independent Norwegian Road Federation announced on Wednesday that 31.2 percent of all vehicle sales in 2018 were electric, Reuters reported, an increase from 20.8 percent in 2017 and just 5.5 percent in 2013. Norway grants big tax breaks for electric cars as part of a policy to cut emissions.

Norway's sales figures consolidate its global lead in electric auto sales per capita, part of an attempt by Western Europe's biggest producer of oil and gas to green its economy.

By contrast, such electric cars had a 2.2 per cent share in China in 2017 and 1.2 per cent in the United States, IEA data show.

To help drive sales, the Norwegian government offers subsidies to those purchasing electric cars. "It was a small step closer to the 2025 goal".

British factories ramping up Brexit stockpiling, new data shows
Businesses importing goods from the European Union will face severe disruption in the event of a no-deal Brexit. Markit's director Rob Dobson said that any "positive impact" of the increase is likely to be "short lived".

"Our members do not surprisingly predict that electrification will increase this year as well", said Erik Andresen, director of the vehicle importers' national association (BIL).

The sales account for 2% of all new auto and van registrations across Europe.

It isn't all brighter skies and progress for Norway though, as overall new auto sales in the country actually fell 6.8 percent, putting an end to an upward trend seen in previous years.

Motoring organisations in the country said they expect more changes in 2019.

Markets responded by driving down Tesla stock by seven per cent to $310 US.

South Korea's Hyundai Motor Group predicted today another year of tepid vehicle sales growth in 2019 on the back of a slow 2018, saying trade protectionism adds uncertainty and major markets such as the United States and China remained sluggish.

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