Two European countries saw a strong market share for electric vehicles in the month of November.
The growth of electric vehicles comes as countries are banning non-electric vehicles in the future. Here is a look at how the two countries are growing and what brands are winning.
United Kingdom: In November, the market share for electric vehicles hit a record 28.1% for new vehicle sales. The share was a significant increase of over 15.9% reported in November 2020. Diesel vehicles hit a market share low of 5% in November, reports CleanTechnica.
Both trends point to overall electric vehicle adoption increasing in the country. Plug-in electric vehicle market share is now 17.5% year-to-date for the U.K., versus 9.6% at this point last year.
Individual vehicle sales were not available yet for the month of November, but data shows that Tesla Inc TSLA ranked as the top brand in the country in November at a 15% market share.
Tesla was followed by VW and Audi, two brands owned by Volkswagen AG VWAGY, which came in second and third with a respective market share of 8.5% and 7.5%. Kia and Hyundai came in fourth and fifth place with market share of 7.4% and 7.2% in November, respectively.
Tesla also led in the U.K. in October with 17.7% market share.
With ownership of VW, Audi and other brands, Volkswagen led the way for a company market share of 19.9%.
December is one of the stronger months for electric vehicles, which could lead to a new record being set in the current month for market share.
“With the U.K.’s plug-in momentum now seemingly unstoppable, the Tesla Model Y coming ‘early 2022’ and ICE vehicles increasingly recognized as outdated, next year should see plug-in share climb much further, likely reaching into the 40% to 50% range in the final quarter,” CleanTechnica said.
Norway: Considered one of the leaders in electric vehicle adoption rates is Norway, which hit a record 91.2% market share for new vehicle sales being electric vehicles in the month of November.
Battery electric vehicles made up 73.8% of new vehicle sales, while petrol vehicles were only 2.3% of new vehicles in November.
Norway’s market share for new vehicles was 79.7% for electric vehicles one year ago.
The year-to-date market share for new electric vehicles stands at 85.7% in Norway.
Tesla continues to sell well in Norway with the Model Y and Model 3 being the two highest-selling new electric vehicle brands in the country with 1,012 and 770 unit sales.
The Volkswagen VW ID.4 was third on the list with 719 sales in November.
In the last three months, the Tesla Model Y, Tesla Model 3 and VW ID.4 ranked as the three best-selling electric vehicles in Norway with sales of 4,579, 3,041 and 2,286, respectively.
Why It’s Important: The U.K. and Norway are two examples of countries that have embraced electric vehicles and seen large market share gains for the sector.
The U.K. recently announced all new homes and businesses built in the country will have to install charging stations beginning in 2022. This could add up to an additional 145,000 extra charging points in the country each new year.
The U.K. has a goal of banning the sale of fossil fuel cars by 2030. The country continues to commit money to electric vehicle charging infrastructure to help facilitate the change.
Norway has an informal target date of 2025 to stop selling fossil fuel vehicles.
In the U.S., electric vehicle sales are rising but still represent single digits for market share. From January 2021 to June 2021, electric vehicles were 2.4% of new vehicle sales. Tesla leads in the U.S. with a market share of 66.3% for electric vehicle sales through the second quarter of 2021.
The market share gains in the U.K. and Norway show what could be in store for electric vehicle market share if new legislation for electric vehicles and bans on fossil fuel cars come to see the light.
Price Action: TSLA shares are down 0.72% to $1,077.58 and VWAGY is up 0.18% at $28.50 Monday at publication.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.