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Electric Vehicle Outlook 2019

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Nordic countries are leading the way. Sweden, Finland, and Iceland are showing definite signs of progress. In particular, Norway has over 30 percent of their vehicle fleet, and every second new vehicle being electric. Their success is a result of a pro-active EV policy agenda. The conversation of EVs began in the 1990s, where EVs were exempt from import taxes. Significantly, in 2001 Norway decided to remove all of the 25 percent purchase tax from new EVs. Since then, the country has developed a comprehensive EV policy package. Therefore, it is no surprise that Norway is the market leader.

Similarly, China has emerged as a global leader in a relatively short space of time. There are 3 million EVs on the road today, of which around 2 million reside in China. Despite hostility towards foreign manufacturers, the ‘Made in China 2025’ plan provides generous subsidies to local producers. Furthermore, as vehicle ownership becomes increasingly possible, further growth is expected.

In the United States and Canada, the introduction of the Tesla Model 3 has led EV growth in the region.

United States market share reached over two percent for the first time in July this year, up ninety percent on the previous year. While EV sales have increased across the country, over the past few years, over half of all sales come from California. And in 2018, about six percent of new vehicles sales are electric. Some states have adopted California’s EV policy plan, however, yet to see any fruitful returns.

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