Skip to main content

Market Overview

Tesla Loses Top Spot To Volkswagen In Norway EV Sales

Share:
Tesla Loses Top Spot To Volkswagen In Norway EV Sales

Sales of Volkswagen AG’s (OTC: VWAGY) Audi electric vehicles have shot past Tesla Inc (NASDAQ: TSLA) in Norway, according to the Norwegian Road Federation (OFV), CNN reported.

What Happened: In 2020, Audi sold 9,227 of its e-tron EVs in the Nordic country, while the Elon Musk-led company was pushed into the second space with 7,770 units sold, according to CNN.

The third spot was also occupied by the German car giant with its ID.3 vehicle selling 7,754 units.

See Also: Tesla, Volkswagen, Renault See Strong Share In Europe: Over 1 Million EVs Sold In 11 Months

Tesla was the market leader in Norway in 2019.

Why It Matters: The market share of electric cars in Norway has risen to 54% in 2020 from 42% in the preceding year, noted CNN.

Norway is reportedly the world leader in EV adoption with EVs accounting for two-thirds of all sales during December.

In December, Chinese EV firm Xpeng Inc (NYSE: XPEV) marked its Norwegian foray pitting itself against Volkswagen, Tesla, and Ford Motor Company (NYSE: F).

Norway and Canada are next in line after the United States to receive Tesla’s full-self driving beta software, according to Musk. 

Price Action: Tesla shares traded nearly 2.4% higher at $752.90 on Monday in the after-hours session after closing almost 0.7% higher at $735.11. On the same day, Volkswagen OTC shares closed 1.28% higher at $20.56.

Related Link: 'A Race With Tesla,' Says Volkswagen CEO As German Giant Makes Another EV Push

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. 

 

Related Articles (TSLA)

View Comments and Join the Discussion!

Posted-In: electric vehicles EVs NorwayNews Retail Sales Tech Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com