The coronavirus pandemic brought the economy to its knees last year, forcing many businesses to shut down. However, the automotive industry was the least affected in this situation. Industry experts noted that electric vehicle and plug-in hybrid sales increased by about 4.2% last year. This value indicates that these models are slowly gaining interest in the automotive industry.
This factor is also coupled with the concept of phasing out internal combustion engine cars, which have been the primary source of emissions in the transportation sector. Currently, eight nations have witnessed the electric vehicle industry characterize 5% and above of their transportation industry, with 13 countries surpassing 10% in sales of these cars. Norway topped in the electric vehicle transition with 75% of the models, with countries like Finland, Iceland, and Sweden following it in the top five. This trend indicates a quick uptake rate of electric vehicles by the Nordic countries.
Countries expected to lead this trend like China dropped out of the top 10 list with electric vehicles making less than 10% of the vehicle sales. China was to be the leading market for electric cars, but the passenger car sales couldn’t accommodate this trend. On the other hand, the US witnessed a drop in the electric vehicle market share.
This sector recorded only 2.3% sales in the country. Experts attribute Norway’s success to its favorable policies and measures. For instance, tax exemptions, electric car incentives, and other exemptions have helped in accelerating the uptake of electric vehicles. In the United States, the government’s measures like heavy taxes on imported cars and high car registration fees have made the uptake of these electric vehicles in the country expensive. All these duties and taxes have been waived by Norway, making the country the top pioneer for electric cars.
Moreover, Norway is a country endowed with numerous oil reserves and a high level of income, making the country ideal for such projects. Additionally, the household income taxes in the country average $54000, which is about equal to that of the United States, although double that plaited by the European Union. These illustrations indicate that countries should support electric vehicles with policies and incentives if they hope to resolve the emissions problem. The United States is likely to make a turn to electric cars after what the Joe Biden administration took over from Donald Trump. This change in leadership and the fulfillment of the promises that the administration made will put the country in the right position to take up electric cars.