Leading the charge toward a cleaner future, Norway hit a new record in 2022, as nearly four of every five cars sold were electric. According to the latest registration date, Norway is well on its way to becoming the first nation to end gas-powered car sales by 2025.
Norway hits record 80% EV sales share in 2022
In 2016, Norway committed to having all new cars sold by 2025 to be zero emission (fully electric or hydrogen-powered), establishing itself as a global leader in the new electric vehicle era.
EV sales share rose from just 2.9% a decade ago to 65% in 2021. In 2022, Norway took another massive leap, achieving 79.3% as the nation demonstrates the drastic changes happening in the auto market.
Christina Bu, secretary general of the Norwegian EV Association, explains the progress the country is making toward achieving its sustainability goals:
Eight out of ten people choosing fully electric instead of combustion engines is a considerable step towards Norway reaching its climate goal of 100 percent BEV sales in 2025. This proves beyond doubt that affordable BEVs are the number one choice for new car owners.
With the rapid progress achieved over the past several years, Norway is confident it will hit 100% EV sales share by 2025. Bu says electric vehicles are not only the most popular choice in urban areas, but also rural, adding:
Our message to the rest of the world is crystal clear: Now there is no excuse for the internal combustion engines’ (ICE) unnecessary pollution when the climate crisis is so urgent to solve.
The Tesla Model Y was the most popular electric vehicle sold in 2022, followed by the Volkswagen ID.4, according to the Norwegian Road Federation. Here’s a list of the top ten EVs sold in Norway over the past year:
Tesla Model Y: 17,356
Volkswagen ID.4: 11,561
Skoda Enyaq: 7,133
BMW iX: 6,127
Volvo XC40: 5,279
Hyundai IONI 5: 5,044
Audi Q4 e-tron: 4,928
Audi e-tron: 4,740
Polestar 2: 4,692
Ford Mustang Mach-E: 4,226
Electrek’s Take
Norway has been breaking electric vehicle sales goals for over a decade, so how did it get there? For one thing, the government introduced significant incentives to go electric.
Norway gave incentives such as free tolls, parking, and tax exemptions to promote zero-emission sales. On top of this, the country rolled out an extensive charging network, with over 5,600 fast chargers stretching 1,700 kilometers from the north of the arctic circle to the southern tip of Norway.
Although these automakers are taking the initiative upon themselves, it’s the buyers driving the change. People prefer electric vehicles, and when they become more accessible, Norway has shown the EV sales share rises rapidly.
The EV market in Norway is foreshadowing the future of the auto industry. With new incentives and a nationwide sharing network plan in place, the US and other nations around the world look to follow suit.
Learn more about how Norway is crushing its sustainability goals in Electrek does Norway.
FTC: We use income earning auto affiliate links.More.
An Exxon gas station is seen in the Brooklyn borough of New York City on Oct. 6, 2023.
Michael M. Santiago | Getty Images
Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest liquids production level in more than four decades.
Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.92 adjusted, vs. $1.88 per share expected.
Revenues: $90 billion, vs. $93.94 billion expected
The oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared to $9.1 billion, or $2.25 per share, in the year-ago period. Exxon’s profits have declined as refining margins and natural gas prices have pulled back from from historically high levels in 2023.
The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to $0.99 per share.
Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.
The oil major’s stock rose about 1% in pre-market trading. Exxon shares have gained 16.8% this year.
This is a developing story. Please check back for updates.
Chevron beat third-quarter earnings and revenue expectations, returning a record amount of cash to shareholders.
Shares were up 2.6% in the premarket following the report’s release.
The oil major’s quarterly profit, however, declined substantially compared to the year-ago period due to lower margins on refined product sales, lower prices and the absence of favorable tax times.
Chevron is aiming to streamline its portfolio, with asset sales in Canada, Congo and Alaska expected to close in the fourth quarter of 2024. The company is also target $2 billion to $3 billion in cost reductions from 2024 through the end of 2026.
Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $2.51 adjusted, vs. $2.43 expected
Revenue: $50.67 billion, vs. $48.99 billion expected
Chevron’s net income came in at $4.49 billion, or $2.48 per share, down 31% from $6.53 billion, or $3.48 per share, in the third quarter of 2023. When adjusted for foreign currency impacts, the company reported earnings of $2.51 per share, solidly topping Wall Street’s expectations for the quarter.
Chevron booked revenues of $50.67 billion, also beating Street expectations but declining 6% from the $54.1 billion reported in the third quarter last year.
The oil major returned a record $7.7 billion to shareholders in the quarter, including $4.7 billion in share buybacks and $2.9 billion in dividends.
Chevron produced 3.36 million oil-equivalent barrels per day in the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.
Chevron’s stock is largely flat for the year, underperforming the S&P 500 energy sector which has gained more than 6%. Shares have struggled to gain ground as uncertainty looms over the company’s pending $53 billion acquisition of Hess.
The Federal Trade Commission has cleared the deal, though it prohibited John Hess from joining Chevron’s board.
Chevron remains locked in a dispute with Exxon Mobil, which is claiming a right of first refusal over Hess Corp.’s lucrative oil assets in Guyana. If an arbitration court rules in Exxon’s favor, Chevron’s acquisition of Hess would fail to close.
ZEEKR EV cars are displayed at the 45th Bangkok International Motor Show in Bangkok, Thailand, March 25, 2024.
Chalinee Thirasupa | Reuters
Chinese electric carmaker Zeekr said Thursday its deliveries surged by 92% in October from a year ago, helping the company clock its best month at 25,049 vehicles.
The company has reportedlysaid that it expects to deliver 230,000 cars in 2024. With only two months left in the calendar year, that means Zeekr needs to deliver more than 31,000 cars in November and December each.
The Geely-backed automaker began deliveries of its new five-seat SUV Zeekr Mix on Oct. 23.
Xpeng also beat its personal best for a second straight month, delivering 23,917 vehicles in October. The deliveries included the company’s mass-market car, Mona M03, accounting for over 10,000 units.
Xpeng launched Mona M03 in late August with prices starting at $16,812.
Li Auto, whose cars mostly come with a fuel tank to extend the battery’s driving range, delivered 51,443 cars, slightly lower than its record month in September.
BYD and Aito had not yet released their October deliveries as of Friday afternoon.
Earlier in the week, Chinese smartphone and home appliance company Xiaomi said it delivered more than 20,000 electric vehicles in October.
The company only launched its first car — the SU7 — in late March.
Xiaomi aims to deliver 100,000 electric cars by the end of November. The company has delivered more than 75,000 cars as of October.