Norway Continues To Grow EV Share In May

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Norway Continues To Grow EV Share In May
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Norway, the electric transport leader, saw plugin electric vehicle share of 85.1% in May 2022, up from 83.3% year-on-year.

As we know, the current political and economic instability in Europe is having an impact on the auto market, both in disrupted supply chains, increased energy costs of production, and in consumer demand.

Additionally, with the Shanghai gigafactory on lockdown over much of the past 3 months, we can’t expect Tesla’s June deliveries to Europe to reach anywhere close to normal levels. This will put a dent in the normally strong end-of-quarter results across the continent. Don’t fall for any FUD from folks trying to spin this dent negatively.

By the end of Q3, Tesla volumes should be returning to trend. By the end of Q4, Tesla’s European gigafactory output volume may be starting to move the needle also. With energy prices at record highs, folks who are still daily-driving a combustion-only vehicle should be considering their switch to EV. A big problem at the moment is inadequate supply volumes of BEVs, and very long waiting lists. Inevitably then, overall auto sales volumes will continue to be a long way down from seasonal norms, in the months ahead.

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