Norway car market sees 3.4% decline as EV share hits record

Norway's passenger car market saw a 3.4 percent decline in August, with 13,451 new registrations compared to the same month last year. Despite the overall dip, the electric vehicle (EV) market share reached a record high of 98.7 percent.

Market trends showed significant divergence between manufacturers. Tesla experienced a sharp decline, particularly with the Model Y, which saw registrations drop by 89.7 percent compared to August last year. When excluding Tesla, the rest of the passenger car market grew by 17 percent.

Several major brands saw growth, including Toyota, Xpeng, BYD, BMW, Volvo, and Audi. Volkswagen was the largest brand of the month, while the Volkswagen ID.4 emerged as a top seller. Toyota has increased its registrations by 46.4 percent so far this year, narrowing the gap with Tesla.