Electric Vehicle Adoption

Norway’s EV Boom: 96% January Sales, Toyota Triumphs, Tesla Slumps

Norway’s January new car sales surged 82 percent year-on-year, with a remarkable 96 percent of passenger vehicles being fully electric. This represents 8,954 electric cars, a significant increase from 92 percent in January 2024. While overall sales are up, the Road Traffic Information Council cautions against declaring victory, noting that the final days of January saw a slight dip in EV market share and that a complete transition to electric vehicles by 2025 remains a challenge. Despite Tesla’s significant market share decline to just over 7 percent, other EV models, including some unavailable in Australia, dominated sales.

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China’s EV Boom: Government Incentives Drive Gasoline Demand Plunge

Electric vehicle (EV) sales in China have surpassed half of all passenger vehicle sales this year, marking a significant turning point for the country’s automotive market. This rapid adoption of EVs, exceeding earlier projections, is poised to sharply decrease gasoline consumption, impacting global oil demand as China is a major oil consumer. Analysts predict substantial annual declines in gasoline and diesel consumption through 2030, driven by both EV growth and improvements in fuel efficiency. This rapid shift contrasts with slower EV adoption rates in the US and Europe, making China’s transition a unique and impactful case study for the global energy market.

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